Document:

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                                                                     EXHIBIT 4.4

                                  SOLUTIA INC.

                $223,000,000 11.25% SENIOR SECURED NOTES DUE 2009

                          REGISTRATION RIGHTS AGREEMENT

                                                              New York, New York
                                                                    July 9, 2002

Salomon Smith Barney Inc.
Banc of America Securities LLC
  As Representatives of the several Initial
  Purchasers named in Schedule I hereto
c/o Salomon Smith Barney Inc.
388 Greenwich Street
New York, New York 10013

Dear Sirs:

          SOI Funding Corp., a corporation organized under the laws of Delaware
("FUNDING CORP."), proposes, among other things, to issue and sell to the
several initial purchasers named in SCHEDULE I hereto (the "INITIAL
PURCHASERS"), for whom you are acting as representatives (the
"REPRESENTATIVES"), $223,000,000 aggregate principal amount of its 11.25% Senior
Secured Notes due 2009 (the "NOTES") upon the terms set forth in a purchase
agreement dated July 2, 2002 (the "PURCHASE AGREEMENT") relating to the initial
placement of the Notes (the "INITIAL PLACEMENT"). In connection with the
consummation of the refinancing plan of Solutia Inc., a Delaware corporation
("SOLUTIA"), as described in the Final Memorandum (as defined herein), Solutia
will assume the obligations of Funding Corp. under, among other instruments, the
Notes and the Indenture (as defined herein) (the "SOLUTIA ASSUMPTION"). Upon
consummation of the Solutia Assumption, Solutia's obligations under the Notes
will be unconditionally guaranteed (the "GUARANTEES" and together with the
Notes, the "SECURITIES") by each of Solutia's domestic subsidiaries named in
SCHEDULE II hereto (the "GUARANTORS"). To induce the Initial Purchasers to enter
into the Purchase Agreement and to satisfy a condition of your obligations
thereunder, the Issuers hereby agree with you for your benefit and the benefit
of the holders from time to time of Securities and Exchange Securities (as
defined below) (including the Initial Purchasers) (each a "HOLDER" and,
together, the "HOLDERS"), as follows:

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          1.     DEFINITIONS. Capitalized terms used herein without definition
shall have their respective meanings set forth in the Purchase Agreement. As
used in this Agreement, the following defined terms shall have the following
respective meanings:

          "ACT" shall mean the Securities Act of 1933, as amended, and the rules
and regulations of the Commission promulgated thereunder.

          "AFFILIATE" of, or person affiliated with, any specified Person shall
mean any Person that, directly or indirectly through one or more intermediaries,
controls, is controlled by, or is under common control with, such specified
Person. For purposes of this definition, "control" of a Person shall mean the
possession, direct or indirect, of the power to direct or cause the direction of
the management and policies of such Person, whether through the ownership of
voting securities, by contract or otherwise; and the terms "controlling" and
"controlled by" and "under common control with" shall have meanings correlative
to the foregoing.

          "ASSUMPTION DATE" shall have the meaning set forth in the preamble
hereto.

          "BROKER-DEALER" shall mean any broker or dealer registered as such
under the Exchange Act.

          "BUSINESS DAY" shall mean any day other than a Saturday, a Sunday or a
legal holiday or a day on which banking institutions or trust companies are
authorized or obligated by law to close in New York City.

          "COMMISSION" shall mean the Securities and Exchange Commission.

          "CONDUCT RULES" shall have the meaning set forth in Section 4(u)
hereof.

          "EXCHANGE ACT" shall mean the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the Commission promulgated thereunder.

          "EXCHANGE OFFER REGISTRATION PERIOD" shall mean the 180-day period
following the issuance of the Exchange Securities, exclusive of any period
during which any stop order shall be in effect suspending the effectiveness of
the Exchange Offer Registration Statement.

          "EXCHANGE OFFER REGISTRATION STATEMENT" shall mean a registration
statement of the Issuers on an appropriate form under the Act with respect to
the Registered Exchange Offer, all amendments and supplements to such
registration statement, including post-effective amendments thereto, in each
case including the Prospectus contained therein, all exhibits thereto and all
material incorporated by reference therein.

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          "EXCHANGE SECURITIES" shall mean debt securities of the Issuers
identical in all material respects to the Securities (except that the cash
interest and interest rate step-up provisions and the transfer restrictions
shall be modified or eliminated, as appropriate) and to be issued under the
Indenture.

          "EXCHANGING DEALER" shall mean any Holder (which may include any
Initial Purchaser) that is a Broker-Dealer and elects to exchange any Securities
that it acquired for its own account as a result of market-making activities or
other trading activities (but not directly from any Issuer or any Affiliate of
any Issuer) for Exchange Securities.

          "FINAL MEMORANDUM" shall have the meaning set forth in the Purchase
Agreement.

          "FUNDING CORP." shall have the meaning set forth in the preamble
hereto.

          "GUARANTEES" shall have the meaning set forth in the preamble hereto.

          "GUARANTORS" shall have the meaning set forth in the preamble hereto.

          "HOLDER" shall have the meaning set forth in the preamble hereto.

          "INDENTURE" shall mean the Indenture relating to the Securities to be
dated as of the date of original issuance of the Notes between Funding Corp. and
HSBC Bank USA, as trustee, as amended or supplemented from time to time in
accordance with the terms thereof.

          "INITIAL PLACEMENT" shall have the meaning set forth in the preamble
hereto.

          "INITIAL PURCHASERS" shall have the meaning set forth in the preamble
hereto.

          "ISSUERS" shall mean Solutia and the Guarantors.

          "LOSSES" shall have the meaning set forth in Section 6(d) hereof.

          "MAJORITY HOLDERS" shall mean the Holders of a majority of the
aggregate principal amount of Securities and Exchange Securities registered
under a Registration Statement.

          "MANAGING UNDERWRITERS" shall mean the investment banker or investment
bankers and manager or managers that shall administer an underwritten offering.

          "NOTES" shall have the meaning set forth in the preamble hereto.

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          "PERSON" shall mean an individual, trustee, corporation, partnership,
limited liability company, joint stock company, trust, unincorporated
association, union, business association, firm or other legal entity.

          "PROSPECTUS" shall mean the prospectus included in any Registration
Statement (including, without limitation, a prospectus that discloses
information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon Rule 430A under the Act), as amended or
supplemented by any prospectus supplement, with respect to the terms of the
offering of any portion of the Securities or the Exchange Securities covered by
such Registration Statement, and all amendments and supplements thereto and all
material incorporated by reference therein.

          "PURCHASE AGREEMENT" shall have the meaning set forth in the preamble
hereto.

          "REGISTERED EXCHANGE OFFER" shall mean the proposed offer of the
Issuers to the Holders of the Securities that are not prohibited by any law or
policy of the Commission from participating in such offer, to issue and deliver
a like aggregate principal amount of Exchange Securities in exchange for the
Securities.

          "REGISTRATION STATEMENT" shall mean any Exchange Offer Registration
Statement or Shelf Registration Statement that covers any of the Securities or
the Exchange Securities pursuant to the provisions of this Agreement, any
amendments and supplements to such registration statement, including
post-effective amendments (in each case including the Prospectus contained
therein), all exhibits thereto and all material incorporated by reference
therein.

          "REPRESENTATIVES" shall have the meaning set forth in the preamble
hereto.

          "SECURITIES" shall mean the Notes and the Guarantees.

          "SECURITY DOCUMENTS" shall have the meaning set forth in the
Indenture.

          "SHELF REGISTRATION" shall mean a registration effected pursuant to
Section 3 hereof.

          "SHELF REGISTRATION PERIOD" shall have the meaning set forth in
Section 3(b) hereof.

          "SHELF REGISTRATION STATEMENT" shall mean a "shelf" registration
statement of the Issuers pursuant to the provisions of Section 3 hereof which
covers some or all of the Securities or Exchange Securities, as applicable, on
an appropriate form under Rule 415 under the Act, or any similar rule that may
be adopted by the Commission, amendments and

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supplements to such registration statement, including post-effective amendments,
in each case including the Prospectus contained therein, all exhibits thereto
and all material incorporated by reference therein.

          "SOLUTIA ASSUMPTION" shall have the meaning set forth in the preamble
hereto.

          "TRUSTEE" shall mean the trustee with respect to the Securities under
the Indenture.

          "UNDERWRITER" shall mean any Person deemed an "underwriter," under the
Act or the rules and regulations thereunder, of Securities or Exchange
Securities in connection with an offering thereof under a Shelf Registration
Statement.

          2.     REGISTERED EXCHANGE OFFER. (a) The Issuers shall prepare and,
not later than 60 days following the Assumption Date (or if such 60th day is not
a Business Day, the next succeeding Business Day), shall file with the
Commission the Exchange Offer Registration Statement with respect to the
Registered Exchange Offer. The Issuers shall use their respective best efforts
to cause the Exchange Offer Registration Statement to become effective under the
Act within 120 days of the Assumption Date (or if such 120th day is not a
Business Day, the next succeeding Business Day).

          (b)    Upon the effectiveness of the Exchange Offer Registration
Statement, the Issuers shall promptly commence the Registered Exchange Offer and
shall keep the Registered Exchange Offer open for not less than 30 days (or
longer, if required by applicable law), it being the objective of such
Registered Exchange Offer to enable each Holder electing to exchange Securities
for Exchange Securities (assuming that such Holder is not an Affiliate of any
Issuer, acquires the Exchange Securities in the ordinary course of such Holder's
business, has no arrangements with any Person to participate in the distribution
of the Exchange Securities and is not prohibited by any law or policy of the
Commission from participating in the Registered Exchange Offer) to trade such
Exchange Securities from and after their receipt without any limitations or
restrictions under the Act and without material restrictions under the
securities laws of a substantial proportion of the several states of the United
States.

          (c)    In connection with the Registered Exchange Offer, the Issuers
shall:

          (i)    mail to each Holder a copy of the Prospectus forming part of
     the Exchange Offer Registration Statement, together with an appropriate
     letter of transmittal and related documents;

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          (ii)   keep the Registered Exchange Offer open for not less than 30
     days after the date notice thereof is mailed to the Holders (or longer if
     required by applicable law);

          (iii)  use their respective best efforts to keep the Exchange Offer
     Registration Statement continuously effective under the Act, supplemented
     and amended as required under the Act, to ensure that it is available for
     sales of Exchange Securities by Exchanging Dealers during the Exchange
     Offer Registration Period;

          (iv)   utilize the services of a depositary for the Registered
     Exchange Offer with an address in the Borough of Manhattan in New York
     City, which may be the Trustee or an Affiliate of the Trustee;

          (v)    permit Holders to withdraw tendered Securities at any time
     prior to the close of business, New York time, on the last Business Day on
     which the Registered Exchange Offer is open;

          (vi)   if requested by the Commission, prior to effectiveness of the
     Exchange Offer Registration Statement, provide a supplemental letter to the
     Commission (A) stating that the Issuers are conducting the Registered
     Exchange Offer in reliance on the position of the Commission in EXXON
     CAPITAL HOLDINGS CORPORATION (pub. avail. May 13, 1988) and MORGAN STANLEY
     AND CO., INC. (pub. avail. June 5, 1991); and (B) including a
     representation that the Issuers have not entered into any arrangement or
     understanding with any Person to distribute the Exchange Securities to be
     received in the Registered Exchange Offer and that, to the best of the
     Issuers' information and belief, each Holder participating in the
     Registered Exchange Offer is acquiring the Exchange Securities in the
     ordinary course of business and has no arrangement or understanding with
     any Person to participate in the distribution of the Exchange Securities;
     and

          (vii)  comply in all respects with all applicable laws.

          (d)    As soon as practicable after the close of the Registered
Exchange Offer, the Issuers shall:

          (i)    accept for exchange all Securities tendered and not validly
     withdrawn pursuant to the Registered Exchange Offer;

          (ii)   deliver to the Trustee for cancellation in accordance with
     Section 4(s) hereof all Securities so accepted for exchange; and

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          (iii)  cause the Trustee promptly to authenticate and deliver to each
     Holder of Securities a principal amount of Exchange Securities equal to the
     principal amount of the Securities of such Holder so accepted for exchange.

          (e)    Each Holder hereby acknowledges and agrees that any
Broker-Dealer and any such Holder using the Registered Exchange Offer to
participate in a distribution of the Exchange Securities (x) could not under
Commission policy as in effect on the date of this Agreement rely on the
position of the Commission in MORGAN STANLEY AND CO., INC. (pub. avail. June 5,
1991) and EXXON CAPITAL HOLDINGS CORPORATION (pub. avail. May 13, 1988), as
interpreted in the Commission's letter to Shearman & Sterling dated July 2, 1993
and similar no-action letters; and (y) must comply with the registration and
prospectus delivery requirements of the Act in connection with any secondary
resale transaction and must be covered by an effective registration statement
containing the selling security holder information required by Item 507 or 508,
as applicable, of Regulation S-K under the Act if the resales are of Exchange
Securities obtained by such Holder in exchange for Securities acquired by such
Holder directly from any Issuer or one of its Affiliates. Accordingly, each
Holder participating in the Registered Exchange Offer shall be required to
represent to the Issuers that, at the time of the consummation of the Registered
Exchange Offer:

          (i)    any Exchange Securities received by such Holder will be
     acquired in the ordinary course of business;

          (ii)   such Holder will have no arrangement or understanding with any
     Person to participate in the distribution of the Securities or the Exchange
     Securities within the meaning of the Act; and

          (iii)  such Holder is not an Affiliate of any Issuer.

          (f)    If any Initial Purchaser determines that it is not eligible to
participate in the Registered Exchange Offer with respect to the exchange of
Securities constituting any portion of an unsold allotment, at the request of
such Initial Purchaser, the Issuers shall issue and deliver to such Initial
Purchaser or the Person purchasing Exchange Securities registered under a Shelf
Registration Statement as contemplated by Section 3 hereof from such Initial
Purchaser, in exchange for such Securities, a like principal amount of Exchange
Securities. The Issuers shall use their respective best efforts to cause the
CUSIP Service Bureau to issue the same CUSIP number for such Exchange Securities
as for Exchange Securities issued pursuant to the Registered Exchange Offer.

