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                                                                     EXHIBIT 4.9

                    RESTATED SECURITY AND GUARANTEE AGREEMENT

          RESTATED SECURITY AND GUARANTEE AGREEMENT dated as of July 25, 2002,
between SOLUTIA INC., a corporation duly organized and validly existing under
the laws of the State of Delaware (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 7.11 after the date hereof (individually, a "SUBSIDIARY GUARANTOR"
and, collectively, the "SUBSIDIARY GUARANTORS" and, together with the Company,
individually a "SECURING PARTY" and, collectively, the "SECURING PARTIES"); and
Citibank, N.A., as collateral agent under the Non-Sharing Intercreditor
Agreement 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" and, together
with the Solutia Administrative Agent, the "ADMINISTRATIVE AGENTS") 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"
and, together with the Solutia Credit Agreement, the "CREDIT AGREEMENTS"),
providing, subject to the terms and conditions thereof, for loans to be made by
said banks 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 SECURITY AND GUARANTEE AGREEMENT

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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 the below-referenced Non-Sharing Intercreditor Agreement as
"Designated Letters of Credit" which are entitled to the benefits of this
Agreement. It is contemplated that, in connection herewith, such Solutia Lenders
will execute and deliver a Letter of Credit Override Agreement (the "LETTER OF
CREDIT OVERRIDE AGREEMENT") providing for certain common terms to be applicable
to such letters of credit.

          In connection with the agreements described above, the Securing
Parties, each Administrative Agent, the Co-gen Agent and the Collateral Agent
have entered into a Restated Intercreditor and Collateral Agency Agreement dated
as of July [___], 2002 (as modified and supplemented and in effect from time to
time, the "NON-SHARING INTERCREDITOR AGREEMENT"), providing for the continuing
appointment of the Collateral Agent and for certain other matters relating to
the collateral security for the obligations of the Securing Parties hereunder
and under certain other agreements.

          In connection with the transactions described above, the Company, the
Subsidiary Guarantors and Citibank, N.A., as collateral agent, have also entered
into a Security and Guarantee Agreement dated as of November 15, 2001 (the
"EXISTING SECURITY AND GUARANTEE 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 wish to continue their
guarantee (pursuant to the Existing Security and Guarantee Agreement) of 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 wish to similarly continue their
liens (pursuant to the Existing Security and Guarantee Agreement) 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. Accordingly, the parties hereto agree that
the Existing Security and Guarantee Agreement shall be amended and restated as
follows:

                  NON-SHARING SECURITY AND GUARANTEE AGREEMENT

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          Section 1. DEFINITIONS. Terms defined in the Non-Sharing Intercreditor
Agreement are used herein as defined therein.

          (a) The terms "ACCOUNTS", "INVENTORY" and "INVESTMENT PROPERTY" have
the respective meanings ascribed thereto in Article 9 of the Uniform Commercial
Code. The term "FINANCIAL ASSETS" shall have the meaning ascribed thereto in
Article 8 of the Uniform Commercial Code.

          (b) In addition, as used herein:

          "ADVANCE" has the meaning assigned to such term in Section 1.01 of the
     Solutia Credit Agreement.

          "BORROWERS" has the meaning assigned to such term in Section 1.01 of
     the Solutia Credit Agreement.

          "COLLATERAL" has the meaning assigned to such term in Section 4.

          "COLLATERAL ACCOUNT" has the meaning assigned to such term in Section
     5.01.

          "COPYRIGHT COLLATERAL" means all material Copyrights, whether now
     owned or hereafter acquired by any Securing Party, including each Copyright
     identified in Annex 4.

          "COPYRIGHTS" means all copyrights, copyright registrations and
     applications for copyright registrations, including all renewals and
     extensions thereof, the right to recover for all past, present and future
     infringements thereof, and all other rights of any kind whatsoever accruing
     thereunder or pertaining thereto.

          "DESIGNATED LETTER OF CREDIT OBLIGATIONS" means all obligations of the
     Company in respect of Designated Letters of Credit, including, without
     limitation, any agreements, applications and other instruments entered into
     in connection with such Designated Letters of Credit.

          "DOCUMENT" has the meaning assigned to such term in Section 4(g).

          "DOMESTIC SUBSIDIARY" has the meaning assigned to such term in Section
     1.01 of the Solutia Credit Agreement.

          "EUROPE" means the countries of Austria, Benelux, Denmark, Finland,
     France, Germany, Greece, Ireland, Italy, Norway, Portugal, Spain, Sweden,
     Switzerland and the United Kingdom.

          "EXISTING MORTGAGED FACILITIES" means the facilities of the Company
     located in or near Decatur, Alabama, Indian Orchard, Massachusetts,
     Trenton, Michigan, Greenwood, South Carolina and Alvin, Texas.

          "GUARANTEED OBLIGATIONS" has the meaning ascribed thereto in
     Section 2.01.

                  NON-SHARING SECURITY AND GUARANTEE AGREEMENT

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          "HEDGING OBLIGATIONS" means all obligations of the Company in respect
     of any interest rate protection agreement, foreign currency exchange
     agreement, commodity price protection agreement or other interest or
     currency exchange rate or commodity price hedging arrangement entered into
     with any Lender (or any affiliate thereof).

          For purposes hereof, it is understood that any Hedging Obligations to
     a Person arising under an agreement entered into at the time such Person
     (or an affiliate thereof) is a "Lender" party to the Solutia Credit
     Agreement shall nevertheless continue to constitute Hedging Obligations for
     purposes hereof, notwithstanding that such Person (or its affiliate) may
     have assigned all of its Advances and other interests in the Solutia Credit
     Agreement and, at the time a claim is to be made in respect of such Hedging
     Obligations, such Person (or its affiliate) is no longer a "Lender" party
     to the Solutia Credit Agreement.

          "INSTRUMENTS" has the meaning assigned to such term in Section 4(d).

          "INTELLECTUAL PROPERTY" means collectively, all Copyright Collateral,
     all Patent Collateral and all Trademark Collateral, together with (a) to
     the extent used in connection with production at the Mortgaged Facilities,
     all inventions, processes, software, production methods, proprietary
     information, know-how and trade secrets with respect to any of the
     foregoing; (b) all licenses or user or other agreements granted to any
     Securing Party with respect to any of the foregoing, including software
     licenses, in each case whether now or hereafter owned or used including the
     licenses or other agreements with respect to the Copyright Collateral, the
     Patent Collateral or the Trademark Collateral, listed in Annex 7 and (c) to
     the extent used in connection with production at the Mortgaged Facilities,
     all information, data, plans, blueprints, specifications, designs,
     drawings, recorded knowledge, surveys, engineering reports, test reports,
     manuals, materials standards, processing standards, performance standards,
     catalogs, computer and automatic machinery software and programs with
     respect to any of the foregoing.

          "ISSUERS" means, collectively, (a) the respective corporations,
     partnerships or other entities identified under the names of the Securing
     Parties on Annex 3 under the caption "Issuer" and (b) any other entity that
     shall at any time be a Subsidiary Guarantor that is not a Restricted
     Subsidiary.

          "MAKE-WHOLE OBLIGATIONS" means all obligations of the Company under
     the Astaris Guaranty Agreement as in effect on the date hereof and without
     giving effect to any amendments or supplements made to the Astaris Guaranty
     Agreement after the date hereof.

          "MARTINSVILLE FACILITY" means the production facility of CPFilms Inc.
     located in or near Martinsville, Virginia.

          "MORTGAGED FACILITIES" means the Existing Mortgaged Facilities and the
     New Mortgaged Facilities.

                  NON-SHARING SECURITY AND GUARANTEE AGREEMENT

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          "NEW MORTGAGED FACILITIES" means the Martinsville Facility and the
     Pensacola Facility.

