<PAGE> 1
THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF
A DEPOSITARY OR A NOMINEE OF A DEPOSITARY.  THIS SECURITY IS
EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON
OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF
THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY
OR ANOTHER NOMINEE OF THE DEPOSITARY.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION ("DTC"), TO THE COMPANY OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.

                          SOLUTIA INC.

                    6.72% Debentures due 2037
                 -------------------------------

CUSIP NO. 834376 AC 9                     Principal Amount $150,000,000
No. 1

      SOLUTIA INC., a Delaware corporation (hereinafter called the "Company",
which term includes any successor Person under the Indenture hereinafter
referred to), for value received, hereby promises to pay to Cede & Co. or
registered assigns, the principal sum of 150,000,000 Dollars on October 15,
2037, and to pay interest thereon from October 15, 1997 or from the most
recent Interest Payment Date to which interest has been paid or duly provided
for, semi-annually on April 15 and October 15 in each year, commencing April
15, 1998 at the rate of 6.72% per annum, until the principal hereof is paid
or made available for payment. The interest so payable, and punctually paid
or duly provided for, on any Interest Payment Date will, as provided in such
Indenture, be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest, which shall be the April 1 or October 1
(whether or not a Business Day), as the case may be, next preceding such
Interest Payment Date.  Any such interest not so punctually paid or duly
provided for will forthwith cease to be payable to the Holder on such Regular
Record Date and may either be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest
to be fixed by the Trustee, notice whereof shall be

<PAGE> 2

given to Holders of Securities of this series not less than 10 days prior to
such Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which the
Securities of this series may be listed, and upon such notice as may be required
by such exchange, all as more fully provided in said Indenture.

      Payment of the principal of (and premium, if any) and interest on this
Security will be made at the office or agency of the Company maintained for
that purpose in The City of New York, in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that at the option of the
Company payment of interest may be made by check mailed to the address of the
Person entitled thereto as such address shall appear in the Security Register
or by wire transfer.

      Reference is hereby made to the further provisions of this Security set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

      Unless the certificate of authentication hereon has been executed by
the Trustee referred to on the reverse hereof by manual signature, this
Security shall not be entitled to any benefit under the Indenture or be valid
or obligatory for any purpose.



                                    2
<PAGE> 3
      IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal.

Dated: October 21, 1997

                                          SOLUTIA INC.


                                          By /s/ Rodney L. Bishop
                                            ----------------------------



ATTEST:
/s/ Mary Bennett Cody
------------------------------





                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Securities of the series designated therein referred to in
the within-mentioned Indenture.

                                          THE CHASE MANHATTAN BANK,
                                          as Trustee


                                          By /s/ Timothy E. Burke
                                            --------------------------
                                                Authorized Officer


                                    3
<PAGE> 4

                               REVERSE OF SECURITY
                               -------------------

      This Security is one of a duly authorized issue of securities of the
Company (herein called the "Securities"), issued and to be issued in one or
more series under an Indenture, dated as of October 1, 1997 (herein called
the "Indenture", which term shall have the meaning assigned to it in such
instrument), between the Company and The Chase Manhattan Bank, as Trustee
(herein called the "Trustee", which term includes any successor trustee under
the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the
Trustee and the Holders of the Securities and of the terms upon which the
Securities are, and are to be, authenticated and delivered.  This Security is
one of the series designated on the face hereof, limited in aggregate
principal amount to $150,000,000.

      The Securities of this series are subject to redemption upon not less
than 30 days' or more than 90 days' notice, by mail, at any time after
October 15, 2004, in whole or in part, at the option of the Company, at a
Redemption Price equal to the greater of (i) 100% of the principal amount of
such Securities of this series or (ii) as determined by an Independent
Investment Banker (as defined herein), the sum of the present values of the
remaining scheduled payments of principal and interest thereon (not including
any portion of such payments of interest accrued as of the Redemption Date)
discounted to the Redemption Date on a semiannual basis (assuming a 360-day
year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus,
in each case, accrued interest thereon to the Redemption Date, but interest
installments whose Stated Maturity is on or prior to said Redemption Date
will be payable to the Holders of said Securities, or one or more Predecessor
Securities, of record at the close of business on the relevant Record Dates
referred to on the face hereof, as provided in the Indenture. The Securities
of this series shall not have the benefit of any sinking fund.

      "Adjusted Treasury Rate" means, with respect to any Redemption Date,
the rate per annum equal to the semiannual equivalent yield to maturity of the
Comparable Treasury Issue, assuming a price of the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such Redemption Date, plus 0.10%.

      "Comparable Treasury Issue" means the United States Treasury security
selected by an Independent Investment Banker as having a maturity comparable
to the remaining term of the Securities of this series to be redeemed that
would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of such Securities of this series.
"Independent Investment Banker" means one of the Reference Treasury Dealers
appointed by the Company.