          3.     SHELF REGISTRATION. (a) If (i) due to any change in law or
applicable interpretations thereof by the Commission's staff, the Issuers
determine upon advice of their outside counsel that they are not permitted to
effect the Registered Exchange Offer as contemplated by Section 2 hereof; (ii)
for any other reason the Registered Exchange Offer is

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not consummated within 150 days after the Assumption Date; (iii) prior to the
20th day following consummation of the Registered Exchange Offer (A) any Initial
Purchaser so requests with respect to Securities that are not eligible to be
exchanged for Securities in the Registered Exchange Offer and that are held by
it following consummation of the Registered Exchange Offer; (B) any Holder
(other than an Initial Purchaser) is not eligible to participate in the
Registered Exchange Offer; or (C) in the case of any Initial Purchaser that
participates in the Registered Exchange Offer or acquires Exchange Securities
pursuant to Section 2(f) hereof, such Initial Purchaser does not receive freely
tradeable Exchange Securities in exchange for Securities constituting any
portion of an unsold allotment (it being understood that (x) the requirement
that an Initial Purchaser deliver a Prospectus containing the information
required by Item 507 or 508 of Regulation S-K under the Act in connection with
sales of Exchange Securities acquired in exchange for such Securities shall
result in such Exchange Securities being not "freely tradeable"; and (y) the
requirement that an Exchanging Dealer deliver a Prospectus in connection with
sales of Exchange Securities acquired in the Registered Exchange Offer in
exchange for Securities acquired as a result of market-making activities or
other trading activities shall not result in such Exchange Securities being not
"freely tradeable"), the Issuers shall effect a Shelf Registration Statement in
accordance with Section 3(b) hereof.

          (b)    (i) The Issuers shall as promptly as practicable (but in no
event more than 60 days after so required or requested pursuant to this Section
3), file with the Commission, and thereafter shall use their respective best
efforts to cause to be declared effective under the Act (within 120 days after
so required or requested pursuant to this Section 3), a Shelf Registration
Statement relating to the offer and sale of the Securities or the Exchange
Securities, as applicable, by the Holders thereof from time to time in
accordance with the methods of distribution elected by such Holders and set
forth in such Shelf Registration Statement; PROVIDED, HOWEVER, that no Holder
(other than an Initial Purchaser) shall be entitled to have the Securities held
by it covered by such Shelf Registration Statement unless such Holder agrees in
writing to be bound by all of the provisions of this Agreement applicable to
such Holder; and PROVIDED, FURTHER, that with respect to Exchange Securities
received by an Initial Purchaser in exchange for Securities constituting any
portion of an unsold allotment, the Issuers may, if permitted by current
interpretations by the Commission's staff, file a post-effective amendment to
the Exchange Offer Registration Statement containing the information required by
Item 507 or 508 of Regulation S-K, as applicable, in satisfaction of their
obligations under this subsection with respect thereto, and any such Exchange
Offer Registration Statement, as so amended, shall be referred to herein as, and
governed by the provisions herein applicable to, a Shelf Registration Statement.

          (ii)   The Issuers shall use their respective best efforts to keep the
Shelf Registration Statement continuously effective, supplemented and amended as
required by the Act, in order to permit the Prospectus forming part thereof to
be usable by Holders until the

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earliest of (A) the time when the Securities or Exchange Securities, as
applicable, covered thereby can be sold pursuant to Rule 144 under the Act
without any limitations under clauses (c), (e), (f) and (h) of Rule 144, (B) a
period of two years from the effective date of the Shelf Registration Statement
(or one year from the effective date of the Shelf Registration Statement if the
Shelf Registration Statement is filed at the request of an Initial Purchaser) or
(C) such shorter period that will terminate when all the Securities or Exchange
Securities, as applicable, covered by the Shelf Registration Statement have been
sold pursuant to the Shelf Registration Statement (in any such case, such period
being called the "SHELF REGISTRATION PERIOD"). The Issuers shall be deemed not
to have used their respective best efforts to keep the Shelf Registration
Statement effective during the requisite period if any of them voluntarily takes
any action that would result in Holders of Securities or Exchange Securities
covered thereby not being able to offer and sell such Securities or Exchange
Securities during that period, unless (A) such action is required by applicable
law; or (B) such action is taken by such Issuer in good faith and for valid
business reasons (not including avoidance of its obligations hereunder),
including the acquisition or divestiture of assets, so long as the Issuers
thereafter comply with the requirements of Section 4(k) hereof, if applicable.

          4.     ADDITIONAL REGISTRATION PROCEDURES. In connection with any
Shelf Registration Statement and, to the extent applicable, any Exchange Offer
Registration Statement, the following provisions shall apply:

          (a)    The Issuers shall:

                 (i)    furnish to each of you, not less than five Business Days
          prior to the filing thereof with the Commission, a copy of the
          Exchange Offer Registration Statement and the Shelf Registration
          Statement, as the case may be, and each amendment thereof and each
          amendment or supplement, if any, to the Prospectus included therein
          (including all documents incorporated by reference therein after the
          initial filing) and shall use their reasonable best efforts to reflect
          in each such document, when so filed with the Commission, such
          comments as you reasonably propose;

                 (ii)   in the case of an Exchange Offer Registration Statement,
          to the extent permitted by the Act, include the information set forth
          in ANNEX A hereto on the inside front cover of the Prospectus included
          in the Exchange Offer Registration Statement, in ANNEX B hereto in the
          forepart of the Exchange Offer Registration Statement in a section
          setting forth details of the Exchange Offer, in ANNEX C hereto in the
          underwriting or plan of distribution section of the Prospectus
          contained in the Exchange Offer Registration Statement, and in ANNEX D
          hereto in the letter of transmittal delivered pursuant to the
          Registered Exchange Offer;

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                 (iii)  in the case of an Exchange Offer Registration Statement,
          if requested by an Initial Purchaser, include the information required
          by Item 507 or 508 of Regulation S-K, as applicable, in the Prospectus
          contained in the Exchange Offer Registration Statement; and

                 (iv)   in the case of a Shelf Registration Statement, include
          the names of the Holders that propose to sell Securities or Exchange
          Securities pursuant to the Shelf Registration Statement as selling
          security holders.

          (b)    The Issuers shall advise you, the Holders of Securities or
     Exchange Securities covered by any Shelf Registration Statement and any
     Exchanging Dealer under any Exchange Offer Registration Statement that has
     provided in writing to any Issuer a telephone or facsimile number and
     address for notices, and, if requested by you or any such Holder or
     Exchanging Dealer, shall confirm such advice in writing (which notice
     pursuant to clauses (ii)-(v) hereof shall be accompanied by an instruction
     to suspend the use of the Prospectus until the Issuers shall have remedied
     the basis for such suspension):

                 (i)    when a Registration Statement and any amendment thereto
          has been filed with the Commission and when the Registration Statement
          or any post-effective amendment thereto has become effective;

                 (ii)   of any request by the Commission for any amendment or
          supplement to the Registration Statement or the Prospectus or for
          additional information;

                 (iii)  of the issuance by the Commission of any stop order
          suspending the effectiveness of the Registration Statement or the
          initiation of any proceedings for that purpose;

                 (iv)   of the receipt by any Issuer of any notification with
          respect to the suspension of the qualification of the securities
          included therein for sale in any jurisdiction or the initiation of any
          proceeding for such purpose; and

                 (v)    of the happening of any event that requires any change
          in the Registration Statement or the Prospectus so that, as of such
          date, the statements therein are not misleading and do not omit to
          state a material fact required to be stated therein or necessary to
          make the statements therein (in the case of the Prospectus, in the
          light of the circumstances under which they were made) not misleading.

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          (c)    The Issuers shall use their respective reasonable best efforts
     to obtain the withdrawal of any order suspending the effectiveness of any
     Registration Statement or the qualification of the securities therein for
     sale in any jurisdiction at the earliest possible time.

          (d)    The Issuers shall furnish to each Holder of Securities or
     Exchange Securities covered by any Shelf Registration Statement, without
     charge, at least one copy of such Shelf Registration Statement and any
     post-effective amendment thereto, including all material incorporated
     therein by reference, and, if the Holder so requests in writing, all
     exhibits thereto (including exhibits incorporated by reference therein).

          (e)    The Issuers shall, during the Shelf Registration Period,
     deliver to each Holder of Securities or Exchange Securities covered by any
     Shelf Registration Statement, without charge, as many copies of the
     Prospectus (including each preliminary Prospectus) included in such Shelf
     Registration Statement and any amendment or supplement thereto as such
     Holder may reasonably request. The Issuers consent to the use of the
     Prospectus or any amendment or supplement thereto by each of the selling
     Holders of securities in connection with the offering and sale of the
     securities covered by the Prospectus, or any amendment or supplement
     thereto, included in the Shelf Registration Statement.

          (f)    The Issuers shall furnish to each Exchanging Dealer which so
     requests, without charge, at least one copy of the Exchange Offer
     Registration Statement and any post-effective amendment thereto, including
     all material incorporated by reference therein, and, if the Exchanging
     Dealer so requests in writing, all exhibits thereto (including exhibits
     incorporated by reference therein).

          (g)    The Issuers shall promptly deliver to each Initial Purchaser,
     each Exchanging Dealer and each other Person required to deliver a
     Prospectus during the Exchange Offer Registration Period, without charge,
     as many copies of the Prospectus included in such Exchange Offer
     Registration Statement and any amendment or supplement thereto as any such
     Person may reasonably request. The Issuers consent to the use of the
     Prospectus or any amendment or supplement thereto by any Initial Purchaser,
     any Exchanging Dealer and any such other Person that may be required to
     deliver a Prospectus following the Registered Exchange Offer in connection
     with the offering and sale of the Exchange Securities covered by the
     Prospectus, or any amendment or supplement thereto, included in the
     Exchange Offer Registration Statement.

          (h)    Prior to the Registered Exchange Offer or any other offering of
     Securities or Exchange Securities pursuant to any Registration Statement,
     the Issuers shall arrange, if necessary, for the qualification of the
     Securities or the Exchange

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     Securities for sale under the laws of such jurisdictions as any Holder
     shall reasonably request and will maintain such qualification in effect so
     long as required; PROVIDED that in no event shall any Issuer be obligated
     to qualify to do business in any jurisdiction where it is not then so
     qualified or to take any action that would subject it to service of process
     in suits, other than those arising out of the Initial Placement, the
     Registered Exchange Offer or any offering pursuant to a Shelf Registration
     Statement, in any such jurisdiction where it is not then so subject.

          (i)    The Issuers shall cooperate with the Holders to facilitate the
     timely preparation and delivery of certificates representing Exchange
     Securities or Securities to be issued or sold pursuant to any Registration
     Statement free of any restrictive legends and in such denominations and
     registered in such names as Holders may request.

          (j)    Upon the occurrence of any event contemplated by subsections
     (b)(ii) through (v) above, the Issuers shall promptly prepare a
     post-effective amendment to the applicable Registration Statement or an
     amendment or supplement to the related Prospectus or file any other
     required document so that, as thereafter delivered to Initial Purchasers of
     the Securities included therein, the Prospectus will not include an untrue
     statement of a material fact or omit to state any material fact necessary
     to make the statements therein, in the light of the circumstances under
     which they were made, not misleading. In such circumstances, the period of
     effectiveness of the Exchange Offer Registration Statement provided for in
     Section 2 hereof and the Shelf Registration Statement provided for in
     Section 3(b) hereof shall each be extended by the number of days from and
     including the date of the giving of a notice of suspension pursuant to
     Section 4(b) hereof to and including the date when the Initial Purchasers,
     the Holders and any known Exchanging Dealer shall have received such
     amended or supplemented Prospectus pursuant to this Section 4.

          (k)    Not later than the effective date of any Registration
     Statement, the Issuers shall provide a CUSIP number for the Securities or
     the Exchange Securities, as the case may be, registered under such
     Registration Statement and provide the Trustee with printed certificates
     for such Securities or Exchange Securities, in a form eligible for deposit
     with The Depository Trust Company.

          (l)    Solutia shall make generally available to its security holders
     as soon as practicable after the effective date of the applicable
     Registration Statement an earnings statement satisfying the provisions of
     Section 11(a) of the Act.

          (m)    The Issuers shall cause the Indenture to be qualified under the
     Trust Indenture Act in a timely manner.

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          (n)    The Issuers may require each Holder of securities to be sold
     pursuant to any Shelf Registration Statement to furnish to the Issuers such
     information regarding the Holder and the distribution of such securities as
     the Issuers may from time to time reasonably require for inclusion in such
     Registration Statement. The Issuers may exclude from such Shelf
     Registration Statement the Securities or Exchange Securities of any Holder
     that unreasonably fails to furnish such information within a reasonable
     time after receiving such request and the Issuers shall be under no further
     obligations to such Holder to include such Holder in a Shelf Registration
     Statement.

          (o)    In the case of any Shelf Registration Statement, the Issuers
     shall enter into such and take all other appropriate actions (including if
     requested an underwriting agreement in customary form) in order to expedite
     or facilitate the registration or the disposition of the Securities or
     Exchange Securities, and in connection therewith, if an underwriting
     agreement is entered into, cause the same to contain indemnification
     provisions and procedures no less favorable than those set forth in Section
     6 (or such other provisions and procedures acceptable to the Majority
     Holders and the Managing Underwriters, if any, with respect to all parties
     to be indemnified pursuant to Section 6.

          (p)    In the case of any Shelf Registration Statement, the Issuers
     shall:

                 (i)    subject to execution of a confidentiality agreement in
          form and substance reasonably acceptable to the Issuers and the
          Holders, make reasonably available for inspection by the Holders of
          Securities or Exchange Securities to be registered thereunder, any
          underwriter participating in any disposition pursuant to such Shelf
          Registration Statement, and any attorney, accountant or other agent
          retained by the Holders or any such underwriter all relevant financial
          and other records, pertinent corporate documents and properties of
          each Issuer;

                 (ii)   cause the officers, directors and employees of each
          Issuer to supply all relevant information reasonably requested by the
          Holders or any such underwriter, attorney, accountant or agent in
          connection with any such Shelf Registration Statement as is customary
          for similar due diligence examinations; PROVIDED, HOWEVER, that any
          information that is subject to the confidentiality agreement referred
          to in Section 4(p)(i) above shall be kept confidential by the Holders
          or any such underwriter, attorney, accountant or agent, unless such
          disclosure is made in connection with a court proceeding or required
          by law, or such information becomes available to the public generally
          or through a third party without an accompanying obligation of
          confidentiality;

<Page>

                                      -14-

                 (iii)  make such representations and warranties to the Holders
          of Securities or Exchange Securities registered thereunder and the
          underwriters, if any, in form, substance and scope as are customarily
          made by issuers to underwriters in primary underwritten offerings and
          covering matters including, but not limited to, those set forth in the
          Purchase Agreement;

                 (iv)   obtain opinions of counsel to the Issuers and updates
          thereof (which counsel and opinions (in form, scope and substance)
          shall be reasonably satisfactory to the Managing Underwriters, if any)
          addressed to each selling Holder and the underwriters, if any,
          covering such matters as are customarily covered in opinions requested
          in underwritten offerings and such other matters as may be reasonably
          requested by such Holders and underwriters;

                 (v)    obtain "cold comfort" letters and updates thereof from
          the independent certified public accountants of Solutia (and, if
          necessary, any other independent certified public accountants of any
          Issuer or any subsidiary of any Issuer or of any business acquired by
          any Issuer for which financial statements and financial data are, or
          are required to be, included in the Shelf Registration Statement),
          addressed to each selling Holder of securities registered thereunder
          and the underwriters, if any, in customary form and covering matters
          of the type customarily covered in "cold comfort" letters in
          connection with primary underwritten offerings; and

                 (vi)   deliver such documents and certificates as may be
          reasonably requested by the Majority Holders and the Managing
          Underwriters, if any, including those to evidence compliance with
          Section 4(k) and with any customary conditions contained in the
          underwriting agreement or other agreement entered into by the Issuers.