          "PATENT COLLATERAL" means all material Patents used in connection with
     production at the Mortgaged Facilities, whether now owned or hereafter
     acquired by any Securing Party, including each Patent identified in Annex
     5.

          "PATENTS" means to the extent used, registered or applied for in the
     United States of America or Europe all patents, including the inventions
     and improvements described and claimed therein together with the reissues,
     divisions, continuations, renewals, extensions and continuations-in-part
     thereof, all income, royalties, damages and payments now or hereafter due
     and/or payable under and with respect thereto, including damages and
     payments for past or future infringements thereof, the right to sue for
     past, present and future infringements thereof.

          "PLEDGED DEBT" means any Debt (as defined in the Solutia Credit
     Agreement) of any Domestic Subsidiary (other than a Restricted Subsidiary)
     held by any Securing Party.

          "PLEDGED STOCK" has the meaning assigned to such term in Section 4(a).

          "PENSACOLA FACILITY" means the manufacturing facility of the Company
     located in or near Pensacola, Florida.

          "PERMITTED INVESTMENTS" shall mean: (a) direct obligations of the
     United States of America, or of any agency thereof, or obligations
     guaranteed as to principal and interest by the United States of America, or
     of any agency thereof, in either case maturing not more than 90 days from
     the date of acquisition thereof; (b) certificates of deposit or time
     deposits issued by any bank or trust company organized under the laws of
     the United States of America or any state thereof and having capital,
     surplus and undivided profits of at least $500,000,000, maturing not more
     than 90 days from the date of acquisition thereof; (c) fully collateralized
     repurchase agreements with a term of not more than 90 days for securities
     described in clause (a) of this definition and entered into with a
     financial institution satisfying the criteria described in clause (b) of
     this definition; and (d) commercial paper rated A-1 or better or P-1 by
     Standard & Poor's Ratings Services, a division of McGraw-Hill Companies,
     Inc., or Moody's Investors Services, Inc., respectively, maturing not more
     than 90 days from the date of acquisition thereof; in each case so long as
     the same (x) provide for the payment of principal and interest (and not
     principal alone or interest alone) and (y) are not subject to any
     contingency regarding the payment of principal or interest.

          "RESTRICTED ISSUERS" means, collectively, Monchem International, Inc.,
     a corporation duly organized and validly existing under the laws of the
     State of Delaware, Solutia Europe and Solutia UK Holdings Ltd., a
     corporation organized under the laws of England and Wales.

                  NON-SHARING SECURITY AND GUARANTEE AGREEMENT

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          "RESTRICTED SUBSIDIARY" has the meaning assigned to such term in the
     Existing Notes Indentures, in each case as in effect on the date hereof and
     without giving effect to any modifications or supplements after the date
     hereof.

          "SECURED OBLIGATIONS" means, collectively, (a) in the case of the
     Company, the Solutia Credit Agreement Obligations, the Make-Whole
     Obligations, the Synthetic Lease Obligations, the Designated Letter of
     Credit Obligations, the Hedging Obligations and any Term Loan Facility
     Obligations, (b) in the case of the Subsidiary Guarantors, the obligations
     of the Subsidiary Guarantors in respect of the Guaranteed Obligations
     pursuant to Section 2.01 and (c) in the case of all Securing Parties, all
     present and future obligations of the Securing Parties to the Secured
     Parties, or any of them, hereunder.

          "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).

          "SOLUTIA CREDIT AGREEMENT OBLIGATIONS" means the principal and
     interest on the Advances made by the Solutia Lenders to the Borrowers and
     all other amounts from time to time owing to the Solutia Lenders or the
     Administrative Agent by the Borrowers under the Loan Documents under and as
     defined in the Solutia Credit Agreement.

          "SOLUTIA EUROPE" means Solutia Europe S.A./N.V., a corporation
     organized under the laws of Belgium.

          "STOCK COLLATERAL" has the meaning assigned to such term in
     Section 4(a)(ii).

          "SYNTHETIC LEASE OBLIGATIONS" means all obligations of the Company
     under the Co-gen Guaranty Agreement, the Co-gen Lease and the other
     Operative Documents (as defined in the Co-gen Participation Agreement);
     PROVIDED that if such obligations exceed $33,000,000, then only the portion
     of such obligations that do not exceed $33,000,000, together with interest
     thereon at the rate specified in the Co-gen Participation Agreement, shall
     be deemed to be "Synthetic Lease Obligations".

          "TERM LOAN FACILITY" means any term loan facility satisfying the
     conditions set forth in Section 6.02(f)(x) of the Solutia Credit Agreement
     and designated by the Company at the time of such incurrence as a "Secured
     Obligation" hereunder.

          "TERM LOAN FACILITY LENDERS" means the lenders from time to time
     holding any Term Loan Facility Obligations.

          "TERM LOAN FACILITY OBLIGATIONS" means any Debt incurred by the
     Company under a Term Loan Facility.

          "TRADEMARK COLLATERAL" means all material Trademarks, whether now
     owned or hereafter acquired by any Securing Party, including each Trademark
     identified in

                  NON-SHARING SECURITY AND GUARANTEE AGREEMENT

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     Annex 6. Notwithstanding the foregoing, the Trademark Collateral does not
     and shall not include any Trademark that would be rendered invalid,
     abandoned, void or unenforceable by reason of its being included as part of
     the Trademark Collateral.

          "TRADEMARKS" means, to the extent used, registered or applied for in
     the United States of America or Europe, all trade names, trademarks and
     service marks, logos, trademark and service mark registrations, and
     applications for trademark and service mark registrations, including all
     renewals of trademark and service mark registrations, all rights
     corresponding thereto throughout the United States of America and Europe,
     the right to recover for all past, present and future infringements
     thereof, all other rights of any kind whatsoever accruing thereunder or
     pertaining thereto, together, in each case, with the product lines and
     goodwill of the business connected with the use of, and symbolized by, each
     such trade name, trademark and service mark.

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

          Section 2. THE GUARANTEE.

          2.01 THE GUARANTEE. The Subsidiary Guarantors hereby jointly and
severally guarantee to each Solutia Lender (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), each
Astaris Lender, each Administrative Agent, each Co-gen Purchaser and the Co-gen
Agent and their respective successors and assigns the prompt payment in full
when due (whether at stated maturity, by acceleration or otherwise) of the
Solutia Credit Agreement Obligations, the Make-Whole Obligations, the Synthetic
Lease Obligations, the Designated Letter of Credit Obligations and the Hedging
Obligations, in each case strictly in accordance with the terms thereof (such
obligations being herein collectively called the "GUARANTEED OBLIGATIONS"). The
Subsidiary Guarantors hereby further jointly and severally agree that if any
Borrower shall fail to pay in full when due (whether at stated maturity, by
acceleration or otherwise) any of the Guaranteed Obligations, the Subsidiary
Guarantors will promptly pay the same, without any demand or notice whatsoever,
and that in the case of any extension of time of payment or renewal of any of
the Guaranteed Obligations, the same will be promptly paid in full when due
(whether at extended maturity, by acceleration or otherwise) in accordance with
the terms of such extension or renewal.