                                    4
<PAGE> 5
      "Comparable Treasury Price" means, with respect to any Redemption Date
(A) the average of the Reference Treasury Dealer Quotations for such
Redemption Date, after excluding the highest and lowest such Reference
Treasury Dealer Quotations, or (B) if the Trustee obtains fewer than three
such Reference Treasury Dealer Quotations, the average of all such
Quotations.  "Reference Treasury Dealer Quotations" means, with respect to
each Reference Treasury Dealer and any Redemption Date, the average, as
determined by the Trustee, of the bid and asked prices for the Comparable
Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Trustee by such Reference Treasury Dealer at
5:00 p.m. (New York City time) on the third Business Day preceding such
Redemption Date.

      "Reference Treasury Dealer" means each of Goldman, Sachs & Co., Chase
Securities Inc., J.P. Morgan Securities Inc., NationsBanc Montgomery
Securities, Inc. and Salomon Brothers Inc and their respective successors;
provided, however that if any of the foregoing shall cease to be a primary
U.S. Government securities dealer in New York City (a "Primary Treasury
Dealer"), the Company shall substitute therefor another Primary Treasury
Dealer.

      Unless the Company defaults in payment of the Redemption Price, on and
after the Redemption Date, interest will cease to accrue on the Securities of
this series or portions thereof called for redemption.

      In the event of redemption of this Security in part only, a new
Security or Securities of this series and of like tenor for the unredeemed
portion hereof will be issued in the name of the Holder hereof upon the
cancellation hereof.

      If an Event of Default with respect to Securities of this series shall
occur and be continuing, the principal of the Securities of this series may
be declared due and payable in the manner and with the effect provided in the
Indenture.  The Indenture provides that such declaration may in certain
events be annulled by the Holders of a majority in principal amount of the
Outstanding Securities of this series.  An Event of Default with respect to
the Securities shall also include the occurrence of an Event of Default with
respect to securities of any other series issued pursuant to the Indenture.

      Subject to and upon compliance with the provisions set forth herein,
each Holder shall have the right, at such Holder's option, to require the
Company to repay, and if such right is exercised the Company shall repay, all
or any part of such Holder's Securities on October 15, 2004 (the "Repayment
Date") at a price (the "Repayment Price") equal to 100% of the principal
amount thereof, together with accrued interest to October 15, 2004.  No
interest payment (other than the payment of accrued interest in connection
with the Repayment Price, as described in the immediately preceding sentence)
with respect to that portion of such Holder's Securities for which such
repayment option is exercised


                                    5
<PAGE> 6
shall be made on the Interest Payment Date next succeeding the date on which
such Holder surrenders such Securities and the completed election form as
described herein. Interest installments whose Stated Maturity is on or prior
to said Repayment Date will be payable to the Holders of said Securities, or
one or more Predecessor Securities, of record at the close of business on the
relevant Record Dates referred to on the face hereof, all as provided in the
Indenture.

      To exercise such right, the Holder of this Security shall surrender
this Security at the office or agency of the Company in New York, New York
during the period beginning on August 15, 2004 and ending at 5:00 p.m. (New
York City time) on September 15, 2004 (or, if September 15, 2004 is not a
Business Day, the next succeeding Business Day), with the form entitled "Option
to Elect Repayment on October 15, 2004" on the reverse hereof duly completed.
Any such notice received by the Company during the period beginning on August
15, 2004 and  ending at 5:00 p.m. (New York City time) on September 15, 2004
(or, if September 15, 2004 is not  a Business Day, the next succeeding
Business Day) shall be irrevocable.  The repayment option may be exercised by
any Holder for less than the entire principal amount of this Security,
provided that the principal amount with respect to which such right is
exercised must be equal to $1,000 or an integral multiple of $1,000.  All
questions as to the validity, form, eligibility (including time of receipt)
and acceptance of this Security for repayment shall be determined by the
Company, whose determination shall be final and binding.

      The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of 66 2/3% in principal amount of the Securities at
the time Outstanding of each series to be affected.  The Indenture also
contains provisions permitting the Holders of specified percentages in
principal amount of the Securities of each series at the time Outstanding, on
behalf of the Holders of all Securities of such series, to waive compliance
by the Company with certain provisions of the Indenture and certain past
defaults under the Indenture and their consequences.  Any such consent or
waiver by the Holder of this Security shall be conclusive and binding upon
such Holder and upon all future Holders of this Security and of any Security
issued upon the registration of transfer hereof or in exchange herefor or in
lieu hereof, whether or not notation of such consent or waiver is made upon
this Security.