     The actions set forth in clauses (iii), (iv), (v) and (vi) of this Section
     4(p) shall be performed at each closing under any underwriting or similar
     agreement as and to the extent required thereunder.

          (q)    If a Registered Exchange Offer is to be consummated, upon
     delivery of the Securities by Holders to Solutia (or to such other Person
     as directed by Solutia) in exchange for the Exchange Securities, Solutia
     shall mark, or caused to be marked, on the Securities so exchanged that
     such Securities are being canceled in exchange for the Exchange Securities.
     In no event shall the Securities be marked as paid or otherwise satisfied.

          (r)    The Issuers will use their respective reasonable best efforts
     (i) if the Securities have been rated prior to the initial sale of such
     Securities pursuant to the

<Page>

                                      -15-

     Purchase Agreement, to confirm such ratings will apply to the Securities or
     the Exchange Securities, as the case may be, covered by a Exchange Offer
     Registration Statement; or (ii) if the Securities were not previously
     rated, to cause the Securities covered by a Registration Statement to be
     rated with at least one nationally recognized statistical rating agency, if
     so requested by Majority Holders with respect to the related Registration
     Statement or by any Managing Underwriters.

          (s)    In the event that any Broker-Dealer shall underwrite any
     Securities or Exchange Securities or participate as a member of an
     underwriting syndicate or selling group or "assist in the distribution"
     (within the meaning of the Conduct Rules of the National Association of
     Securities Dealers, Inc. (the "CONDUCT RULES")) thereof, whether as a
     Holder or as an underwriter, a placement or sales agent or a broker or
     dealer in respect thereof, or otherwise, the Issuers shall assist such
     Broker-Dealer in complying with the requirements of such Conduct Rules,
     including, without limitation, by:

                 (i)    if such Conduct Rules shall so require, engaging a
          "qualified independent underwriter" (as defined in such Rules) to
          participate in the preparation of the Registration Statement, to
          exercise usual standards of due diligence with respect thereto and, if
          any portion of the offering contemplated by such Registration
          Statement is an underwritten offering or is made through a placement
          or sales agent, to recommend the yield of such Securities or Exchange
          Securities;

                 (ii)   indemnifying any such qualified independent underwriter
          to the extent of the indemnification of underwriters provided in
          Section 6 hereof; and

                 (iii)  providing such information to such Broker-Dealer as may
          be required in order for such Broker-Dealer to comply with the
          requirements of such Conduct Rules.

          (t)    The Issuers shall use their respective reasonable best efforts
     to take all other steps necessary to effect the registration of the
     Securities or the Exchange Securities, as the case may be, covered by a
     Registration Statement.

          5.     REGISTRATION EXPENSES. The Issuers shall bear all expenses
incurred in connection with the performance of their obligations under Sections
2, 3 and 4 hereof and, in the event of any Shelf Registration Statement, will
reimburse the Holders for the reasonable fees and disbursements of one firm or
counsel designated by the Majority Holders to act as counsel for the Holders in
connection therewith.

<Page>

                                      -16-

          6.     INDEMNIFICATION AND CONTRIBUTION. (a) The Issuers jointly and
severally agree to indemnify and hold harmless each Holder of Securities or
Exchange Securities, as the case may be, covered by any Registration Statement
(including each Initial Purchaser and each Affiliate thereof and, with respect
to any Prospectus delivery as contemplated in Section 4(h) hereof, each
Exchanging Dealer), the directors, officers, employees and agents of each such
Holder and each Person who controls any such Holder within the meaning of either
the Act or the Exchange Act against any and all losses, claims, damages or
liabilities, joint or several, to which they or any of them may become subject
under the Act, the Exchange Act or other Federal or state statutory law or
regulation, at common law or otherwise, insofar as such losses, claims, damages
or liabilities (or actions in respect thereof) arise out of or are based upon
any untrue statement or alleged untrue statement of a material fact contained in
the Registration Statement as originally filed or in any amendment thereof, or
in any preliminary prospectus or the Prospectus, or in any amendment thereof or
supplement thereto, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, and jointly and
severally agree to reimburse each such indemnified party, as incurred, for any
legal or other expenses reasonably incurred by them in connection with
investigating or defending any such loss, claim, damage, liability or action;
PROVIDED, HOWEVER, that the Issuers will not be liable in any case to the extent
that any such loss, claim, damage or liability arises out of or is based upon
any such untrue statement or alleged untrue statement or omission or alleged
omission made therein in reliance upon and in conformity with written
information furnished to the Issuers by or on behalf of any such Holder
specifically for inclusion therein. This indemnity agreement will be in addition
to any liability which the Issuers may otherwise have; PROVIDED, FURTHER,
HOWEVER, that with respect to any untrue statement or omission of material fact
made in any preliminary prospectus, the indemnity agreement contained in this
Section 6(a) shall not inure to the benefit of any Holder from whom the person
asserting any such loss, claim, damage or liability purchased the securities
concerned, to the extent that any such loss, claim, damage or liability of such
Holder occurs under the circumstance where it shall have been determined by a
court of competent jurisdiction by final and nonappealable judgment that (w) the
Issuers had previously furnished copies of the Prospectus to the Holders, (x)
delivery of the Prospectus was required by the Act to be made to such person,
(y) the untrue statement of omission of a material fact contained in such
preliminary prospectus was corrected in the Prospectus and (z) there was not
sent or given to such person, at or prior to the written confirmation of the
sale of such securities to such person, a copy of the Prospectus.

          The Issuers also jointly and severally agree to indemnify or
contribute as provided in Section 6(d) to Losses of each underwriter of
Securities or Exchange Securities, as the case may be, registered under a Shelf
Registration Statement, their directors, officers, employees or agents and each
Person who controls such underwriter on substantially the same basis as that of
the indemnification of the Initial Purchasers and the selling Holders provided

<Page>

                                      -17-

in this Section 6(a) and shall, if requested by any Holder, enter into an
underwriting agreement reflecting such agreement, as provided in Section 4(p)
hereof.

          (b)    Each Holder of securities covered by a Registration Statement
(including each Initial Purchaser and each Affiliate thereof and, with respect
to any Prospectus delivery as contemplated in Section 4(h) hereof, each
Exchanging Dealer) severally agrees to indemnify and hold harmless the Issuers,
each of their respective directors, each of their respective officers who signs
such Registration Statement, and each Person who controls any Issuer within the
meaning of either the Act or the Exchange Act, to the same extent as the
foregoing indemnity from the Issuers to each such Holder, but only with
reference to written information relating to such Holder furnished to the
Issuers by or on behalf of such Holder specifically for inclusion in the
documents referred to in the foregoing indemnity. This indemnity agreement will
be in addition to any liability which any such Holder may otherwise have.

          (c)    Promptly after receipt by an indemnified party under this
Section 6 of notice of the commencement of any action, such indemnified party
will, if a claim in respect thereof is to be made against the indemnifying party
under this Section 6, notify the indemnifying party in writing of the
commencement thereof; but the failure so to notify the indemnifying party (i)
will not relieve it from liability under paragraph (a) or (b) above unless and
to the extent it did not otherwise learn of such action and such failure results
in the forfeiture by the indemnifying party of substantial rights and defenses;
and (ii) will not, in any event, relieve the indemnifying party from any
obligations to any indemnified party other than the indemnification obligation
provided in paragraph (a) or (b) above. The indemnifying party shall be entitled
to appoint counsel of the indemnifying party's choice at the indemnifying
party's expense to represent the indemnified party in any action for which
indemnification is sought (in which case the indemnifying party shall not
thereafter be responsible for the fees and expenses of any separate counsel
retained by the indemnified party or parties except as set forth below);
PROVIDED, HOWEVER, that such counsel shall be reasonably satisfactory to the
indemnified party. Notwithstanding the indemnifying party's election to appoint
counsel to represent the indemnified party in an action, the indemnified party
shall have the right to employ (x) one separate counsel and (y) local counsel,
and the indemnifying party shall bear the reasonable fees, costs and expenses of
(x) such one separate counsel and (y) such local counsel if (i) the use of
counsel chosen by the indemnifying party to represent the indemnified party
would present such counsel with a conflict of interest; (ii) the actual or
potential defendants in, or targets of, any such action include both the
indemnified party and the indemnifying party and the indemnified party shall
have reasonably concluded that there may be legal defenses available to it
and/or other indemnified parties which are different from or additional to those
available to the indemnifying party; (iii) the indemnifying party shall not have
employed counsel reasonably satisfactory to the indemnified party to represent
the indemnified party within a reasonable time after notice of the institution
of such action; or

<Page>

                                      -18-

(iv) the indemnifying party shall authorize the indemnified party to employ
separate counsel at the expense of the indemnifying party. An indemnifying party
will not, without the prior written consent of the indemnified parties, settle
or compromise or consent to the entry of any judgment with respect to any
pending or threatened claim, action, suit or proceeding in respect of which
indemnification or contribution may be sought hereunder (whether or not the
indemnified parties are actual or potential parties to such claim or action)
unless such settlement, compromise or consent includes an unconditional release
of each indemnified party from all liability arising out of such claim, action,
suit or proceeding.

          (d)    In the event that the indemnity provided in paragraph (a) or
(b) of this Section is unavailable to or insufficient to hold harmless an
indemnified party for any reason, then each applicable indemnifying party shall
have a joint and several obligation to contribute to the aggregate losses,
claims, damages and liabilities (including legal or other expenses reasonably
incurred in connection with investigating or defending same) (collectively
"LOSSES") to which such indemnified party may be subject in such proportion as
is appropriate to reflect the relative benefits received by such indemnifying
party, on the one hand, and such indemnified party, on the other hand, from the
Initial Placement and the Registration Statement which resulted in such Losses;
PROVIDED, HOWEVER, that in no case shall any Initial Purchaser or any subsequent
Holder of any Security or New Security be responsible, in the aggregate, for any
amount in excess of the purchase discount or commission applicable to such
Security, or in the case of a New Security, applicable to the Security that was
exchangeable into such New Security, as set forth on the cover page of the Final
Memorandum, nor shall any underwriter be responsible for any amount in excess of
the underwriting discount or commission applicable to the securities purchased
by such underwriter under the Registration Statement which resulted in such
Losses. If the allocation provided by the immediately preceding sentence is
unavailable for any reason, the indemnifying party and the indemnified party
shall contribute in such proportion as is appropriate to reflect not only such
relative benefits but also the relative fault of such indemnifying party, on the
one hand, and such indemnified party, on the other hand, in connection with the
statements or omissions which resulted in such Losses as well as any other
relevant equitable considerations. Benefits received by the Issuers shall be
deemed to be equal to the sum of the total net proceeds from the Initial
Placement (before deducting expenses) as set forth on the cover page of the
Final Memorandum. Benefits received by the Initial Purchasers shall be deemed to
be equal to the total purchase discounts and commissions as set forth on the
cover page of the Final Memorandum, and benefits received by any other Holders
shall be deemed to be equal to the value of receiving Securities or Exchange
Securities, as applicable, registered under the Act. Benefits received by any
underwriter shall be deemed to be equal to the total underwriting discounts and
commissions, as set forth on the cover page of the Prospectus forming a part of
the Registration Statement which resulted in such Losses. Relative fault shall
be determined by reference to, among other things, whether any alleged untrue
statement or omission relates to information provided by the indemnifying

<Page>

                                      -19-

party, on the one hand, or by the indemnified party, on the other hand, the
intent of the parties and their relative knowledge, access to information and
opportunity to correct or prevent such untrue statement or omission. The parties
agree that it would not be just and equitable if contribution were determined by
pro rata allocation (even if the Holders were treated as one entity for such
purpose) or any other method of allocation which does not take account of the
equitable considerations referred to above. Notwithstanding the provisions of
this paragraph (d), no Person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Act) shall be entitled to contribution from any
Person who was not guilty of such fraudulent misrepresentation. For purposes of
this Section 6, each Person who controls a Holder within the meaning of either
the Act or the Exchange Act and each director, officer, employee and agent of
such Holder shall have the same rights to contribution as such Holder, and each
Person who controls any Issuer within the meaning of either the Act or the
Exchange Act, each officer of any Issuer who shall have signed the Registration
Statement and each director of any Issuer shall have the same rights to
contribution as the Issuers, subject in each case to the applicable terms and
conditions of this paragraph (d).

          (e)    The provisions of this Section 6 will remain in full force and
effect, regardless of any investigation made by or on behalf of any Holder or
the Issuers or any of the officers, directors or controlling Persons referred to
in this Section 6 hereof, and will survive the sale by a Holder of securities
covered by a Registration Statement.

          7.     UNDERWRITTEN REGISTRATIONS. (a) If any of the Securities or
Exchange Securities, as the case may be, covered by any Shelf Registration
Statement are to be sold in an underwritten offering, the Managing Underwriters
shall be selected by the Majority Holders.

          (b)    No Person may participate in any underwritten offering pursuant
to any Shelf Registration Statement, unless such Person (i) agrees to sell such
Person's Securities or Exchange Securities, as the case may be, on the basis
reasonably provided in any underwriting arrangements approved by the Persons
entitled hereunder to approve such arrangements; and (ii) completes and executes
all questionnaires, powers of attorney, indemnities, underwriting agreements and
other documents reasonably required under the terms of such underwriting
arrangements.