          2.02 OBLIGATIONS UNCONDITIONAL. The obligations of the Subsidiary
Guarantors under Section 2.01 are absolute and unconditional, joint and several,
irrespective of the value, genuineness, validity, regularity or enforceability
of the Solutia Credit Agreement, the Astaris Guaranty Agreement, the Co-gen
Guaranty Agreement, the Co-gen Lease, the Co-gen Participation Agreement, the
Designated Letters of Credit or any other agreement or instrument referred to
herein or therein, or any substitution, release or exchange of any other
guarantee of or security for any of the Guaranteed Obligations, and, to the
fullest extent permitted by applicable law, irrespective of any other
circumstance whatsoever which might otherwise constitute a legal or equitable
discharge or defense of a surety or guarantor, it being the intent of this
Section 2.02 that the obligations of the Subsidiary Guarantors hereunder shall
be absolute and unconditional, joint and several, under any and all
circumstances. Without limiting the generality of the

                  NON-SHARING SECURITY AND GUARANTEE AGREEMENT

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foregoing, it is agreed that the occurrence of any one or more of the following
shall not alter or impair the liability of the Subsidiary Guarantors hereunder
which shall remain absolute and unconditional as described above:

          (i) at any time or from time to time, without notice to the Subsidiary
     Guarantors, the time for any performance of or compliance with any of the
     Guaranteed Obligations shall be extended, or such performance or compliance
     shall be waived;

          (ii) any of the acts mentioned in any of the provisions of the Solutia
     Credit Agreement, the Astaris Guaranty Agreement, the Co-gen Guaranty
     Agreement, the Co-gen Lease, the Co-gen Participation Agreement, the
     Designated Letters of Credit or any other agreement or instrument referred
     to herein or therein shall be done or omitted;

          (iii) the maturity of any of the Guaranteed Obligations shall be
     accelerated, or any of the Guaranteed Obligations shall be modified,
     supplemented or amended in any respect, or any right under or in respect of
     the Solutia Credit Agreement, the Astaris Guaranty Agreement, the Co-gen
     Guaranty Agreement, the Co-gen Lease, the Co-gen Participation Agreement,
     the Designated Letters of Credit or any other agreement or instrument
     referred to herein or therein shall be waived or any other guarantee of any
     of the Guaranteed Obligations or any security therefor shall be released or
     exchanged in whole or in part or otherwise dealt with; or

          (iv) any lien or security interest granted to, or in favor of, the
     Collateral Agent or any other Secured Party as security for any of the
     Guaranteed Obligations shall fail to be perfected.

The Subsidiary Guarantors hereby expressly waive diligence, presentment, demand
of payment, protest and all notices whatsoever, and any requirement that the
Collateral Agent, either Administrative Agent, any Solutia Lender, any Astaris
Lender, any Co-gen Purchaser or the Co-gen Agent exhaust any right, power or
remedy or proceed against any Borrower under or in respect of the Solutia Credit
Agreement, the Astaris Guaranty Agreement, the Co-gen Guaranty Agreement, the
Co-gen Lease, the Co-gen Participation Agreement, the Designated Letters of
Credit or any other agreement or instrument referred to herein or therein, or
against any other Person under any other guarantee of, or security for, any of
the Guaranteed Obligations.

          2.03 REINSTATEMENT. The obligations of the Subsidiary Guarantors under
this Section 2 shall be automatically reinstated if and to the extent that for
any reason any payment by or on behalf of any Borrower in respect of the
Guaranteed Obligations is rescinded or must be otherwise restored by any holder
of any of the Guaranteed Obligations, whether as a result of any proceedings in
bankruptcy or reorganization or otherwise, and the Subsidiary Guarantors jointly
and severally agree that they will indemnify each Administrative Agent, each
Solutia Lender, each Astaris Lender, each Co-gen Purchaser and the Co-gen Agent
on demand for all reasonable costs and expenses (including fees of counsel)
incurred by such Administrative Agent, such Lender, such Co-gen Purchaser or the
Co-gen Agent in connection with such rescission or restoration, including any
such costs and expenses incurred in defending against any claim alleging that
such payment constituted a preference, fraudulent transfer or similar payment
under any bankruptcy, insolvency or similar law.

                  NON-SHARING SECURITY AND GUARANTEE AGREEMENT

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          2.04 SUBROGATION. Until payment in full of all Guaranteed Obligations,
each Subsidiary Guarantor hereby waives all rights of subrogation or
contribution, whether arising by contract or operation of law (including any
such right arising under the Bankruptcy Code) or otherwise by reason of any
payment by it pursuant to the provisions of this Section 2.

          2.05 REMEDIES. The Subsidiary Guarantors jointly and severally agree
that, as between the Subsidiary Guarantors and the Solutia Lenders, the
obligations of any Borrower under the Solutia Credit Agreement may be declared
to be forthwith due and payable as provided in Article VII of the Solutia Credit
Agreement (and shall be deemed to have become automatically due and payable in
the circumstances provided in said Article VII) for purposes of Section 2.01
notwithstanding any stay, injunction or other prohibition preventing such
declaration (or such obligations from becoming automatically due and payable) as
against such Borrower and that, in the event of such declaration (or such
obligations being deemed to have become automatically due and payable), such
obligations (whether or not due and payable by such Borrower) shall forthwith
become due and payable by the Subsidiary Guarantors for purposes of said Section
2.01.

          2.06 INSTRUMENT FOR THE PAYMENT OF MONEY. Each Subsidiary Guarantor
hereby acknowledges that the guarantee in this Section 2 constitutes an
instrument for the payment of money, and consents and agrees that any Solutia
Lender or Astaris Lender, any Administrative Agent, any Co-gen Purchaser or the
Co-gen Agent, at its sole option, in the event of a dispute by such Subsidiary
Guarantor in the payment of any moneys due hereunder, shall have the right to
bring motion action under New York CPLR Section 3213. In addition, each
Subsidiary Guarantor hereby agrees that in the event it shall fail to pay in
full any amount owing by it hereunder on the date upon which the same shall
become due (whether upon demand or otherwise), it shall be obligated to pay
interest at a rate per annum equal to that specified in Section 2.07(b) of the
Solutia Credit Agreement in respect of such amount for each day during the
period from and including the due date thereof to but excluding the date the
same shall be paid in full, such interest to be payable upon demand of such
Administrative Agent or the Co-gen Agent.

          2.07 CONTINUING GUARANTEE. The guarantee in this Section 2 is a
continuing guarantee, and shall apply to all Guaranteed Obligations whenever
arising.

          2.08 RIGHTS OF CONTRIBUTION. The Company and the Subsidiary Guarantors
hereby agree, as between themselves, that if any Subsidiary Guarantor shall
become an Excess Funding Guarantor (as defined below) by reason of the payment
by such Subsidiary Guarantor of any Guaranteed Obligations, the Company and each
other Subsidiary Guarantor shall, on demand of such Excess Funding Guarantor
(but subject to the next sentence), pay to such Excess Funding Guarantor an
amount equal to such Subsidiary Guarantor's Pro Rata Share (as defined below and
determined, for this purpose, without reference to the properties, debts and
liabilities of such Excess Funding Guarantor) of the Excess Payment (as defined
below) in respect of such Guaranteed Obligations. The payment obligation of the
Company and a Subsidiary Guarantor to any Excess Funding Guarantor under this
Section 2.08 shall be subordinate and subject in right of payment to the prior
payment in full of the obligations of the Company and such Subsidiary Guarantor
under the other provisions of this Section 2 and such Excess Funding Guarantor
shall

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not exercise any right or remedy with respect to such excess until payment
and satisfaction in full of all of such obligations.

          For purposes of this Section 2.08, (i) "EXCESS FUNDING GUARANTOR"
means, in respect of any Guaranteed Obligations, a Subsidiary Guarantor that has
paid an amount in excess of its Pro Rata Share of such Guaranteed Obligations,
(ii) "EXCESS PAYMENT" means, in respect of any Guaranteed Obligations, the
amount paid by an Excess Funding Guarantor in excess of its Pro Rata Share of
such Guaranteed Obligations and (iii) "PRO RATA SHARE" means, for any Subsidiary
Guarantor, the ratio (expressed as a percentage) of (x) the amount by which the
aggregate fair saleable value of all properties of such Subsidiary Guarantor
(excluding any shares of stock or other equity interest of any other Subsidiary
Guarantor) exceeds the amount of all the debts and liabilities of such
Subsidiary Guarantor (including contingent, subordinated, unmatured and
unliquidated liabilities, but excluding the obligations of such Subsidiary
Guarantor hereunder and any obligations of any other Subsidiary Guarantor that
have been Guaranteed by such Subsidiary Guarantor) to (y) the amount by which
the aggregate fair saleable value of all properties of the Company and all of
the Subsidiary Guarantors exceeds the amount of all the debts and liabilities
(including contingent, subordinated, unmatured and unliquidated liabilities, but
excluding the obligations of the Securing Parties hereunder) of the Company and
all of the Subsidiary Guarantors, determined (A) with respect to any Subsidiary
Guarantor that is a party hereto on the date hereof, as of the date hereof, and
(B) with respect to any other Subsidiary Guarantor, as of the date such
Subsidiary Guarantor becomes a Subsidiary Guarantor hereunder.