      As provided in and subject to the provisions of the Indenture, the
Holder of this Security shall not have the right to institute any proceeding,
judicial or otherwise, with respect to the Indenture or for the appointment
of a receiver or trustee or for any other remedy thereunder, unless such
Holder shall have previously given the Trustee written notice of a continuing
Event of Default with respect to the Securities of this series, the


                                    6
<PAGE> 7
Holders of not less than 25% in principal amount of the Outstanding
Securities of this series shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default as Trustee and
offered the Trustee reasonable indemnity, and the Trustee shall not have
received from the Holders of a majority in principal amount of Outstanding
Securities of this series a direction inconsistent with such request, and
shall have failed to institute any such proceeding, for 60 days after receipt
of such notice, request and offer of indemnity. The foregoing shall not apply
to any suit instituted by the Holder of this Security for the enforcement of
any payment of principal hereof or any premium or interest hereon on or after
the respective due dates expressed herein.

      No reference herein to the Indenture and no provision of this Security
or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of (and premium, if
any) and interest on this Security at the times, place and rate, and in the
coin or currency, herein prescribed.

      The provisions of Section 403 of the Indenture with respect to
satisfaction, discharge and defeasance of Securities of any series and of
Section 1010 of the Indenture with respect to defeasance of certain
covenants, shall apply to Securities of this series, which provisions shall
have the same effect as if set forth herein in their entirety.

      As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Security is registrable in the Security
Register, upon surrender of this Security for registration of transfer at the
office or agency of the Company in any place where the principal of (and
premium, if any) and interest on this Security are payable, duly endorsed by,
or accompanied by a written instrument of transfer in form satisfactory to
the Company and the Security Registrar duly executed by, the Holder hereof or
his attorney duly authorized in writing, and thereupon one or more new
Securities of this series and of like tenor, of authorized denominations and
for the same aggregate principal amount, will be issued to the designated
transferee or transferees.

      The Securities of this series are issuable only in registered form
without coupons in denominations of $1,000 and any integral multiple thereof.
As provided in the Indenture and subject to certain limitations therein set
forth, Securities of this series are exchangeable for a like aggregate
principal amount of Securities of this series and of like tenor of a
different authorized denomination, as requested by the Holder surrendering
the same.

      No service charge shall be made for any such registration of transfer
or exchange, but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith.


                                    7
<PAGE> 8
      Prior to due presentment of this Security for registration of transfer,
the Company, the Trustee and any agent of the Company or the Trustee may
treat the Person in whose name this Security is registered as the owner
hereof for all purposes, whether or not this Security be overdue, and neither
the Company, the Trustee nor any such agent shall be affected by notice to
the contrary.

      No recourse shall be had for the payment of the principal of (or
premium, if any) or the interest on this Security, or for any claim based
hereon, or otherwise in respect hereof, or based on or in respect of the
Indenture or any indenture supplemental thereto, against any incorporator,
stockholder, officer, director or employee, as such, past, present or future,
of the Company or any successor Person, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment
or penalty or otherwise, all such liability being, by the acceptance hereof
and as part of the consideration for the issue hereof, expressly waived and
released.

      Customary abbreviations may be used in the name of a Holder or an
assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the
entireties), JT TEN (=joint tenants with rights of survivorship and not as
tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors
Act).

      Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Company has caused CUSIP numbers to
be printed on the Securities of this series and has directed the Trustee to
use CUSIP numbers in notices of redemption as a convenience to Holders.  No
representation is made as to the accuracy of such numbers either as printed
on the Securities or as contained in any notice of redemption, and reliance
may be placed only on the other identification numbers placed thereon.

All terms used in this Security which are defined in the Indenture shall have
the meanings assigned to them in the Indenture.


                                    8
<PAGE> 9

                OPTION TO ELECT REPAYMENT ON OCTOBER 15, 2004

               (To be executed by the registered Holder if such
               Holder desires to exercise the repayment option)

      The undersigned registered Holder of this Security hereby irrevocably
exercises the option to require the Company to repay this Security or portion
thereof (which is $1,000 or an integral multiple thereof) below designated on
October 15, 2004, in accordance with the terms of such Security, and directs
that payment be made to the registered Holder hereof unless a different name
has been indicated below.

Dated: -------------------, 2004

Signature of Holder:                      Signature(s) must be guaranteed if
                                          payment is  to be made other than to
                                          and in the name of the registered
                                          Holder.


--------------------------------          ------------------------------------
                                          Signature Guarantee
Portion of Security to be repaid
(in integral multiples of $1,000) if other
than the full principal amount thereof:


--------------------------------------
Fill in for payment of Repayment Price
if to be made otherwise than to the
registered Holder:

Name: (please print)


--------------------------------------
Address (including zip code): (please print)



--------------------------------------

--------------------------------------

SOCIAL SECURITY OR TAXPAYER
IDENTIFICATION NUMBER:


--------------------------------------

                                                  9