          8.     NO INCONSISTENT AGREEMENTS. No Issuer has, as of the date
hereof, entered into, nor shall it, on or after the date hereof, enter into, any
agreement with respect to its securities that is inconsistent with the rights
granted to the Holders herein or otherwise conflicts with the provisions hereof.

          9.     AMENDMENTS AND WAIVERS. The provisions of this Agreement,
including the provisions of this sentence, may not be amended, qualified,
modified or supplemented, and waivers or consents to departures from the
provisions hereof may not be

<Page>

                                      -20-

given, unless the Issuers have obtained the written consent of the Majority
Holders; PROVIDED that, with respect to any matter that directly or indirectly
affects the rights of any Initial Purchaser hereunder, the Issuers shall obtain
the written consent of each the Initial Purchasers against which such amendment,
qualification, supplement, waiver or consent is to be effective. Notwithstanding
the foregoing (except the foregoing proviso), a waiver or consent to departure
from the provisions hereof with respect to a matter that relates exclusively to
the rights of Holders whose Securities or Exchange Securities, as the case may
be, are being sold pursuant to a Registration Statement and that does not
directly or indirectly affect the rights of other Holders may be given by the
Majority Holders, determined on the basis of Securities or Exchange Securities,
as the case may be, being sold rather than registered under such Registration
Statement.

          10.    NOTICES. All notices and other communications provided for or
permitted hereunder shall be made in writing by hand-delivery, first-class mail,
telex, telecopier or air courier guaranteeing overnight delivery:

          (a)    if to a Holder, at the most current address given by such
     holder to the Issuers in accordance with the provisions of this Section 10,
     which address initially is, with respect to each Holder, the address of
     such Holder maintained by the Registrar under the Indenture, with a copy in
     like manner to Salomon Smith Barney Inc.;

          (b)    if to you, initially at the respective addresses set forth in
     the Purchase Agreement; and

          (c)    if to the Issuers, initially at their address set forth in the
     Purchase Agreement.

          All such notices and communications shall be deemed to have been duly
given when received.

          The Initial Purchasers or the Issuers by notice to the other parties
may designate additional or different addresses for subsequent notices or
communications.

          11.    SUCCESSORS. This Agreement shall inure to the benefit of and
be binding upon the successors and assigns of each of the parties hereto,
including, without the need for an express assignment or any consent by the
Issuers thereto, subsequent Holders of Securities and the Exchange Securities.
The Issuers hereby agree to extend the benefits of this Agreement to any Holder
of Securities or the Exchange Securities, and any such Holder may specifically
enforce the provisions of this Agreement as if an original party hereto.

          12.    COUNTERPARTS. This Agreement may be in signed counterparts,
each of which shall an original and all of which together shall constitute one
and the same agreement.

<Page>

                                      -21-

          13.    HEADINGS. The headings used herein are for convenience only and
shall not affect the construction hereof.

          14.    APPLICABLE LAW. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York applicable to
contracts made and to be performed in the State of New York.

          15.    SEVERABILITY. In the event that any one of more of the
provisions contained herein, or the application thereof in any circumstances, is
held invalid, illegal or unenforceable in any respect for any reason, the
validity, legality and enforceability of any such provision in every other
respect and of the remaining provisions hereof shall not be in any way impaired
or affected thereby, it being intended that all of the rights and privileges of
the parties shall be enforceable to the fullest extent permitted by law.

          16.    SECURITIES HELD BY THE ISSUERS, ETC. Whenever the consent or
approval of Holders of a specified percentage of principal amount of Securities
or Exchange Securities is required hereunder, Securities or Exchange Securities,
as applicable, held by any Issuers or its Affiliates (other than subsequent
Holders of Securities or Exchange Securities if such subsequent Holders are
deemed to be Affiliates solely by reason of their holdings of such Securities or
Exchange Securities) shall not be counted in determining whether such consent or
approval was given by the Holders of such required percentage.

          17.    SUBMISSION TO JURISDICTION. By the execution and delivery of
this Agreement, each Issuer submits to the non-exclusive jurisdiction of any
federal or state court in the State of New York in any suit or proceeding
arising out of or relating to this Agreement or brought under federal or state
securities laws.

          18.   TERMINATION. This Agreement shall automatically terminate if
Funding Corp. completes a Special Mandatory Redemption (as defined in the
Indenture).

                            [Signature Page Follows]

<Page>

          If the foregoing is in accordance with your understanding of our
agreement, please sign and return to us the enclosed duplicate hereof, whereupon
this letter and your acceptance shall represent a binding agreement among the
Issuers and the several Initial Purchasers.

                                       Very truly yours,

                                       SOLUTIA INC.

                                       By  /s/ Kevin Wilson
                                           -------------------------------------
                                           Name: C.K. Wilson
                                           Title: Vice President and Treasurer

                                       MONCHEM INTERNATIONAL, INC.

                                       By  /s/ Kevin Wilson
                                           -------------------------------------
                                           Name: C.K. Wilson
                                           Title: President

                                       MONCHEM, INC.

                                       By  /s/ Kevin Wilson
                                           -------------------------------------
                                           Name: C.K. Wilson
                                           Title: President

                                       SOLUTIA SYSTEMS, INC.

                                       By  /s/ Kevin Wilson
                                           -------------------------------------
                                           Name: C.K. Wilson
                                           Title: President

                                       CPFILMS INC.

                                       By  /s/ P. Solomon
                                           -------------------------------------
                                           Name: P. Solomon
                                           Title: Vice President

                                       S-1
<Page>

The foregoing Agreement is hereby confirmed
and accepted as of the date first above written.

SALOMON SMITH BARNEY INC.
BANC OF AMERICA SECURITIES LLC

By:   SALOMON SMITH BARNEY INC.

      /s/ Aaron Dannenberg
      ---------------------------------
      Name: Aaron Dannenberg
      Title: Vice President

By:   BANC OF AMERICA SECURITIES LLC

      /s/ Mary Jane Goode
      ---------------------------------
      Name: Mary Jane Goode
      Title: Vice President

As Representatives of the several Initial
Purchasers named in Schedule I hereto.

                                       S-2
<Page>

                                                                      SCHEDULE I

INITIAL PURCHASERS:

Salomon Smith Barney Inc.
Banc of America Securities LLC
J.P. Morgan Securities Inc.
HSBC Securities (USA), Inc.
Banc One Capital Markets, Inc.
US Bancorp Piper Jaffray, Inc.
SG Cowen Securities Corporation

<Page>

                                                                     SCHEDULE II

GUARANTORS:

CPFilms Inc.
Monchem, Inc.
Solutia Systems, Inc.
Monchem International, Inc.

<Page>

                                                                         ANNEX A

          Each Broker-Dealer that receives Exchange Securities for its own
account pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such Exchange Securities. The Letter
of Transmittal states that by so acknowledging and by delivering a prospectus, a
Broker-Dealer will not be deemed to admit that it is an "underwriter" within the
meaning of the Act. This Prospectus, as it may be amended or supplemented from
time to time, may be used by a Broker-Dealer in connection with resales of
Exchange Securities received in exchange for Securities where such Securities
were acquired by such Broker-Dealer as a result of market-making activities or
other trading activities. The Issuers have agreed that, starting on the
Expiration Date (as defined herein) and ending on the close of business one year
after the Expiration Date, they will make this Prospectus available to any
Broker-Dealer for use in connection with any such resale. See "Plan of
Distribution."

<Page>

                                                                         ANNEX B

          Each Broker-Dealer that receives Exchange Securities for its own
account in exchange for Securities, where such Securities were acquired by such
Broker-Dealer as a result of market-making activities or other trading
activities, must acknowledge that it will deliver a prospectus in connection
with any resale of such Exchange Securities. See "Plan of Distribution."

<Page>

                                                                         ANNEX C

                              PLAN OF DISTRIBUTION

          Each Broker-Dealer that receives Exchange Securities for its own
account pursuant to the Exchange Offer must acknowledge that it will deliver a
prospectus in connection with any resale of such Exchange Securities. This
Prospectus, as it may be amended or supplemented from time to time, may be used
by a Broker-Dealer in connection with resales of Exchange Securities received in
exchange for Securities where such Securities were acquired as a result of
market-making activities or other trading activities. The Issuers have agreed
that, starting on the Expiration Date and ending on the close of business one
year after the Expiration Date, they will make this Prospectus, as amended or
supplemented, available to any Broker-Dealer for use in connection with any such
resale. In addition, until __________, 200__, all dealers effecting transactions
in the Exchange Securities may be required to deliver a prospectus.

          The Issuers will not receive any proceeds from any sale of Exchange
Securities by Brokers-Dealers. Exchange Securities received by Broker-Dealers
for their own account pursuant to the Exchange Offer may be sold from time to
time in one or more transactions in the over-the-counter market, in negotiated
transactions, through the writing of options on the Exchange Securities or a
combination of such methods of resale, at market prices prevailing at the time
of resale, at prices related to such prevailing market prices or negotiated
prices. Any such resale may be made directly to purchasers or to or through
brokers or dealers who may receive compensation in the form of commissions or
concessions from any such Broker-Dealer and/or the purchasers of any such
Exchange Securities. Any Broker-Dealer that resells Exchange Securities that
were received by it for its own account pursuant to the Exchange Offer and any
broker or dealer that participates in a distribution of such Exchange Securities
may be deemed to be an "underwriter" within the meaning of the Act and any
profit of any such resale of Exchange Securities and any commissions or
concessions received by any such Persons may be deemed to be underwriting
compensation under the Act. The Letter of Transmittal states that by
acknowledging that it will deliver and by delivering a prospectus, a
Broker-Dealer will not be deemed to admit that it is an "underwriter" within the
meaning of the Act.

          For a period of one year after the Expiration Date, the Issuers will
promptly send additional copies of this Prospectus and any amendment or
supplement to this Prospectus to any Broker-Dealer that requests such documents
in the Letter of Transmittal. The Issuers have agreed to pay all expenses
incident to the Exchange Offer (including the expenses of one counsel for the
holder of the Securities) other than commissions or concessions of any brokers

<Page>

                                       -2-

or dealers and will indemnify the holders of the Securities (including any
Broker-Dealers) against certain liabilities, including liabilities under the
Act.

<Page>

                                                                         ANNEX D

/ /    CHECK HERE IF YOU ARE A BROKER-DEALER AND
       WISH TO RECEIVE 10 ADDITIONAL COPIES OF THE
       PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS
       OR SUPPLEMENTS THERETO.

       Name:      _________________________________________
       Address:   _________________________________________
                  _________________________________________

If the undersigned is not a Broker-Dealer, the undersigned represents that it
acquired the Exchange Securities in the ordinary course of its business, it is
not engaged in, and does not intend to engage in, a distribution of Exchange
Securities and it has no arrangements or understandings with any Person to
participate in a distribution of the Exchange Securities. If the undersigned is
a Broker-Dealer that will receive Exchange Securities for its own account in
exchange for Securities, it represents that the Securities to be exchanged for
Exchange Securities were acquired by it as a result of market-making activities
or other trading activities and acknowledges that it will deliver a prospectus
in connection with any resale of such Exchange Securities; however, by so
acknowledging and by delivering a prospectus, the undersigned will not be deemed
to admit that it is an "underwriter" within the meaning of the Act.<Page>

                                                                     EXHIBIT 4.8

             RESTATED INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT

          RESTATED INTERCREDITOR AND COLLATERAL AGENCY AGREEMENT dated as of
July 25, 2002 between SOLUTIA INC., a Delaware corporation (the "COMPANY"); each
of the subsidiaries of the Company identified under the caption "SUBSIDIARY
GUARANTORS" on the signature pages hereto or that become "Subsidiary Guarantors"
hereunder pursuant to Section 6.09 after the date hereof (individually, a
"SUBSIDIARY GUARANTOR" and, collectively, the "SUBSIDIARY GUARANTORS" and,
together with the Company, the "SECURING PARTIES"); CITIBANK, N.A., as
administrative agent under the Solutia Credit Agreement referred to below, BANK
OF AMERICA, N.A., as administrative agent under the Astaris Credit Agreement
referred to below, CITIBANK, N.A., as agent for the purchasers under the Co-gen
Participation Agreement referred to below, and CITIBANK, N.A., as collateral
agent for the Secured Parties referred to below (in such capacity, together with
its successors in such capacity, the "COLLATERAL AGENT").

          The Company, certain lenders (the "SOLUTIA LENDERS") and Citibank,
N.A., as administrative agent (in such capacity, together with its successors in
such capacity, the "SOLUTIA ADMINISTRATIVE AGENT") are parties to a Second
Amended and Restated Credit Agreement dated as of July 25, 2002 (as modified and
supplemented and in effect from time to time, the "SOLUTIA CREDIT AGREEMENT"),
providing, subject to the terms and conditions thereof, for extensions of credit
(by means of loans and letters of credit) to be made by said lenders to the
Company and the other borrowers referred to therein in an aggregate principal or
face amount not exceeding $600,000,000. In addition, the Company may from time
to time be obligated to various of the Solutia Lenders (or their affiliates) in
respect of one or more hedging agreements permitted under Section 6.02(g)(v) of
the Solutia Credit Agreement.

          Astaris LLC, a limited liability company organized under the laws of
Delaware ("ASTARIS"), certain lenders (the "ASTARIS LENDERS") and Bank of
America, N.A., as administrative agent (in such capacity, together with its
successors in such capacity, the "ASTARIS ADMINISTRATIVE AGENT"), are parties to
a Credit Agreement dated as of September 14, 2000 (as modified and supplemented
and in effect from time to time, the "ASTARIS CREDIT AGREEMENT"), providing,
subject to the terms and conditions thereof, for loans to be made by said
lenders to Astaris in an aggregate principal amount not exceeding $275,000,000.
The obligations of Astaris under the Astaris Credit Agreement have been
partially guaranteed by the Company pursuant to a Guaranty Agreement dated as of
September 14, 2000 (as modified and supplemented and in effect from time to
time, the "ASTARIS GUARANTY AGREEMENT") by the Company in favor of Astaris LLC
and in favor of the Astaris Lenders and the Astaris Administrative Agent.