          2.09 GENERAL LIMITATION ON GUARANTEE OBLIGATIONS. In any action or
proceeding involving any state corporate law, or any state or Federal
bankruptcy, insolvency, reorganization or other law affecting the rights of
creditors generally, if the obligations of any Subsidiary Guarantor under
Section 2.01 would otherwise, taking into account the provisions of Section
2.08, be held or determined to be void, invalid or unenforceable, or
subordinated to the claims of any other creditors, on account of the amount of
its liability under Section 2.01, then, notwithstanding any other provision
hereof to the contrary, the amount of such liability shall, without any further
action by such Subsidiary Guarantor, any Administrative Agent, any Solutia
Lender, any Astaris Lender, any Co-gen Purchaser, the Co-gen Agent or any other
Person, be automatically limited and reduced to the highest amount that is valid
and enforceable and not subordinated to the claims of other creditors as
determined in such action or proceeding.

          Section 3. REPRESENTATIONS AND WARRANTIES. Each Securing Party
represents and warrants to the Secured Parties that:

          (a) TITLE AND PRIORITY. Such Securing Party is the sole beneficial
     owner of the Collateral in which it purports to grant a security interest
     pursuant to Section 4 and no Lien exists or will exist upon such Collateral
     at any time, except for Liens permitted under Section 6.02(a) of the
     Solutia Credit Agreement and except for such security interest in favor of
     the Collateral Agent for the benefit of the Secured Parties created
     pursuant hereto. The security interest created pursuant hereto constitutes
     a valid and perfected security interest in the Collateral in which such
     Securing Party purports to grant a security interest pursuant to Section 4,
     subject to no equal or prior Lien except as expressly permitted by said
     Section 6.02(a) of the Solutia Credit Agreement.

                  NON-SHARING SECURITY AND GUARANTEE AGREEMENT

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                                     - 11 -

          (b) NAMES, ETC. The full and correct legal name, type of organization,
     jurisdiction of organization, organizational ID number (if applicable) and
     mailing address of each Securing Party as of the date hereof are correctly
     set forth in Annex 1. Annex 1 correctly specifies (x) the place of business
     of each Securing Party or, if such Securing Party has more than one place
     of business, the location of the chief executive office of such Securing
     Party, and (y) each location of the Securing Parties where in excess of
     $5,000,000 of Inventory as of March 31, 2002 of the Securing Parties is
     located.

          (c) CHANGES IN CIRCUMSTANCES. Such Securing Party has not (i) within
     the period of four months prior to the date hereof, changed its "location"
     (as defined in Section 9-307 of the Uniform Commercial Code), (ii) except
     as specified in Annex 1, heretofore changed its name, or (iii) except as
     specified in Annex 2, heretofore become a "new debtor" (as defined in
     Section 9-102(a)(56) of the Uniform Commercial Code) with respect to a
     currently effective security agreement previously entered into by any other
     Person.

          (d) PLEDGED STOCK. The Pledged Stock, if any, identified under the
     name of such Securing Party in Annex 3 is, and all other Pledged Stock in
     which such Securing Party shall hereafter grant a security interest
     pursuant to Section 4 will be, duly authorized, validly issued, fully paid
     and non-assessable and none of such Pledged Stock is or will be subject to
     any contractual restriction, or any restriction under the charter, by-laws
     or other organizational document of the respective Issuer of such Pledged
     Stock, upon the transfer of such Pledged Stock (except for any restriction
     contained herein or under such organizational documents).

          (e) OWNERSHIP OF PLEDGED STOCK. The Pledged Stock, if any, identified
     under the name of such Securing Party in Annex 3 constitutes (i) in the
     case of each Issuer other than a Restricted Issuer, 100% of all the issued
     and outstanding shares of capital stock of whatever class of such Issuer
     beneficially owned by such Securing Party on the date hereof (whether or
     not registered in the name of such Securing Party) and (ii) in the case of
     each Restricted Issuer, 65% of the issued and outstanding shares of voting
     stock of such Restricted Issuer (it being understood that, in the case of
     Solutia Europe, shares of treasury stock or stock of Solutia Europe held by
     Solutia Europe shall not be deemed to be outstanding) and 100% of all other
     issued and outstanding shares of capital stock of whatever class of such
     Restricted Issuer beneficially owned by such Securing Party on the date
     hereof (whether or not registered in the name of such Securing Party);
     Annex 3 correctly identifies, as at the date hereof, the respective Issuers
     of such Pledged Stock and the respective class and par value of the shares
     constituting such Pledged Stock and the respective number of shares (and
     registered owners thereof) represented by each such certificate.

          (f) FAIR LABOR STANDARDS ACT. Any goods now or hereafter produced by
     such Securing Party or any of its Subsidiaries in the United States of
     America included in the Collateral have been and will be produced in
     compliance with the requirements of the Fair Labor Standards Act, as
     amended.

                  NON-SHARING SECURITY AND GUARANTEE AGREEMENT

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                                     - 12 -

          (g) INTELLECTUAL PROPERTY. Annexes 4, 5, and 6, respectively, set
     forth under the name of such Securing Party a complete and correct list of
     all material Copyrights, material Patents and material Trademarks (in each
     case to the extent encompassed within the definition of "Intellectual
     Property" in Section 1(b) hereof) owned by such Securing Party on the date
     hereof, and all registrations listed in Annexes 4, 5, and 6, are properly
     issued and in full force and effect. Annex 7 sets forth under the name of
     such Securing Party all licenses and other user agreements pursuant to
     which such Securing Party has been granted the right to use any Copyrights,
     Patents or Trademarks owned by others and material to the business of such
     Securing Party (and, in the case of Patents, used in connection with
     production at the Mortgaged Facilities).

          To such Securing Party's knowledge, (i) except as set forth in Annex
     4, 5 or 6, there is no violation by others of any right of such Securing
     Party with respect to any material Copyright, Patent or Trademark listed in
     Annexes 4, 5, and 6, respectively, under the name of such Securing Party
     and (ii) such Securing Party is not infringing in any material respect upon
     any copyright, patent or trademark of any other Person by virtue of the
     conduct of its business or, in the case of any such patent, use in
     connection with production at any of such Securing Party's facilities, as
     applicable; and no proceedings have been instituted or are pending against
     such Securing Party or, to such Securing Party's knowledge, threatened, and
     no claim against such Securing Party has been received by such Securing
     Party, alleging any such violation, except as may be set forth in Annex 7.

          As of the date hereof, such Securing Party does not own any Trademarks
     registered in the United States of America to which the last sentence of
     the definition of Trademark Collateral applies.