          The Company, State Street Bank and Trust Company, as trustee (in such
capacity, together with its successors in such capacity, the "CO-GEN TRUSTEE"),
certain financial institutions named as purchasers therein (collectively, the
"CO-GEN PURCHASERS") and Citibank, N.A., as agent for the Co-gen Purchasers (in
such capacity, together with its successors in such capacity, the "CO-GEN
AGENT"), are parties to an Amended and Restated Participation Agreement dated as
of April 24, 1998 (as modified and supplemented and in effect from time to time,
the "CO-GEN PARTICIPATION AGREEMENT"), providing, subject to the terms and
conditions thereof, for loans and investments to be made by the Co-gen
Purchasers to the Co-gen Trustee in an aggregate principal amount not exceeding
$33,000,000. The obligations of the Co-gen Trustee under the

                       NON-SHARING INTERCREDITOR AGREEMENT
<Page>

                                      - 2 -

Co-gen Participation Agreement have been guaranteed by the Company pursuant to
an Amended and Restated Instrument Guaranty dated as of April 24, 1998 (as
modified and supplemented and in effect from time to time, the "CO-GEN GUARANTY
AGREEMENT") by the Company in favor of the Co-gen Trustee and the Co-gen
Purchasers. In addition, the Co-gen Trustee, as lessor, and the Company, as
lessee, are party to an Amended and Restated Lease dated as of April 24, 1998
(as modified and supplemented and in effect from time to time, the "CO-GEN
LEASE") pursuant to which the Company agrees to make certain rent payments to
the Co-gen Trustee in consideration of the lease of the co-generation facility
referred to therein, which rent payments service the loans and investments made
by the Co-gen Purchasers.

          In addition, certain of the Solutia Lenders may have issued letters of
credit for the account of the Company or a Subsidiary, or may in the future
issue letters of credit for the account of the Company, which are or will be
identified in this Agreement as "Designated Letters of Credit" (as hereinafter
defined). It is contemplated that, in connection herewith, such Solutia Lenders
will execute and deliver a Letter of Credit Override Agreement providing for
certain common terms to be applicable to such letters of credit.

          In connection with the transactions described above, the Company, the
Subsidiary Guarantors, the Administrative Agents, the Co-gen Agent and the
Collateral Agent, have entered into an Intercreditor and Collateral Agency
Agreement dated as of November 15, 2001 (the "EXISTING NON-SHARING INTERCREDITOR
AGREEMENT").

          To induce the Solutia Lenders to enter into the Solutia Credit
Agreement as described above and to continue to extend credit under the Solutia
Credit Agreement, to induce the Astaris Lenders to enter into an Amendment No. 3
to the Astaris Credit Agreement and to continue to extend credit under the
Astaris Credit Agreement, to induce the Co-gen Purchasers to continue to extend
credit and make investments under the Co-gen Participation Agreement and to
induce the Solutia Lenders to extend credit in respect of Designated Letters of
Credit and hedging agreements, the Subsidiary Guarantors are continuing
(pursuant to the Non-Sharing Security and Guarantee Agreement referred to
herein) to guarantee the obligations of the Company under the Solutia Credit
Agreement and the Astaris Guaranty Agreement, the Co-gen Guaranty Agreement, the
Co-gen Lease and in respect of the Designated Letters of Credit and the Hedging
Obligations (as hereinafter defined), and the Securing Parties are similarly
continuing (pursuant to the Non-Sharing Security and Guarantee Agreement) their
liens on certain of their properties as collateral security for, INTER ALIA,
such obligations, and granting new liens on certain other of their properties as
collateral security for, INTER ALIA, such obligations.

          In connection with the foregoing, the parties hereto wish to reconfirm
the appointment of the Collateral Agent by the Administrative Agents, and the
Solutia Lenders and the Astaris Lenders, as applicable, for whom they act, and
by the Co-gen Agent and the Co-gen Purchasers for whom it acts, and for certain
other matters relating to the collateral security for the obligations of the
Securing Parties under the Credit Documents (as hereinafter defined), in each
case pursuant to the Existing Non-Sharing Intercreditor Agreement and, in that
connection, to amend and restate the Existing Non-Sharing Intercreditor
Agreement in its entirety. Accordingly, the parties hereto agree that the
Existing Non-Sharing Intercreditor Agreement shall be amended and restated as
follows:

                       NON-SHARING INTERCREDITOR AGREEMENT

<Page>

                                      - 3 -

          Section 1. DEFINITIONS. As used in this Agreement, the following terms
have the meanings specified below:

          "ADMINISTRATIVE AGENTS" means, collectively, the Solutia
Administrative Agent, together with its successors in such capacity, and the
Astaris Administrative Agent, together with its successors in such capacity.

          "COLLATERAL" means, collectively, the assets of the Securing Parties
that have been subjected to the Liens of the Non-Sharing Security Documents.

          "CREDIT AGREEMENTS " means, collectively, the Solutia Credit Agreement
and the Astaris Credit Agreement.

          "CREDIT DOCUMENTS" means, collectively, the Solutia Credit Agreement,
the Astaris Guaranty Agreement, the Co-gen Guaranty Agreement, the Co-gen Lease,
the Co-gen Participation Agreement, any agreement pursuant to which a Designated
Letter of Credit shall have been issued and the Security Documents.

          "DEFAULT" means any Event of Default or any event that would
constitute an Event of Default but for the requirement that notice be given or
time elapse or both.

          "DESIGNATED LETTER OF CREDIT" means, collectively, (a) each letter of
credit issued by a Solutia Lender for the account of the Company or a Subsidiary
that is identified in Schedule I hereto and (b) each letter of credit for the
account of the Company hereafter designated by the Company as a "Designated
Letter of Credit" for purposes hereof pursuant to a Designation Letter in the
form of Schedule II hereto delivered to the Collateral Agent in accordance with
Section 3.

          "DESIGNATED LETTER OF CREDIT OBLIGATIONS" has the meaning ascribed
thereto in the Non-Sharing Security and Guarantee Agreement.

          "EVENT OF DEFAULT" means any "Event of Default" under the Solutia
Credit Agreement, any default in the payment by the Company of any obligation
under the Astaris Guaranty Agreement, any default in payment by the Company of
any obligation under the Co-gen Lease or the Co-gen Guaranty Agreement and any
default by the Company in respect of any of its payment obligations under any
Designated Letter of Credit.

          "EXISTING NOTE INDENTURES" means, collectively, the indenture and/or
the fiscal agency agreement, as applicable, pursuant to which the following
notes or debentures of the Company or Solutia Europe S.A./N.V., as applicable,
have been issued: 6.50% notes due 2002, 7.375% debentures due 2027, 6.72%
debentures due 2037 and 6.25% euro notes due 2005, as in effect on the date
hereof and without giving effect to any modifications or supplements after the
date hereof.

          "HEDGING OBLIGATIONS" has the meaning ascribed thereto in the
Non-Sharing Security and Guarantee Agreement.

                       NON-SHARING INTERCREDITOR AGREEMENT

<Page>

                                      - 4 -

          "JUNIOR SECURITY DOCUMENTS" means, collectively, (i) the Junior
Intercreditor Agreement substantially in the form of Exhibit M to the Solutia
Credit Agreement between the Company, each of the Subsidiary Guarantors, the
Collateral Agent and HSBC Bank USA, as trustee under the 2009 Notes Indenture
referred to therein and (ii) and the Junior Security Agreement substantially in
the form of Exhibit N to the Solutia Credit Agreement between the Company, each
of the Subsidiary Guarantors, the Collateral Agent and HSBC Bank USA, as trustee
under said 2009 Notes Indenture.

          "LENDERS" means, collectively, the Solutia Lenders and the Astaris
Lenders.

          "LIEN" means any lien, security interest or other charge or
encumbrance of any kind, or any other type of preferential arrangement,
including the lien or retained security title of a conditional vendor and any
mortgage, easement, right of way or other encumbrance on title to real property.

          "MAJORITY SOLUTIA LENDERS" means the Majority Lenders under and as
defined in the Solutia Credit Agreement.

          "MAKE-WHOLE OBLIGATIONS" has the meaning ascribed thereto in the
Non-Sharing Security and Guarantee Agreement.

          "NON-SHARING MORTGAGES" means, collectively, one or more instruments
of Mortgage, Deed of Trust, Assignment of Rents, Security Agreement and Fixture
Filing executed by any Securing Party in favor of the Collateral Agent for the
benefit of the Secured Parties (or in favor a trustee for the benefit of the
Collateral Agent and the Secured Parties) and covering the facilities of the
Company located in Decatur, Alabama, Indian Orchard, Massachusetts, Trenton,
Michigan, Greenwood, South Carolina and Alvin, Texas, in each case as the same
shall be modified and supplemented and in effect from time to time.

          "NON-SHARING SECURITY DOCUMENTS" means, collectively, this Agreement,
the Non-Sharing Security and Guarantee Agreement, each Non-Sharing Mortgage, and
any other pledge agreements, security agreements, assignment agreements,
mortgages, deeds of trust or other instruments providing for collateral security
from time to time executed by any Securing Party in favor of the Collateral
Agent.

          "NON-SHARING SECURITY AND GUARANTEE AGREEMENT" means the Restated
Security and Guarantee Agreement dated as of July [___], 2002 between the
Securing Parties and the Collateral Agent, as the same shall be modified and
supplemented and in effect from time to time.

          "PERSON" means any individual, corporation (including a business
trust), company, voluntary association, partnership, limited liability company,
joint venture, trust, unincorporated organization or governmental authority or
other entity of whatever nature.

          "RELEVANT SHARING PERCENTAGE" means, at any time, the percentage
corresponding to the fraction (a) the numerator of which shall be each of the
following respectively (i) in the case of any Solutia Lender, the Solutia Credit
Agreement Obligations then held by such Solutia

                       NON-SHARING INTERCREDITOR AGREEMENT

<Page>

                                      - 5 -

Lender, (ii) in the case of any Astaris Lender, the Make-Whole Obligations then
held by such Astaris Lender that are due and payable, (iii) in the case of any
Co-gen Purchaser, the Synthetic Lease Obligations then held by such Co-gen
Purchaser, (iv) in the case of any issuer of Designated Letters of Credit,
Designated Letter of Credit Obligations then held by such issuer, (v) in the
case of any holder of Hedging Obligations, the Hedging Obligations then held by
such holder that are due and payable or (vi) in the case of any Term Loan
Facility Lender, the Term Loan Facility Obligations then held by such Term Loan
Facility Lender and (b) the denominator of which shall be the sum of (i) the
then-outstanding Solutia Credit Agreement Obligations, (ii) the then-outstanding
Make-Whole Obligations then due and payable, (iii) the then-outstanding
Synthetic Lease Obligations, (iv) the then-outstanding Designated Letter of
Credit Obligations, (v) the then-outstanding Hedging Obligations then due and
payable and (vi) the then-outstanding Term Loan Facility Obligations.

          "SECURED PARTIES" means, collectively, the Collateral Agent, the
Co-gen Agent, the Co-gen Purchasers, the Solutia Lenders, the Astaris Lenders,
the Administrative Agents and the Term Loan Facility Lenders (and, in respect of
any Hedging Obligations, any affiliate of a Solutia Lender that shall have
entered into the respective hedging agreement giving rise to such Hedging
Obligations).

          "SECURED OBLIGATIONS" has the meaning ascribed thereto in the
Non-Sharing Security and Guarantee Agreement.

          "SECURITY DOCUMENTS" means, collectively, the Non-Sharing Security
Documents and the Sharing Security Documents under and as defined in the Sharing
Intercreditor Agreement.

          "SHARING INTERCREDITOR AGREEMENT" means the Intercreditor and
Collateral Trust Agreement dated as of July [___], 2002 between the Company,
CPFilms Inc., Administrative Agents, the Co-gen Agent, the Collateral Agent and
HSBC Bank USA, as Collateral Trustee being executed and delivered by the parties
concurrently herewith, as the same shall be modified and supplemented and in
effect from time to time.

          "SOLUTIA CREDIT AGREEMENT OBLIGATIONS" has the meaning ascribed
thereto in the Non-Sharing Security and Guarantee Agreement.

          "SYNTHETIC LEASE OBLIGATIONS" has the meaning ascribed thereto in the
Non-Sharing Security and Guarantee Agreement.

          "TERM LOAN FACILITY LENDER" has the meaning ascribed thereto in the
Non-Sharing Security and Guarantee Agreement.

          "TERM LOAN FACILITY OBLIGATIONS" has the meaning ascribed thereto in
the Non-Sharing Security and Guarantee Agreement.

          "UNIFORM COMMERCIAL CODE" means the Uniform Commercial Code as in
effect from time to time in the State of New York.

                       NON-SHARING INTERCREDITOR AGREEMENT

<Page>

                                      - 6 -

          Section 2. THE COLLATERAL AGENT.

          2.01. APPOINTMENT AND DUTIES OF THE COLLATERAL AGENT.

          (a) APPOINTMENT. Each Administrative Agent, on behalf of itself and
each of the Solutia Lenders and the Astaris Lenders, as applicable, for whom it
acts, and the Co-gen Agent, on behalf of itself and each Co-gen Purchaser, as
applicable, for whom it acts, hereby appoints, and continues the prior
appointment of, Citibank, N.A. to act as Collateral Agent hereunder and under
the other Security Documents, and hereby continues to authorize the Collateral
Agent to execute, deliver and perform, on behalf of each of the Secured Parties,
each Security Document to which the Collateral Agent is or is intended to be a
party and to take such actions on behalf of the Secured Parties under the
provisions of the Security Documents and to exercise such powers and perform
such duties as are expressly delegated to the Collateral Agent by the terms of
each Security Document, together with such other powers as are reasonably
incidental thereto. Notwithstanding any provision to the contrary elsewhere in
any Security Document, the Collateral Agent shall not have any duties or
responsibilities, except those expressly set forth herein and in the other
Security Documents. Each Secured Party shall be bound by all of the agreements
of the Collateral Agent contained herein and in the other Security Documents.

          (b) COPIES OF DOCUMENTS TO BE FURNISHED TO SECURED PARTIES. The
Collateral Agent will forward to each Secured Party at its last address on the
records of the Collateral Agent promptly after the Collateral Agent's receipt
thereof a copy of each document furnished to the Collateral Agent under any
Security Document that relates to such Secured Party. The Collateral Agent will
forward to each Secured Party promptly upon such Secured Party's reasonable
request therefor a copy of any other document furnished to the Collateral Agent
under the Security Documents.

          2.02. RIGHTS OF COLLATERAL AGENT.

          (a) PERFORMANCE OF DUTIES THROUGH AGENTS. The Collateral Agent may
perform any of its duties under the Security Documents by or through agents or
attorneys-in-fact and shall be entitled to advice of counsel concerning all
matters pertaining to such duties.