          Section 4. COLLATERAL. As collateral security for the prompt payment
in full when due (whether at stated maturity, by acceleration or otherwise) of
the Secured Obligations, each Securing Party hereby pledges and grants to the
Collateral Agent, for the benefit of the Secured Parties as hereinafter
provided, a security interest in and to all of such Securing Party's right,
title and interest in the following property, whether now owned by such Securing
Party or hereafter acquired and whether now existing or hereafter coming into
existence (all being collectively referred to herein as "COLLATERAL"):

          (a) the shares of voting stock of the Issuers identified in Annex 3
     under the name of such Securing Party and all other shares of capital stock
     of whatever class of the Issuers together with all rights, privileges,
     authority and power of such Issuer with respect to such shares, in each
     case together with the certificates, instruments and agreements, if any,
     evidencing the same (collectively, the "PLEDGED STOCK"), together with:

               (i) all shares, securities, moneys or property representing a
          dividend on any of the Pledged Stock, or representing a distribution
          or return of capital upon or in respect of the Pledged Stock, or
          resulting from a split-up, revision, reclassification or other like
          change of the Pledged Stock or otherwise received in

                  NON-SHARING SECURITY AND GUARANTEE AGREEMENT

<Page>

                                     - 13 -

          exchange therefor, and any subscription warrants, rights, agreements
          or options issued to the holders of, or otherwise in respect of, the
          Pledged Stock; and

               (ii) without affecting the obligations of such Securing Party
          under any provision prohibiting such action hereunder or under the
          Solutia Credit Agreement, in the event of any consolidation or merger
          in which an Issuer is not the surviving corporation, all shares of
          each class of the capital stock of the successor corporation (unless
          such successor corporation is such Securing Party itself) formed by or
          resulting from such consolidation or merger (the Pledged Stock,
          together with all other certificates, shares, securities, properties
          or moneys as may from time to time be pledged hereunder pursuant to
          this clause (ii) and clause (i) above being herein collectively called
          the "STOCK COLLATERAL");

     PROVIDED that, notwithstanding the foregoing, the Stock Collateral of any
     Restricted Issuer shall be limited to 65% of the issued and outstanding
     shares of voting stock of such Restricted Issuer (it being understood that,
     in the case of Solutia Europe, shares of treasury stock or stock of Solutia
     Europe held by Solutia Europe shall not be deemed to be outstanding) and
     100% of all other issued and outstanding shares of capital stock of
     whatever class of such Issuer;

          (b) the Pledged Debt;

          (c) all Accounts and all Intellectual Property;

          (d) all instruments, chattel paper (whether tangible or electronic) or
     letters of credit (each as defined in the Uniform Commercial Code) of such
     Securing Party evidencing, representing, arising from or existing in
     respect of, relating to, securing or otherwise supporting the payment of,
     any of the Accounts, including (but not limited to) promissory notes,
     drafts, bills of exchange and trade acceptances (herein collectively called
     "INSTRUMENTS");

          (e) all Inventory;

          (f) each contract and other agreement of such Securing Party relating
     to the sale or other disposition of Inventory;

          (g) all documents of title (as defined in the Uniform Commercial Code)
     or other receipts of such Securing Party covering, evidencing or
     representing Inventory (herein collectively called "DOCUMENTS");

          (h) all rights, claims and benefits of such Securing Party against any
     Person arising out of, relating to or in connection with Inventory
     purchased by such Securing Party, including any such rights, claims or
     benefits against any Person storing or transporting such Inventory;

          (i) all Investment Property and Financial Assets contained in the
     Collateral Account;

                  NON-SHARING SECURITY AND GUARANTEE AGREEMENT

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                                     - 14 -

          (j) the balance from time to time in the Collateral Account; and

          (k) all proceeds, products, offspring, accessions, rents, profits,
     income, benefits, substitutions and replacements of and to any of the
     Collateral and, to the extent related to any Collateral, all books,
     correspondence, credit files, records, invoices and other papers, including
     without limitation all tapes, cards, computer runs and other papers and
     documents in the possession or under the control of such Securing Party or
     any computer bureau or service company from time to time acting for such
     Securing Party;

PROVIDED that (i) Debt (as defined in the Existing Note Indentures), or shares
of stock, of any Restricted Subsidiary (as defined in the Existing Note
Indentures) owned or held by the Company or any other Restricted Subsidiary
shall not be included as part of the Collateral under this Agreement and (ii)
licenses and other user agreements pursuant to which any Securing Party has been
granted the right to use any Copyrights, Patents or Trademarks owned by others
shall be included in the Collateral only to the extent permitted under the
applicable instruments pursuant to which such licenses and user agreements are
created or granted.

          The Securing Parties hereto contemplate that the pledge of shares of
capital stock of Solutia Europe and Solutia UK Holdings Ltd. provided above may
be supplemented by one or more separate pledge agreements or confirmations or
restatements (to the extent such pledge agreement has heretofore been executed)
executed and delivered by the relevant Securing Parties in favor of the
Collateral Agent, which pledge agreements will provide for the pledge of shares
in accordance with the requirements of the law of Belgium or of England and
Wales, as applicable; upon the execution and delivery of any such pledge
agreement or confirmation or restatement, as applicable, (whether on the date
hereof or thereafter), the provisions of such pledge agreement or confirmation
or restatement, as applicable, shall supersede in their entirety the provisions
of this Agreement with respect to the shares of capital stock of Solutia Europe
or Solutia UK Holdings Ltd. pledged by such Securing Party hereunder.

          Section 5. CASH PROCEEDS OF COLLATERAL.

          5.01 COLLATERAL ACCOUNT. The Collateral Agent will cause to be
established at a banking institution to be selected by the Collateral Agent one
or more cash collateral accounts (collectively, the "COLLATERAL ACCOUNT"), which

          (i) to the extent of all Investment Property or Financial Assets
     (other than cash) shall be a "securities account" (as defined in Section
     8-501 of the Uniform Commercial Code) in respect of which the Collateral
     Agent shall be the "entitlement holder" (as defined in Section 8-102(a)(7)
     of the Uniform Commercial Code) and

          (ii) to the extent of any cash, shall be a deposit account in respect
     of which the Collateral Agent is the customer (as contemplated by Section
     9-104(a)(3) of the Uniform Commercial Code) and

into which there shall be deposited from time to time the cash proceeds of any
of the Collateral (including proceeds of insurance thereon) that the Collateral
Agent requests pursuant to Section 5.02 be delivered hereunder and into which a
Securing Party may from time to time

                  NON-SHARING SECURITY AND GUARANTEE AGREEMENT

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                                     - 15 -

deposit any additional amounts that any of them wishes to pledge to the
Collateral Agent for the benefit of the Secured Parties as additional collateral
security hereunder. The balance from time to time in the Collateral Account
shall constitute part of the Collateral hereunder and shall not constitute
payment of the Secured Obligations until applied as hereinafter provided. If at
any time following request by the Collateral Agent pursuant to Section 5.02 no
Event of Default shall be continuing, the Collateral Agent shall remit the
collected balance standing to the credit of the Collateral Account to or upon
the order of the respective Securing Party as such Securing Party through the
Company shall from time to time instruct, PROVIDED that at any time during the
continuance of an Event of Default, the Collateral Agent may (and, if instructed
by the Majority Solutia Lenders, shall) in its (or their) discretion apply or
cause to be applied (subject to collection) the balance from time to time
standing to the credit of the Collateral Account to the payment of any Secured
Obligation then due and payable in the manner specified in Section 6.09. In
addition, the Company may at any time request that the balance from time to time
standing to the credit of the Collateral Account be applied to the payment of
any Secured Obligations then due and payable in the manner specified in
Section 6.09. The balance from time to time in the Collateral Account shall be
subject to withdrawal only as provided herein.

          Notwithstanding anything herein to the contrary (i) amounts deposited
in the Collateral Account pursuant to Section 6.01(n) of the Solutia Credit
Agreement shall be subject to release by the Collateral Agent as provided
therein and (ii) upon the direction of the Solutia Administrative Agent, the
Collateral Agent shall release funds from the Collateral Account to the Company
or its Subsidiaries in accordance with such Section.