          (b) ABSENCE OF LIABILITY. Neither the Collateral Agent nor any of its
officers, directors, employees, agents, attorneys-in-fact or affiliates shall be
(i) liable for any action lawfully taken or omitted to be taken by it under or
in connection with this Agreement or any other Security Document (except for its
gross negligence, willful misconduct or bad faith or breach of its obligations
hereunder or under any other Non-Sharing Security Document), or (ii) responsible
in any manner to any Secured Party for any recitals, statements, representations
or warranties made by any Securing Party or any representative thereof or any
other Person contained in any Security Document or in any certificate, report,
statement or other document referred to or provided for in, or received by the
Collateral Agent under or in connection with, any Security Document or for the
value, validity, effectiveness, genuineness, enforceability or sufficiency of
the Collateral or any Security Document or for any failure of any Securing Party
to perform its obligations thereunder. Except as expressly provided herein or in
any other Security Document, the Collateral Agent shall not be under any
obligation to any Secured Party to ascertain or to inquire as to the observance
or performance of any of the agreements contained

                       NON-SHARING INTERCREDITOR AGREEMENT

<Page>

                                      - 7 -

in, or conditions of, any Security Document or to inspect the properties, books
or records of any Securing Party.

          (c) RELIANCE, ETC. The Collateral Agent shall be entitled to rely, and
shall be fully protected in relying, upon any instruction, direction, order,
request, note, writing, resolution, notice, consent, certificate, affidavit,
letter, cablegram, telegram, telecopy, telex or teletype message, statement,
order or other document reasonably believed by it to be genuine and correct and
to have been signed, sent or made by the proper Person or Persons and upon
advice and statements of legal counsel, independent accountants and other
experts. In connection with any request of any Secured Party, the Collateral
Agent shall be fully protected in relying on a certificate of such Secured
Party, that the Collateral Agent reasonably believes is authentic and that sets
forth and certifies the principal amount of the Secured Obligations held by such
Secured Party as of the date of such certificate, which certificate shall state
that the individual signing such certificate is an authorized representative of
such Secured Party and is authorized to direct the Collateral Agent under this
Agreement and shall state specifically the Security Document and provision
thereof pursuant to which the Collateral Agent is being directed to act.

          The Collateral Agent shall be fully justified in failing or refusing
to take any action hereunder or under any other Security Document (i) if such
action would, in the reasonable opinion of the Collateral Agent, be contrary to
law or the terms of the Security Documents, (ii) if such action is not
specifically provided for herein or in any other Security Document, or it shall
not have received any such advice or concurrence of the Secured Parties as it
deems appropriate, or (iii) if, in connection with the taking of any such action
that would constitute an exercise of remedies under any Security Document, it
shall not first be indemnified to its reasonable satisfaction by the Secured
Parties against any and all liability and expense which may be incurred by it by
reason of taking or continuing to take any such action, or refraining from
taking any action. The Collateral Agent shall in all cases be fully protected in
acting, or in refraining from acting, hereunder or under any other Security
Document in accordance with the instructions of the Majority Solutia Lenders,
and such request and any action taken or failure to act pursuant thereto shall
be binding upon all of the Secured Parties.

          (d) EFFECT OF AMBIGUOUS PROVISIONS. If, with respect to a proposed
action to be taken by it, the Collateral Agent shall determine in good faith
that the provisions of any Security Document relating to the functions or
responsibilities of the Collateral Agent are or may be ambiguous or
inconsistent, the Collateral Agent shall notify the respective Secured Party
affected thereby, identifying the proposed action and the provisions that it
considers are or may be ambiguous or inconsistent, and may decline to perform
such function or responsibility unless it has received the written confirmation
from such Secured Party, or from the other Secured Parties, concurring in the
circumstances that the action proposed to be taken by the Collateral Agent is
consistent with the terms of such Security Document or is otherwise appropriate.
The Collateral Agent shall be fully protected in acting or refraining from
acting upon the confirmation of the Secured Parties in this respect, and such
confirmation shall be binding upon all of the Secured Parties.

          (e) NOTICE OF DEFAULTS, ETC. The Collateral Agent shall not be deemed
to have actual, constructive, direct or indirect knowledge or notice of the
occurrence of any Default or Event of Default unless and until the Collateral
Agent has received notice or a certificate from a

                       NON-SHARING INTERCREDITOR AGREEMENT

<Page>

                                      - 8 -

Secured Party or the Company stating that a Default or Event of Default has
occurred. The Collateral Agent shall not have any obligation whatsoever either
prior to or after receiving such notice or certificate to inquire whether a
Default or Event of Default has in fact occurred and shall be entitled to rely
conclusively, and shall be fully protected in so relying, on any notice or
certificate so furnished to it. No provision of any Security Document shall
require the Collateral Agent to expend or risk its own funds or otherwise incur
any financial liability in the performance of any of its duties under any
Security Document or in the exercise of any of its rights or powers, if it shall
have reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it. In the
event that the Collateral Agent receives such a notice of the occurrence of any
Default or Event of Default, the Collateral Agent shall promptly give notice
thereof to the Secured Parties. The Collateral Agent shall take such action with
respect to such Default or Event of Default as requested by the Secured Parties,
and as otherwise provided herein.

          (f) NO REQUIREMENT TO EXERCISE RIGHTS. Except as otherwise
specifically provided hereby, the Collateral Agent need not exercise any rights,
powers or remedies under this Agreement or any of the other Security Documents,
give any consent under any of the Security Documents or release any Lien or
guarantee, unless it shall have been directed to do so in writing by, or, as
applicable, shall have received the written consent to the relevant action of,
the Majority Solutia Lenders.

          (g) PERFECTION, ETC. Except for actions expressly required hereunder
(excluding circumstances in which the Collateral Agent has the ability but not
an affirmative duty to act), nothing in this Agreement or any other Security
Document shall be interpreted as giving the Collateral Agent responsibility for
or any duty concerning the validity, perfection, priority or enforceability of
any lien or security interest in any Collateral or giving the Collateral Agent
any obligation to take any action to procure or maintain such validity,
perfection, priority or enforceability.

          2.03. INDEMNIFICATION AND FEES OF THE COLLATERAL AGENT.

          (a) INDEMNIFICATION. The Securing Parties jointly and severally agree
to indemnify and hold harmless the Collateral Agent and its directors, officers,
employees, agents and advisors from and against any and all claims, losses,
liabilities, obligations, damages and expenses (including reasonable fees and
expenses of counsel) that may be incurred by or asserted or awarded against the
Collateral Agent or any such Person (hereinafter the "INDEMNIFICATION AMOUNT")
arising out of, related to or in connection with (i) this Agreement or any other
Security Document (including the enforcement of any Security Document) or (ii)
any refund or adjustment of any amount paid or payable to the Collateral Agent
under or in respect of any Security Document or any Collateral, or any interest
thereon, which may be ordered or otherwise required by any Person, except to the
extent such claims, losses, liabilities, damages and expenses are found by a
court of competent jurisdiction to have resulted from such Person's gross
negligence or willful misconduct. If the Securing Parties fail to pay on demand
the Indemnification Amount, interest will accrue thereon at a rate per annum
equal to that specified in Section 2.07(b) of the Solutia Credit Agreement from
the scheduled date for payment thereof until the actual date of payment and such
interest shall be added to the Indemnification Amount.

                       NON-SHARING INTERCREDITOR AGREEMENT

<Page>

                                      - 9 -

          (b) EXPENSES. The Securing Parties jointly and severally agree to pay
upon demand to the Collateral Agent the amount of any and all reasonable
out-of-pocket expenses, including the reasonable fees and expenses of its
counsel (and any local counsel) and of any experts and agents, which the
Collateral Agent may incur in connection with (i) the administration of this
Agreement and the other Security Documents, (ii) the custody or preservation of,
or the sale of, collection from, or other realization upon, any of the
Collateral, (iii) the exercise or enforcement (whether through negotiations,
legal proceedings or otherwise) of any of the rights of the Collateral Agent
under the Security Documents or (iv) the failure by any Securing Party or any
other Person (other than the Collateral Agent) to perform or observe any of the
provisions of the Security Documents.

          2.04. RESIGNATION OR REMOVAL OF THE COLLATERAL AGENT. The Collateral
Agent may resign upon not less than 30 days' prior written notice to the
Company, each Administrative Agent and the Co-gen Agent and may be removed at
any time with or without cause by the Majority Solutia Lenders or by the Company
with the prior written consent of the Majority Solutia Lenders, with any such
resignation or removal to become effective only upon the appointment of a
successor Collateral Agent under this Section 2.04. If the Collateral Agent
shall resign or be removed, then the Majority Solutia Lenders shall (and if no
such successor shall have been appointed within 60 days of the Collateral
Agent's resignation or removal, the Collateral Agent may) appoint a successor
agent for the Secured Parties, which successor agent shall be a bank or trust
company organized under the laws of the United States of America or a State
thereof and that has a combined capital and surplus of at least $500,000,000,
whereupon such successor agent shall succeed to the rights, powers and duties of
the "Collateral Agent" and the term "Collateral Agent" shall mean such successor
agent effective upon its appointment, and the former Collateral Agent's rights,
powers and duties as Collateral Agent shall be terminated, without any other or
further act or deed on the part of such former Collateral Agent (except that the
resigning Collateral Agent shall deliver all Collateral then in its possession
to the successor Collateral Agent) or any of the other Secured Parties. After
any retiring Collateral Agent's resignation or removal hereunder, the provisions
of this Agreement shall inure to its benefit as to any actions taken or omitted
to be taken by it while it was the Collateral Agent.

          2.05. INFORMATION AS TO SECURED PARTIES. The Company will at such
other times as shall be requested by the Collateral Agent, supply a list in form
and detail satisfactory to the Collateral Agent setting forth the principal of
and interest on the Secured Obligations held by each Secured Party as at a date
specified in such request. The Collateral Agent shall provide any such list to
any Secured Party upon request. The Collateral Agent shall be entitled to rely
upon such information, and such information shall be conclusive and binding for
all purposes of this Agreement, except to the extent the Collateral Agent shall
have been notified by a Secured Party that such information as set forth on any
such list is inaccurate.

          2.06. JUNIOR SECURITY DOCUMENTS. Each Administrative Agent, on behalf
of itself and each of the Solutia Lenders and the Astaris Lenders, as
applicable, for whom it acts, and the Co-gen Agent, on behalf of itself and each
Co-gen Purchaser, as applicable, for whom it acts, hereby authorizes the
Collateral Agent to execute and deliver the Junior Security Documents upon
request by the Company.

                       NON-SHARING INTERCREDITOR AGREEMENT

<Page>

                                     - 10 -

          Section 3. DESIGNATION OF LETTERS OF CREDIT. As contemplated by the
definition of "Designated Letter of Credit" in Section 1, in the event that any
Solutia Lender shall after the date hereof issue any letter of credit for
account of the Company, the Company may, at the time of such issuance (but not
in any event later than 5 Business Days after such issuance) designate such
letter of credit as a "Designated Letter of Credit" hereunder by furnishing to
the Collateral Agent a Designation Letter in duplicate, in substantially the
form of Schedule II hereto, duly completed and executed by the Company, PROVIDED
that the Company may not designate any letter of credit pursuant to this
sentence if, after giving effect thereto, the sum of (i) the then aggregate
outstanding face amounts of all Designated Letters of Credit (including such
letter of credit) and (ii) the then aggregate outstanding principal amount of
all unreimbursed drawings under any letters of credit that at any time
constituted "Designated Letters of Credit" shall exceed $50,087,599. Upon
delivery of a Designation Letter with respect to a letter of credit, and
acceptance of such Designation Letter by the Collateral Agent, such letter of
credit shall become a "Designated Letter of Credit" under and for all purposes
of this Agreement and the other Security Documents.

          Section 4. REPRESENTATIONS AND WARRANTIES. Each Securing Party
represents and warrants to the Secured Parties that:

          (a) INCORPORATION; GOOD STANDING. Such Securing Party has been duly
     organized, is validly existing and in good standing as a corporation or
     other applicable entity under the laws of the jurisdiction of its
     organization, is duly qualified to transact business and is in good
     standing in each state where any Collateral is located except where failure
     to be so qualified would not have a Material Adverse Effect (as defined in
     the Solutia Credit Agreement).

          (b) CORPORATE AUTHORITY; NO BREACH. The execution, delivery and
     performance by such Securing Party of this Agreement and the other Security
     Documents to which it is a party, and the other transactions contemplated
     hereby and thereby, are within such Securing Party's corporate powers, have
     been duly authorized by all necessary corporate action, and do not
     contravene (i) such Securing Party's charter or bylaws or (ii) law or any
     contractual restriction binding on or affecting such Securing Party.

          (c) NO CONSENTS OR APPROVALS. No authorization or approval or other
     action by, and no notice to or filing with, any governmental authority or
     regulatory body or any other third party is required for the due execution,
     delivery and performance by the such Securing Party of this Agreement or
     the other Security Documents to which it is a party, other than those
     authorizations, approvals, notices, filings and actions that have been
     obtained, filed or taken on or before the date hereof by such Securing
     Party or the Company. No authorization or approval or other action by, and
     no notice to or filing with, any governmental authority or regulatory body
     or any other third party is required for the transactions contemplated
     thereby, except for (i) filings and recordings in respect of the Security
     Documents and (ii) the authorizations, approvals, actions, notices and
     filings (x) the failure to obtain would not have a Material Adverse Effect
     or (y) which have been duly obtained, taken, given or made and are in full
     force and effect.

                       NON-SHARING INTERCREDITOR AGREEMENT

<Page>

                                     - 11 -

          (d) ENFORCEABLE OBLIGATIONS, ETC. This Agreement has been, and each of
     the other Security Documents to which it is a party when delivered
     hereunder will have been, duly executed and delivered by such Securing
     Party. This Agreement is, and each of the other Security Documents to which
     it is a party when delivered hereunder will be, the legal, valid and
     binding obligation of such Securing Party enforceable against such Securing
     Party in accordance with their respective terms.