          5.02 PROCEEDS OF ACCOUNTS AND PLEDGED DEBT. If requested by the
Collateral Agent at any time after the occurrence and during the continuance of
an Event of Default, each Securing Party shall instruct (i) all account debtors
and other Persons obligated in respect of all Accounts to make all payments in
respect of the Accounts either (a) directly to the Collateral Agent (by
instructing that such payments be remitted to a post office box which shall be
in the name and under the control of the Collateral Agent) or (b) to one or more
other banks in the United States of America (by instructing that such payments
be remitted to a post office box which shall be in the name and under the
control of the Collateral Agent) under arrangements, in form and substance
reasonably satisfactory to the Collateral Agent, pursuant to which such Securing
Party shall have irrevocably instructed such other bank (and such other bank
shall have agreed) to remit all proceeds of such payments directly to the
Collateral Agent for deposit into the Collateral Account and (ii) all Domestic
Subsidiaries obligated in respect of all Pledged Debt to make all payments in
respect of the Pledged Debt directly to the Collateral Agent. All payments made
to the Collateral Agent, as provided in the preceding sentence, shall be
immediately deposited in the Collateral Account. In addition to the foregoing,
each Securing Party agrees that, at any time after the occurrence and during the
continuance of an Event of Default, if the proceeds of any Collateral hereunder
(including the payments made in respect of Accounts and Pledged Debt) shall be
received by it, such Securing Party shall, upon the request of the Collateral
Agent, as promptly as possible deposit such proceeds into the Collateral
Account. Until so deposited, all such proceeds shall be held in trust by such
Securing Party for and as the property of the Collateral Agent and shall not be
commingled with any other funds or property of such Securing Party.

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                                     - 16 -

          5.03 INVESTMENT OF BALANCE IN COLLATERAL ACCOUNT. The cash balance
standing to the credit of the Collateral Account shall be invested from time to
time in such Permitted Investments as the respective Securing Party through the
Company (or, after the occurrence and during the continuance of a Default, the
Collateral Agent) shall determine, which Permitted Investments shall be held in
the name and be under the control of the Collateral Agent (and, if the
Collateral Account is a securities account, credited to the Collateral Account),
PROVIDED that at any time after the occurrence and during the continuance of an
Event of Default, the Collateral Agent may (and, if instructed by the Majority
Solutia Lenders, shall) in its (or their) discretion at any time and from time
to time elect to liquidate any such Permitted Investments and to apply or cause
to be applied the proceeds thereof to the payment of the Secured Obligations
then due and payable in the manner specified in Section 6.09.

          5.04 COVER FOR DESIGNATED LETTERS OF CREDIT. In the event that the
Company shall be required pursuant to Section 2.10(i) of the Solutia Credit
Agreement, or pursuant to Section 5.01 of the Non-Sharing Intercreditor
Agreement or pursuant to the Letter of Credit Override Agreement, to provide
cover for Designated Letters of Credit, such cover shall be paid in cash to the
Collateral Agent and deposited by the Collateral Agent into a separate
sub-account in the Collateral Account and shall constitute collateral security
FIRST for the obligations of the Company in respect of the Designated Letters of
Credit outstanding from time to time and SECOND as collateral security for the
other Secured Obligations hereunder. Any amounts that remain in the Collateral
Account at the time that all obligations of the Securing Parties in respect of
Designated Letters of Credit have been paid in full, and all Designated Letters
of Credit expired or terminated, shall (x) if no Event of Default shall at the
time be continuing, be applied to the prepayment and/or reduction of commitments
as provided in Section 2.10(i) of the Solutia Credit Agreement and (y) if an
Event of Default shall at the time be continuing, be applied to the Secured
Obligations in accordance with the applicable provisions of the Security
Documents.

          Section 6. FURTHER ASSURANCES; REMEDIES. In furtherance of the grant
of the pledge and security interest pursuant to Section 4, the Securing Parties
hereby jointly and severally agree with each Secured Party as follows:

          6.01 DELIVERY AND OTHER PERFECTION. Each Securing Party shall:

          (a) if any of the shares, securities, moneys or property required to
     be pledged by such Securing Party under clauses (a)(i) or (a)(ii) of
     Section 4 are received by such Securing Party forthwith, either (x)
     transfer and deliver to the Collateral Agent such shares or securities so
     received by such Securing Party (together with the certificates for any
     such shares and securities duly endorsed in blank or accompanied by undated
     stock powers duly executed in blank), all of which thereafter shall be held
     by the Collateral Agent, pursuant to the terms of this Agreement, as part
     of the Collateral or (y) take such other action as the Collateral Agent
     shall deem reasonably necessary or appropriate to duly record the Lien
     created hereunder in such shares, securities, moneys or property in said
     clauses (a)(i) and (a)(ii);

          (b) deliver and pledge to the Collateral Agent any and all Instruments
     constituting part of the Collateral in which such Securing Party purports
     to grant a security interest hereunder, endorsed and/or accompanied by such
     instruments of

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                                     - 17 -

     assignment and transfer in such form and substance as the Collateral Agent
     may request; PROVIDED, that so long as no Event of Default shall have
     occurred and be continuing, such Securing Party may retain for collection
     in the ordinary course any Instruments received by such Securing Party in
     the ordinary course of its business and the Collateral Agent shall,
     promptly upon request of such Securing Party through the Company, make
     appropriate arrangements for making any Instrument pledged by such Securing
     Party available to such Securing Party for purposes of presentation,
     collection or renewal (any such arrangement to be effected, to the extent
     deemed appropriate by the Collateral Agent, against trust receipt or like
     document);

          (c) deliver and pledge to the Collateral Agent any and all promissory
     notes or other instruments evidencing any of the Pledged Debt, endorsed
     and/or accompanied by such instruments of assignment and transfer in such
     form and substance as the Collateral Agent may request;

          (d) give, execute, deliver, file, register and record, authorize or
     obtain all such financing statements, notices, instruments, documents,
     agreements or other papers, and take such other action, as may be necessary
     or desirable (in the reasonable judgment of the Collateral Agent) to
     create, preserve, publish notice of, perfect, validate or preserve the
     priority of the security interest granted pursuant hereto or to enable the
     Collateral Agent to exercise and enforce its rights hereunder with respect
     to such pledge and security interest, including causing any or all of the
     Stock Collateral to be transferred of record into the name of the
     Collateral Agent or its nominee (and the Collateral Agent agrees that if
     any Stock Collateral is transferred into its name or the name of its
     nominee, the Collateral Agent will thereafter promptly give to the
     respective Securing Party copies of any notices and communications received
     by it with respect to the Stock Collateral pledged by such Securing Party
     hereunder), PROVIDED that notices to account debtors in respect of any
     Accounts or Instruments shall be subject to the provisions of clause (h)
     below;

          (e) keep accurate books and records relating to the Collateral, and
     stamp or otherwise mark such books and records in such manner as the
     Collateral Agent may reasonably require in order to reflect the security
     interests granted by this Agreement;

          (f) permit representatives of the Collateral Agent, upon reasonable
     notice, at any time during normal business hours to inspect and make
     abstracts from its books and records pertaining to the Collateral, and,
     during the continuance of an Event of Default, permit representatives of
     the Collateral Agent to be present at such Securing Party's place of
     business to receive copies of all communications and remittances relating
     to the Collateral, and forward copies of any notices or communications
     received by such Securing Party with respect to the Collateral, all in such
     manner as the Collateral Agent may reasonably require;

          (g) execute and deliver and, subject to the execution thereof by the
     Collateral Agent, cause to be filed, such continuation statements, and do
     such other acts and things, as may be necessary to maintain the perfection
     of the security interest granted pursuant hereto; and

                  NON-SHARING SECURITY AND GUARANTEE AGREEMENT

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                                     - 18 -

          (h) without limiting the provisions of Section 5.02 hereof, upon the
     occurrence and during the continuance of any Default, upon request of the
     Collateral Agent, promptly notify (and such Securing Party hereby
     authorizes the Collateral Agent so to notify) each account debtor in
     respect of any Accounts or Instruments that such Collateral has been
     assigned to the Collateral Agent hereunder, and that any payments due or to
     become due in respect of such Collateral are to be made directly to the
     Collateral Agent.

          6.02 OTHER FINANCING STATEMENTS AND LIENS. Except as otherwise
permitted in Section 6.02(a) of the Solutia Credit Agreement, without the prior
written consent of the Collateral Agent, no Securing Party shall file or suffer
to be on file, or authorize or permit to be filed or to be on file, in any
jurisdiction, any financing statement or like instrument with respect to the
Collateral in which the Collateral Agent is not named as the sole secured party
for the benefit of the Secured Parties.

          6.03 PRESERVATION OF RIGHTS. The Collateral Agent shall not be
required to take steps necessary to preserve any rights against prior parties to
any of the Collateral.

          6.04 SPECIAL PROVISIONS RELATING TO CERTAIN COLLATERAL.

          (a) STOCK COLLATERAL.

          (1) PERCENTAGE PLEDGED. The Securing Parties will cause the Stock
     Collateral to constitute at all times (i) in the case of the Issuers other
     than Restricted Issuers, 100% of all the total number of shares of capital
     stock of each such Issuer then issued and outstanding and (ii) in the case
     of the Restricted Issuers, 65% of the total number of shares of the voting
     stock of the Restricted Issuers (it being understood that, in the case of
     Solutia Europe, shares of treasury stock or stock of Solutia Europe held by
     Solutia Europe shall not be deemed to be outstanding) and 100% of the total
     number of shares of all other classes of capital stock of each Restricted
     Issuer then issued and outstanding.

          (2) VOTING AND OTHER RIGHTS. So long as no Event of Default shall have
     occurred and be continuing, the Securing Parties shall have the right to
     exercise all voting, consensual and other powers of ownership pertaining to
     the Stock Collateral for all purposes not inconsistent with the terms of
     this Agreement, the Non-Sharing Intercreditor Agreement, the Solutia Credit
     Agreement or any other instrument or agreement referred to herein or
     therein, PROVIDED that the Securing Parties jointly and severally agree
     that they will not vote the Stock Collateral in any manner that results in
     a violation of the terms of this Agreement, the Non-Sharing Intercreditor
     Agreement, the Solutia Credit Agreement or any such other instrument or
     agreement; and the Collateral Agent shall execute and deliver to the
     Securing Parties or cause to be executed and delivered to the Securing
     Parties all such proxies, powers of attorney, dividend and other orders,
     and all such instruments, without recourse, as the Securing Parties may
     reasonably request for the purpose of enabling the Securing Parties to
     exercise the rights and powers that they are entitled to exercise pursuant
     to this Section 6.04(a)(2).

                  NON-SHARING SECURITY AND GUARANTEE AGREEMENT

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                                     - 19 -

          (3) DIVIDENDS. Unless and until an Event of Default has occurred and
     is continuing, the Securing Parties shall be entitled to receive and retain
     any dividends on the Stock Collateral paid in cash out of earned surplus.

          (4) RIGHTS FOLLOWING DEFAULT. If any Event of Default shall have
     occurred, then so long as such Event of Default shall continue, and whether
     or not the Collateral Agent or any other Secured Party exercises any
     available right to declare any Secured Obligation due and payable or seeks
     or pursues any other relief or remedy available to it under applicable law
     or under or in respect of this Agreement, the Non-Sharing Intercreditor
     Agreement, the Solutia Credit Agreement, the Astaris Guaranty Agreement,
     the Co-gen Guaranty Agreement, the Co-gen Lease, the Designated Letters or
     Credit or any other agreement relating to such Secured Obligation, all
     dividends and other distributions on the Stock Collateral shall be paid
     directly to the Collateral Agent and retained by it in the Collateral
     Account as part of the Stock Collateral, subject to the terms of this
     Agreement, and, if the Collateral Agent shall so request in writing, the
     Securing Parties jointly and severally agree to execute and deliver to the
     Collateral Agent appropriate additional dividend, distribution and other
     orders and documents to that end, PROVIDED that if such Event of Default is
     cured, any such dividend or distribution theretofore paid to the Collateral
     Agent shall, upon request of the Securing Parties (except to the extent
     theretofore applied to the Secured Obligations), be returned by the
     Collateral Agent to the Securing Parties.

          (b) INTELLECTUAL PROPERTY.

          (1) For the purpose of enabling the Collateral Agent to exercise
     rights and remedies under Section 6.05 at such time as the Collateral Agent
     shall be lawfully entitled to exercise such rights and remedies, and for no
     other purpose, each Securing Party hereby grants to the Collateral Agent,
     to the extent assignable, an irrevocable, non-exclusive right (exercisable
     without payment of royalty or other compensation to such Securing Party) to
     use, assign, license or sublicense any of the Intellectual Property now
     owned or hereafter acquired by such Securing Party, wherever the same may
     be located, including in such right reasonable access to all media in which
     any of the Intellectual Property may be recorded or stored and to all
     computer programs used for the compilation or printout thereof.

          (2) Notwithstanding anything contained herein to the contrary, the
     Securing Parties will be permitted to exploit, use, enjoy, protect,
     license, sublicense, assign, sell, dispose of or take other actions with
     respect to the Intellectual Property in the ordinary course of the business
     of the Securing Parties. In furtherance of the foregoing, unless an Event
     of Default shall have occurred and be continuing the Collateral Agent shall
     from time to time, upon the request of the respective Securing Party,
     execute and deliver any instruments, certificates or other documents, in
     the form so requested, that such Securing Party through the Company shall
     have certified are appropriate (in its judgment) to allow it to take any
     action permitted above (including relinquishment of the right provided
     pursuant to clause (1) immediately above as to any specific Intellectual
     Property). Further, upon the payment in full of all of the Secured
     Obligations and cancellation, termination or expiration of the Commitments
     (as defined in the Solutia Credit

                  NON-SHARING SECURITY AND GUARANTEE AGREEMENT

<Page>

                                     - 20 -

     Agreement), Letters of Credit (as so defined) and Designated Letters of
     Credit or earlier expiration of this Agreement or release of the
     Collateral, the Collateral Agent shall grant back to the Securing Parties
     the right granted pursuant to clause (1) immediately above. The exercise of
     rights and remedies under Section 6.05 by the Collateral Agent shall not
     terminate the rights of the holders of any licenses or sublicenses
     theretofore granted by the Securing Parties in accordance with the first
     sentence of this clause (2).

          (3) The Securing Parties will furnish to the Collateral Agent from
     time to time (but, unless a Default (as defined in the Solutia Credit
     Agreement) shall have occurred and be continuing, no more frequently than
     semi-annually) statements and schedules further identifying and describing
     the Copyright Collateral, the Patent Collateral and the Trademark
     Collateral, respectively, and such other reports in connection with the
     Copyright Collateral, the Patent Collateral and the Trademark Collateral as
     the Collateral Agent may reasonably request, all in reasonable detail; and
     promptly upon request of the Collateral Agent, following receipt by the
     Collateral Agent of any statements, schedules or reports pursuant to this
     clause (3), modify this Agreement by amending Annexes 4, 5 and/or 6, as the
     case may be, to include any Copyright, Patent or Trademark that becomes
     part of the Collateral under this Agreement.