          Section 5. APPLICATIONS

          5.01. APPLICATION OF PREPAYMENTS. As more fully provided in Section
2.10(h) of the Solutia Credit Agreement, optional and mandatory prepayments
and/or reduction of Commitments (as defined in the Solutia Credit Agreement)
described in subsections (e), (f) and (g) of Section 2.10 of the Solutia Credit
Agreement are to be applied as follows:

          FIRST, to the prepayment of the Term Advances (as defined in the
     Solutia Credit Agreement) and the Co-gen Instruments (as therein defined),
     and to the provision of cover for the Designated Letters of Credit as
     provided in Section 5.04 of the Non-Sharing Security and Guarantee
     Agreement, in each case ratably in accordance with the respective principal
     amounts thereof outstanding at the time of such prepayment (such
     outstanding amount, in the case of the Designated Letters of Credit, to be
     deemed to be equal to the Designated Letter of Credit Exposure (as defined
     in the Solutia Credit Agreement) at such time), and

          SECOND, after the payment in full of the Term Advances and the Co-gen
     Instruments, and the provision of full cover for the Designated Letters of
     Credit in an aggregate amount equal to the Designated Letter of Credit
     Exposure at such time, to first, prepay Revolving Credit Advances and
     second, provide cover for Letter of Credit Exposures as specified in
     subsection (i) of Section 2.10 of the Solutia Credit Agreement and, to the
     extent such prepayments are being made pursuant to subsection (e) or (f) of
     said Section 2.10 and result from (x) a Disposition (as therein defined) of
     any property constituting collateral security under any of the Security
     Documents or (y) a Casualty Event (as therein defined) affecting any such
     collateral security, the Revolving Credit Commitments (as therein defined)
     shall be automatically reduced by the amount of such prepayment.

          Notwithstanding any other provision herein or in the Solutia Credit
Agreement to the contrary, (1) if any amounts are due and payable under the
Solutia Credit Agreement, the Astaris Guaranty Agreement, the Co-gen
Participation Agreement, the Co-gen Guaranty Agreement, the Co-gen Lease or any
Hedging Agreements (as defined in the Solutia Credit Agreement), or in respect
of any Designated Letters of Credit, at the time of a Disposition or upon any
Capital Markets Transaction (as therein defined) then prepayments in accordance
with subsections (e), (f) and (g) of Section 2.10 of the Solutia Credit
Agreement are to be shared ratably by the Secured Parties in accordance with
their respective Relevant Prepayment Percentages (as therein defined) and the
Commitments shall be reduced only by the amount of prepayments allocable to the
Solutia Credit Agreement and (2) any Net Cash Proceeds received pursuant to
subsection (e) or (f) of said Section 2.10 which constitutes collateral under
the Co-gen Participation Agreement or the Co-gen Lease shall be applied first to
reduce the amounts

                       NON-SHARING INTERCREDITOR AGREEMENT

<Page>

                                     - 12 -

outstanding under the Co-gen Instruments and thereafter to the repayment of the
Advances as described above.

          In the event that at the time of any prepayment required to be applied
to the Term Advances there shall be any Revolving Credit Advances outstanding,
any Term Lender shall have the right to refuse all or any portion of any
optional or mandatory prepayment pursuant to Section 2.10(a), (b), (e), (f) or
(g) of the Solutia Credit Agreement, and any amount so refused will be applied
to prepay the Revolving Credit Advances, but in each case without reduction of
any of the Revolving Credit Commitments.

          Anything in this Agreement to the contrary notwithstanding, to the
extent that any Net Cash Proceeds (as defined in the Solutia Credit Agreement)
of any property subject to the Lien of the Shared Security Documents shall be
received by the Company at a time when any Triggering Event (as defined in the
Sharing Intercreditor Agreement) shall have occurred and be continuing, such Net
Cash Proceeds shall be retained by, or remitted to, the Collateral Trustee for
application to the Sharing Obligations (as so defined) in accordance with the
requirements of Section 4.01 of the Sharing Intercreditor Agreement and shall
not be applied to the Advances under the Solutia Credit Agreement or the Co-gen
Instruments, or as cover for Designated Letters of Credit, as would otherwise be
required under subsection (h) of Section 2.10 of the Solutia Credit Agreement.

          5.02. APPLICATION OF PROCEEDS OF COLLATERAL. Except as otherwise
expressly provided herein or in any other Security Document, the proceeds of any
collection, sale or other realization pursuant to any of the Security Documents
of all or any part of the Collateral shall be applied by the Collateral Agent:

          FIRST, to the payment of the costs and expenses of such collection,
     sale or other realization, including reasonable out-of-pocket costs and
     expenses of the Collateral Agent and the reasonable fees and expenses of
     its agents and counsel, and all expenses incurred and advances made by the
     Collateral Agent in connection therewith;

          SECOND, to the payment of the Secured Obligations then due and
     payable, in each case equally and ratably (but subject, in the case of the
     Solutia Credit Agreement Obligations under and as defined in the Sharing
     Intercreditor Agreement, to the provisions of Section 5.03); and

          FINALLY, after application as provided in clauses "FIRST" and "SECOND"
     above, to the payment to the respective Securing Parties, or their
     respective successors or assigns, or as a court of competent jurisdiction
     may direct, of any surplus then remaining.

          5.03. CERTAIN SPECIAL ALLOCATIONS. Each Secured Party, by accepting
the benefits of the Non-Sharing Mortgages, hereby acknowledges that the
Non-Sharing Mortgages may, in certain circumstances, provide security for the
Secured Obligations on a basis other than in accordance with the Relevant
Sharing Percentages of the Secured Parties. Each Secured Party, by accepting the
benefits of the Non-Sharing Mortgages, nevertheless agrees that it is the intent
of the Secured Parties that any proceeds of any collection, sale or other
realization under the Non-Sharing Mortgages be shared among the Secured Parties
ratably in accordance with their

                       NON-SHARING INTERCREDITOR AGREEMENT

<Page>

                                     - 13 -

Relevant Sharing Percentages. Accordingly, notwithstanding the provisions of
Section 5.02, any payments under clause SECOND of said Section 5.02 representing
proceeds of any collection, sale or other realization under the Non-Sharing
Mortgages shall be paid by the Collateral Agent to the Secured Parties ratably
in accordance with their Relevant Sharing Percentages, with the portion of such
payments made in respect of any Secured Obligations held by any Secured Party in
excess of such Secured Party's Relevant Sharing Percentage of the Secured
Obligations held by it (and accordingly remitted to the other Secured Parties
under this Section 5.03) constituting a purchase of participations by such
Secured Party of participations in the Secured Obligations held by each other
Secured Party.

          Section 6. MISCELLANEOUS.

          6.01. NOTICES, ETC. All notices and other communications provided for
hereunder shall be in writing, telecopied or delivered:

          (a) if to any of the Securing Parties, care of Solutia Inc., 575
     Maryville Centre Drive, St. Louis, Missouri 63141, Attention: Vice
     President and Treasurer, telephone number (314) 674-8250, telecopier number
     (314) 674-6755, with a copy in care of Solutia Inc., 575 Maryville Centre
     Drive, St. Louis, Missouri 63141, Attention: General Counsel, telephone
     number (314) 674-3586, telecopier number (314) 674-2721,

          (b) if to the Solutia Administrative Agent, at its address at
     Citibank, N.A., Two Penns Way, Suite 200, New Castle, Delaware 19720,
     Attention: Timothy Smith (or his successor), telephone number (302)
     894-6059, telecopier number (302) 894-6120;

          (c) if to the Astaris Administrative Agent, at its address at Bank of
     America, N.A., 101 North Tryon Street, Charlotte, North Carolina 28255,
     Attention: Ms. Kelly Weaver and Ms. Angela Berry, telephone number (704)
     388-6483, telecopier number (704) 409-0014;

          (d) if to the Co-gen Agent, at its address at Citibank, N.A., Bank
     Loan Syndications, Two Penns Way, Suite 200, New Castle, Delaware 19720,
     Attention: Brian Maxwell, telephone number (302) 894-6023, telecopier
     number (302) 894-6059; and

          (e) if to the Collateral Agent, at its address at Citibank, N.A., 388
     Greenwich Street, New York, New York 10013, Attention: Jim Simpson,
     telephone number (212) 816-8208, telecopier number (212) 816-8051.

or, as to each party, at such other address as shall be designated by such party
in a written notice to the other parties. All such notices and communications
shall, when delivered or telecopied, be effective when delivered or transmitted
by telecopier, respectively.

          6.02. WAIVERS. No failure on the part of the Collateral Agent or any
other Secured Party to exercise, and no course of dealing with respect to, and
no delay in exercising, any right, power or remedy hereunder shall operate as a
waiver thereof; nor shall any single or partial exercise by the Collateral
Agent, any Lender, or any Co-gen Purchaser of any right,

                       NON-SHARING INTERCREDITOR AGREEMENT

<Page>

                                     - 14 -

power or remedy hereunder preclude any other or further exercise thereof or the
exercise of any other right, power or remedy. The remedies herein are cumulative
and are not exclusive of any remedies provided by law.

          6.03. AMENDMENTS, ETC. Except as otherwise provided in any Security
Document, the terms of this Agreement and the other Security Documents may be
waived, altered or amended only by an instrument in writing duly executed by
each Securing Party and the Collateral Agent, with the consent of the Majority
Solutia Lenders, PROVIDED that

          (a) no such amendment shall adversely affect the relative rights of
     any Secured Party as against any other Secured Party without the prior
     written consent of such first Secured Party,

          (b) without the prior written consent of each of the Solutia Lenders,
     the Collateral Agent shall not release all or substantially all of the
     collateral under the Non-Sharing Security Documents or release all or
     substantially all of the Subsidiary Guarantors from their guarantee
     obligations under Section 2 of the Non-Sharing Security and Guarantee
     Agreement; PROVIDED that if any amounts are due and payable under the
     Astaris Guaranty Agreement, the Co-gen Guaranty Agreement, the Co-gen
     Lease, any Designated Letter of Credit, or any Hedging Agreement at the
     time of any such proposed release then the prior written consent of a
     majority in interest of the Astaris Lenders, the Co-gen Purchasers, the
     issuers of the Designated Letters of Credit and the holders of any Hedging
     Obligations, whichever of such obligations are then due and payable, will
     also be required to release all or substantially all of the collateral
     under the Non-Sharing Security Documents,

          (c) the Collateral Agent is authorized to release (and shall release)
     any Collateral that is either the subject of a disposition permitted under
     the Solutia Credit Agreement or to which the Majority Solutia Lenders shall
     have consented (and, in that connection, the Collateral Agent shall issue
     any direction to the Collateral Trustee under Section 7.02 of the Sharing
     Intercreditor Agreement as shall be required to effect any release of
     Shared Property under and as defined therein), and

          (d) the Collateral Agent is authorized to release (and shall release)
     any Subsidiary Guarantor from any of its guarantee obligations under
     Section 2 of the Non-Sharing Security and Guarantee Agreement to the extent
     such Subsidiary is the subject of a disposition permitted under the Solutia
     Credit Agreement or to which the Majority Solutia Lenders shall have
     consented and upon such release, the Collateral Agent is authorized to
     release (and shall release) any collateral security granted by such
     Subsidiary Guarantor under the Non-Sharing Security and Guarantee
     Agreement.

Any such amendment or waiver shall be binding upon the Collateral Agent, each
Secured Party and each Securing Party.

          6.04. SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon and
inure to the benefit of the respective successors and assigns of each Securing
Party, the Collateral Agent and each Secured Party (PROVIDED that no Securing
Party shall assign or transfer its rights

                       NON-SHARING INTERCREDITOR AGREEMENT

<Page>

                                     - 15 -

or obligations hereunder without the prior written consent of the Collateral
Agent, each Administrative Agent and the Co-gen Agent).

          6.05. COUNTERPARTS. This Agreement may be executed in any number of
counterparts, all of which taken together shall constitute one and the same
instrument and any of the parties hereto may execute this Agreement by signing
any such counterpart.

          6.06. GOVERNING LAW. This Agreement shall be governed by, and
construed in accordance with, the law of the State of New York.

          6.07. JURISDICTION. Each of the Securing Parties hereby irrevocably
and unconditionally submits, for itself and its property, to the nonexclusive
jurisdiction of any New York State court or federal court of the United States
of America sitting in New York City, and any appellate court from any thereof,
in any action or proceeding arising out of or relating to this Agreement or any
Non-Sharing Security Document, or for recognition or enforcement of any
judgment, and each of the parties hereto hereby irrevocably and unconditionally
agrees that all claims in respect of any such action or proceeding may be heard
and determined in any such New York State court or, to the extent permitted by
law, in such federal court. Each of the Securing Parties hereto agrees that a
final judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law. Nothing in this Agreement or any other Non-Sharing Security
Document shall affect any right that any party may otherwise have to bring any
action or proceeding relating to this Agreement or any other Non-Sharing
Security Document in the courts of any jurisdiction.

          6.08. CAPTIONS. The captions and section headings appearing herein are
included solely for convenience of reference and are not intended to affect the
interpretation of any provision of this Agreement.

          6.09. ADDITIONAL SUBSIDIARY GUARANTORS. As contemplated by Section
6.01(l) of the Solutia Credit Agreement, new Domestic Subsidiaries of the
Company formed or acquired by the Company after the date hereof, and any
Domestic Subsidiary that ceases to be an "Immaterial Subsidiary" (as defined in
the Solutia Credit Agreement), are required to become a "Subsidiary Guarantor"
under this Agreement, by executing and delivering to the Collateral Agent and
Collateral Trustee (as defined in the Solutia Credit Agreement) a Guarantee
Assumption Agreement in the form of Exhibit J to the Solutia Credit Agreement.
Accordingly, upon the execution and delivery of any such Guarantee Assumption
Agreement by any such Subsidiary, such new Subsidiary shall automatically and
immediately, and without any further action on the part of any Person, become a
"Subsidiary Guarantor" and a "Securing Party" for all purposes of this
Agreement.

                       NON-SHARING INTERCREDITOR AGREEMENT

<Page>

          IN WITNESS WHEREOF, the parties hereto have caused this Restated
Intercreditor and Collateral Agency Agreement to be duly executed by their
respective authorized officers as of the day and year first above written.

                                 SOLUTIA INC.

                                 By: /s/ Kevin Wilson
                                     -------------------------------------------
                                     Name: Kevin Wilson
                                     Title: Vice President and Treasurer

                              SUBSIDIARY GUARANTORS

                                 CPFILMS INC.

                                 By: /s/ Kevin Wilson
                                     -------------------------------------------
                                     Name: Kevin Wilson
                                     Title: Attorney-in-Fact

                                 MONCHEM, INC.

                                 By: /s/ Kevin Wilson
                                     -------------------------------------------
                                     Name: Kevin Wilson
                                     Title: President

                                 MONCHEM INTERNATIONAL, INC.

                                 By: /s/ Kevin Wilson
                                     -------------------------------------------
                                     Name: Kevin Wilson
                                     Title: President

                       NON-SHARING INTERCREDITOR AGREEMENT

<Page>

                                      - 2 -

                                 SOLUTIA SYSTEMS, INC.

                                 By: /s/ Kevin Wilson
                                     -------------------------------------------
                                     Name: Kevin Wilson
                                     Title: President

                       ADMINISTRATIVE AGENTS

                                 CITIBANK, N.A., as Administrative Agent

                                 By: /s/ James N. Simpson
                                     -------------------------------------------
                                     Name: James N. Simpson
                                     Title: Vice President

                                 BANK OF AMERICA, N.A., as Administrative Agent

                                 By: /s/ Donald J. Chin
                                     -------------------------------------------
                                     Name: Donald J. Chin
                                     Title: Managing Director

                       CO-GEN AGENT

                                 CITIBANK, N.A., as Agent for the Co-gen
                                   Purchasers

                                 By: /s/ James N. Simpson
                                     -------------------------------------------
                                     Name: James N. Simpson
                                     Title: Vice President

                       NON-SHARING INTERCREDITOR AGREEMENT

<Page>

                                      - 3 -

                       COLLATERAL AGENT

                                 CITIBANK, N.A., as Collateral Agent

                                 By: /s/  James N. Simpson
                                     -------------------------------------------
                                     Name: James N. Simpson
                                     Title: Vice President

                       NON-SHARING INTERCREDITOR AGREEMENT

<Page>

                                                                      SCHEDULE I

                          DESIGNATED LETTERS OF CREDIT

SOLUTIA INC. & CONSOLIDATED SUBSIDIARIES

STANDBY LETTERS OF CREDIT

<Table>
<Caption>
BANK                  ISSUED ON BEHALF OF           AMOUNT          L/C NUMBER        EXPIRES
----------------------------------------------------------------------------------------------
<S>                   <C>                      <C>              <C>                  <C>
Citibank              Solutia Inc.             $ 8,000,000      NY-00928-30030824    30-Apr-03
Citibank              Solutia Inc.             $     3,875      NY-00928-30027436    11-Feb-03
Citibank              Solutia Inc.             $     6,620      NY-00928-30028536    30-Sep-02
Citibank              Solutia Inc.             $     7,824      NY-00928-30025958    30-Sep-04
----------------------------------------------------------------------------------------------
SUB-TOTAL CITIBANK                             $ 8,018,319
----------------------------------------------------------------------------------------------

Chase Manhattan Bank  Solutia Inc.             $   750,000           P-392986        31-Aug-02
Chase Manhattan Bank  Solutia Inc.             $   480,000           P-392987        31-Aug-02
Chase Manhattan Bank  Solutia Inc.             $ 2,000,000           P-393627        31-Aug-02
Chase Manhattan Bank  Solutia Inc.             $ 6,000,000           P-393629        31-Aug-02
Chase Manhattan Bank  Solutia Inc.             $   227,105           P-395392        31-Aug-02
Chase Manhattan Bank  Solutia Inc.             $   750,000           P-349116        31-Dec-02
Chase Manhattan Bank  Solutia Inc.             $ 2,938,000           P-200112        30-Apr-03
Chase Manhattan Bank  Solutia Inc.             $ 2,107,000           P-200113        30-Apr-03
Chase Manhattan Bank  Solutia Inc.             $   768,000           P-200114        30-Apr-03
Chase Manhattan Bank  Solutia Inc.             $   852,000           P-200233        30-Apr-03
Chase Manhattan Bank  Solutia Inc.             $ 7,953,791           P-204020        31-Aug-02
Chase Manhattan Bank  Solutia Inc.             $ 3,177,062           P-204012        31-Aug-02
Chase Manhattan Bank  Solutia Inc.             $   121,583           P-205878        15-Oct-02
----------------------------------------------------------------------------------------------
SUB-TOTAL CHASE                                $28,124,541
----------------------------------------------------------------------------------------------

HSBC                  Solutia Inc.             $ 6,382,000         SDCMTN541972      30-Apr-03
HSBC                  Solutia UK Limited       $    24,517        102/13339798a      28-Feb-07
HSBC                  Solutia UK Limited       $   630,659         102/146377b       01-Jun-08
HSBC                  Solutia UK Limited       $   313,060           8852279           open
----------------------------------------------------------------------------------------------
SUB-TOTAL HSBC                                 $ 7,350,236
----------------------------------------------------------------------------------------------

<Caption>
BANK                    BENEFICIARY                                   PURPOSE
-------------------------------------------------------------------------------------------------------------
<S>                     <C>                                           <C>
Citibank                Kemper Indemnity Insurance Company            Pollution Insurance
Citibank                Gas Authority of India (GAIL)                 Fin. Assurance
Citibank                Gas Authority of India (GAIL)                 Fin. Assurance
Citibank                Gas Authority of India (GAIL)                 Fin. Assurance
-------------------------------------------------------------------------------------------------------------
SUB-TOTAL CITIBANK
-------------------------------------------------------------------------------------------------------------

Chase Manhattan Bank    Texas Department of Health                    Fin. Assur. - Choc Bayou
Chase Manhattan Bank    Massachusetts Dept. of Environmental          Fin. Assur. - Indian Orchard
                        Protect.
Chase Manhattan Bank    New Jersey Dept. of Environmental Protection  Fin. Assur. - Delaware River
Chase Manhattan Bank    Florida Dept. of Environmental Regulation     Fin. Assur. - Pensacola
Chase Manhattan Bank    Florida Dept. of Environmental Regulation     Fin. Assur. - Pensacola
Chase Manhattan Bank    Texas Natural Res. Conservation Commission    Fin. Assur. - Choc Bayou
Chase Manhattan Bank    New Jersey Dept. of Environmental Protection  Fin. Assur. - Delaware River
Chase Manhattan Bank    Georgia Dept. of Natural Resources            Fin. Assur. - Augusta
Chase Manhattan Bank    Alabama Dept. of Environmental Management     Fin. Assur. - Anniston
Chase Manhattan Bank    Illinois Environmental Protection Agency      Fin. Assur.- Krummrich
Chase Manhattan Bank    CIGNA Insurance Company                       Liability - General/Product/Automobile
Chase Manhattan Bank    Pacific Employers Insurance Co. (CIGNA)       Workers Comp - All but MO, WV, MA
Chase Manhattan Bank    Shaffer Landfill Remedial Action              Fin. Assur. - Environmental Cleanup
-------------------------------------------------------------------------------------------------------------
SUB-TOTAL CHASE
-------------------------------------------------------------------------------------------------------------

HSBC                    Florida Dept. of Environmental Protection     Financial Assurance - Pensacola
HSBC                    Environment Agency for GBP15,550              Fin. Assurance
HSBC                    HM Customs for GBP400,000                     Fin. Assur. - Duties
HSBC                    HM Customs for GBP200,000                     Fin. Assur. - Duties
-------------------------------------------------------------------------------------------------------------
SUB-TOTAL HSBC
-------------------------------------------------------------------------------------------------------------
</Table>

                       NON-SHARING INTERCREDITOR AGREEMENT

<Page>

                                      - 2 -

<Table>
<S>                   <C>                      <C>           <C>                 <C>
Sumitomo Mitsui       Solutia Inc.             $   158,819     B/CGO-500852      06-Nov-02
Sumitomo Mitsui       Solutia Inc.             $ 5,000,000   LG/MIS/NY-431752    14-Aug-02
------------------------------------------------------------------------------------------
SUB-TOTAL SUMITOMO                             $ 5,158,819
------------------------------------------------------------------------------------------

KBC                   Solutia Europe S.A/N.V.  $   594,873      3019720143       01-Mar-08
KBC                   Solutia Europe S.A/N.V.  $   199,738      3019720648         open
KBC                   Solutia Europe S.A/N.V.  $    74,905      3019723274         open
KBC                   Solutia Europe S.A/N.V.  $   117,851       500322874         open
KBC                   Solutia Europe S.A/N.V.  $    21,870      3190826729         open
KBC                   Solutia Europe S.A/N.V.  $   249,688      3196014411         open
KBC                   Solutia Europe S.A/N.V.  $    27,167      3196625309         open
KBC                   Solutia Europe S.A/N.V.  $     4,200      3267502296       25-Sep-02
KBC                   Solutia Europe S.A/N.V.  $    38,562      3267521801       01-Nov-02
KBC                   Solutia Europe S.A/N.V.  $    74,402      3267592630       10-Sep-02
KBC                   Solutia Europe S.A/N.V.  $     2,242      3267575957       15-Sep-02
KBC                   Solutia Europe S.A/N.V.  $     1,873      3196573371       31-Mar-04
KBC                   Solutia Europe S.A/N.V.  $     2,996      3196573977       31-Oct-06
KBC                   Solutia Europe S.A/N.V.  $     1,311      3196574078       28-Apr-04
KBC                   Solutia Europe S.A/N.V.  $     2,097      3196574381       14-Apr-04
KBC                   Solutia Europe S.A/N.V.  $     1,873      3196719982       30-Sep-07
KBC                   Solutia Europe S.A/N.V.  $     7,491       500068957       31-May-10
KBC                   Solutia Europe S.A/N.V.  $     4,344       500095532       14-Dec-10
KBC                   Solutia Europe S.A/N.V.  $     2,696       500166260       30-Sep-10
KBC                   Solutia Europe S.A/N.V.  $     5,506       500305494       01-Apr-11
------------------------------------------------------------------------------------------
SUB-TOTAL KBC                                  $ 1,435,685
------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------
GRAND TOTAL                                    $50,087,599
------------------------------------------------------------------------------------------

<Caption>
<S>                     <C>                                           <C>
Sumitomo Mitsui         Tennessee Dept. of Environment and Conserv.   Fin. Assur. - Columbia, TN Plant
Sumitomo Mitsui         Ferro Corporation                             Pursuant to Asset Purchase Agreement
-------------------------------------------------------------------------------------------------------------
SUB-TOTAL SUMITOMO
-------------------------------------------------------------------------------------------------------------

KBC                     OVAM for BEF23,837,000                        Fin. Assur. - Ghent
KBC                     Douane Gent for BEF8,000,000                  Fin. Assur. - Duties
KBC                     Douane Gent for BEF3,000,000                  Fin. Assur. - Duties
KBC                     Douane Gent for EUR117,000                    Fin. Assur. - Duties
KBC                     Betz Dearborn                                 Fin. Assurance
KBC                     TVA Luxembourg for BEF10,000,000              Fin. Assur. - VAT
KBC                     Emirate BL Oil & Gas                          Fin. Assurance
KBC                     Misr Pour La Rayonne                          Fin. Assurance
KBC                     Lungi Zimmer for DEM74,880                    Fin. Assurance
KBC                     Kirishinefteorgsintez                         Fin. Assurance
KBC                     Messrs Misr Polyester Co.                     Fin. Assurance
KBC                     J. Lousse / Annbritt Aspholi for BEF75,000    Fin. Assurance
KBC                     Van Huyck / Kabir for BEF120,000              Fin. Assurance
KBC                     Biernaux / Soto for BEF52,500                 Fin. Assurance
KBC                     De Poorter / Russel - Jones for BEF84,000     Fin. Assurance
KBC                     De Coninck / Reuter for BEF75,000             Fin. Assurance
KBC                     MR. & MME Jensen-Ponce for BEF300,000         Fin. Assurance
KBC                     TIESA for BEF174,000                          Fin. Assurance
KBC                     Geenen-Hartwig for BEF108,000                 Fin. Assurance
KBC                     Grass-Chardon / Daniels for EUR5,466          Fin. Assurance
-------------------------------------------------------------------------------------------------------------
SUB-TOTAL KBC
-------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------
GRAND TOTAL
-------------------------------------------------------------------------------------------------------------
</Table>

                       NON-SHARING INTERCREDITOR AGREEMENT

<Page>

                                                                     SCHEDULE II

                          [Form of Designation Letter]

                                       ____________ __, ____

Citibank, N.A., as Collateral
  Agent for the Secured Parties
  referred to below
2 Penns Way
New Castle, Delaware 19720

Attention: Timothy Smith

Ladies and Gentlemen:

          We refer to the Restated Intercreditor and Collateral Agency Agreement
(the "NON-SHARING INTERCREDITOR AGREEMENT") dated as of July [___], 2002 between
Solutia Inc. (the "COMPANY"), each of the Subsidiaries of the Company identified
under the caption "SUBSIDIARY GUARANTORS" on the signature pages thereto,
Citibank, N.A., as administrative agent under the Solutia Credit Agreement
referred to therein, Bank of America, as administrative agent under the Astaris
Credit Agreement referred to therein, Citibank, N.A., as agent for the
purchasers under the Co-gen Participation Agreement referred to therein and
Citibank, N.A., as collateral agent (in such capacity, together with its
successors in such capacity, the "COLLATERAL AGENT"). Terms defined in the
Non-Sharing Intercreditor Agreement are used herein as defined therein.

          The undersigned is delivering this Designation Letter pursuant to
Section 3 of the Non-Sharing Intercreditor Agreement and hereby designates
[identify letter of credit by (i) issuing bank, (ii) date of issuance, (iii)
amount and (iv) letter of credit number] (the "DESIGNATED LETTER OF CREDIT"), as
a "Designated Letter of Credit" under and for all purposes of the Non-Sharing
Intercreditor Agreement and the other Security Documents.

          In that connection, the Company hereby certifies that the sum of (i)
the aggregate face amounts of all Designated Letters of Credit (including such
letter of credit) outstanding on the date hereof and (ii) the then aggregate
principal amount of all unreimbursed drawings under any letters of credit that
at any time constituted "Designated Letters of Credit" outstanding on the date
hereof do not exceed $50,087,599.

                                   Very truly yours,

                                   SOLUTIA INC.

                                   By:
                                       -----------------------------------------

                       NON-SHARING INTERCREDITOR AGREEMENT

<Page>

                                      - 2 -

                                       Name:
                                       Title:

ACCEPTED:

CITIBANK, N.A., as Collateral Agent

By:
    --------------------------------
    Name:
    Title:

                       NON-SHARING INTERCREDITOR AGREEMENT

<Page>

                                      - 3 -

                       NON-SHARING INTERCREDITOR AGREEMENT

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