          6.05 EVENTS OF DEFAULT, ETC. During the period during which an Event
of Default shall have occurred and be continuing:

          (a) each Securing Party shall, at the request of the Collateral Agent,
     assemble the Collateral owned by it at such place or places, reasonably
     convenient to both the Collateral Agent and such Securing Party, designated
     in the Collateral Agent's request;

          (b) the Collateral Agent may make any reasonable compromise or
     settlement deemed desirable with respect to any of the Collateral and may
     extend the time of payment, arrange for payment in installments, or
     otherwise modify the terms of, any of the Collateral;

          (c) the Collateral Agent shall have all of the rights and remedies
     with respect to the Collateral of a secured party under the Uniform
     Commercial Code (whether or not the Uniform Commercial Code is in effect in
     the jurisdiction where the rights and remedies are asserted) and such
     additional rights and remedies to which a secured party is entitled under
     the laws in effect in any jurisdiction where any rights and remedies
     hereunder may be asserted, including the right, to the fullest extent
     permitted by applicable law, to exercise all voting, consensual and other
     powers of ownership pertaining to the Collateral as if the Collateral Agent
     were the sole and absolute owner thereof (and each Securing Party agrees to
     take all such action as may be appropriate to give effect to such right);

          (d) the Collateral Agent in its discretion may, in its name or in the
     name of any Securing Party or otherwise, demand, sue for, collect or
     receive any money or property at any time payable or receivable on account
     of or in exchange for any of the Collateral, but shall be under no
     obligation to do so; and

                  NON-SHARING SECURITY AND GUARANTEE AGREEMENT

<Page>

                                     - 21 -

          (e) the Collateral Agent may, upon ten Business Days' prior written
     notice to the Securing Parties of the time and place, with respect to the
     Collateral or any part thereof which shall then be or shall thereafter come
     into the possession, custody or control of the Collateral Agent, the other
     Secured Parties or any of their respective agents, sell, lease, assign or
     otherwise dispose of all or any part of such Collateral, at such place or
     places as the Collateral Agent deems best, and for cash or for credit or
     for future delivery (without thereby assuming any credit risk), at public
     or private sale, without demand of performance or notice of intention to
     effect any such disposition or of the time or place thereof (except such
     notice as is required above or by applicable statute and cannot be waived),
     and the Collateral Agent or any other Secured Party or anyone else may be
     the purchaser, lessee, assignee or recipient of any or all of the
     Collateral so disposed of at any public sale (or, to the extent permitted
     by law, at any private sale) and thereafter, to the fullest extent
     permitted by law, hold the same absolutely, free from any claim or right of
     whatsoever kind, including any right or equity of redemption (statutory or
     otherwise), of the Securing Parties, any such demand, notice and right or
     equity being hereby expressly waived and released, to the fullest extent
     permitted by law. In the event of any sale, assignment, or other
     disposition of any of the Trademark Collateral, the goodwill connected with
     and symbolized by the Trademark Collateral subject to such disposition
     shall be included, and the Securing Parties shall supply to the Collateral
     Agent or its designee, for inclusion in such sale, assignment or other
     disposition, all Intellectual Property relating to such Trademark
     Collateral. The Collateral Agent may, without notice or publication,
     adjourn any public or private sale or cause the same to be adjourned from
     time to time by announcement at the time and place fixed for the sale, and
     such sale may be made at any time or place to which the sale may be so
     adjourned.

The proceeds of each collection, sale or other disposition under this
Section 6.05 shall be applied in accordance with Section 6.09.

          The Securing Parties recognize that, by reason of certain prohibitions
contained in the Securities Act of 1933, as amended, and applicable state
securities laws, the Collateral Agent may be compelled, with respect to any sale
of all or any part of the Collateral, to limit purchasers to those who will
agree, among other things, to acquire the Collateral for their own account, for
investment and not with a view to the distribution or resale thereof. The
Securing Parties acknowledge that any such private sales may be at prices and on
terms less favorable to the Collateral Agent than those obtainable through a
public sale without such restrictions, and, notwithstanding such circumstances,
agree that any such private sale shall be deemed to have been made in a
commercially reasonable manner and that the Collateral Agent shall have no
obligation to engage in public sales and no obligation to delay the sale of any
Collateral for the period of time necessary to permit the Company or issuer
thereof to register it for public sale.

          6.06 DEFICIENCY. If the proceeds of sale, collection or other
realization of or upon the Collateral pursuant to Section 6.05 are insufficient
to cover the costs and expenses of such realization and the payment in full of
the Secured Obligations, the Securing Parties shall remain liable for any
deficiency.

          6.07 LOCATIONS; NAMES. Without at least 30 days' prior written notice
to the Collateral Agent, no Securing Party shall change its "location" (as
defined in Section 9-307 of

                  NON-SHARING SECURITY AND GUARANTEE AGREEMENT

<Page>

                                     - 22 -

the Uniform Commercial Code) or change its name from the name shown as its
current legal name on Annex 1.

          6.08 PRIVATE SALE. The Collateral Agent and the Secured Parties shall
incur no liability as a result of the sale of the Collateral, or any part
thereof, at any private sale pursuant to Section 6.05 conducted in a
commercially reasonable manner. Each Securing Party hereby waives any claims
against the Collateral Agent or any other Secured Party arising by reason of the
fact that the price at which the Collateral may have been sold at such a private
sale was less than the price which might have been obtained at a public sale or
was less than the aggregate amount of the Secured Obligations, even if the
Collateral Agent accepts the first offer received and does not offer the
Collateral to more than one offeree.

          6.09 APPLICATION OF PROCEEDS. Except as otherwise herein expressly
provided, the proceeds of any collection, sale or other realization of all or
any part of the Collateral pursuant hereto, and any other cash at the time held
by the Collateral Agent under this Section 6, shall be applied by the Collateral
Agent in the manner set forth in Section 5.02 of the Non-Sharing Intercreditor
Agreement.

          6.10 ATTORNEY-IN-FACT. Without limiting any rights or powers granted
by this Agreement to the Collateral Agent while no Event of Default has occurred
and is continuing, upon the occurrence and during the continuance of any Event
of Default the Collateral Agent is hereby appointed the attorney-in-fact of each
Securing Party for the purpose of carrying out the provisions of this Section 6
and taking any action and executing any instruments which the Collateral Agent
may reasonably deem necessary or advisable to accomplish the purposes hereof,
which appointment as attorney-in-fact is irrevocable and coupled with an
interest. Without limiting the generality of the foregoing, so long as the
Collateral Agent shall be entitled under this Section 6 to make collections in
respect of the Collateral, the Collateral Agent shall have the right and power
to receive, endorse and collect all checks made payable to the order of any
Securing Party representing any dividend, payment or other distribution in
respect of the Collateral or any part thereof and to give full discharge for the
same.

          6.11 PERFECTION. Prior to or concurrently with the execution and
delivery of this Agreement, each Securing Party shall (i) file such financing
statements and other documents in such offices as the Collateral Agent may
request to perfect the security interests granted by Section 4 of this
Agreement, (ii) deliver to the Collateral Agent all certificates evidencing any
of the Pledged Stock, accompanied by undated stock powers duly executed in
blank, and, to the extent required by Section 4(b), all promissory notes and
other instruments evidencing any Pledged Debt identified in Annex 8 and (iii)
execute and deliver such short form assignments or security agreements relating
to Collateral consisting of the Intellectual Property as the Collateral Agent
may reasonably request. Without limiting the foregoing, each Securing Party
consents that Uniform Commercial Code financing statements may be filed
describing the Collateral as set forth in Section 4.

          6.12 TERMINATION. When all Secured Obligations shall have been paid in
full and the Commitments (as defined in the Solutia Credit Agreement) shall have
been cancelled or terminated, and all Letters of Credit and Designated Letters
of Credit shall have been terminated or expired, this Agreement shall terminate,
and the Collateral Agent shall forthwith cause to be

                  NON-SHARING SECURITY AND GUARANTEE AGREEMENT

<Page>

                                     - 23 -

assigned, transferred and delivered, against receipt but without any recourse,
warranty or representation whatsoever, any remaining Collateral and money
received in respect thereof, to or on the order of the respective Securing
Party. The Collateral Agent shall, at the expense of the Company, also execute
and deliver to the respective Securing Party upon such termination such Uniform
Commercial Code termination statements and such other documentation as shall be
reasonably requested by the respective Securing Party to effect the termination
and release of the Liens on the Collateral.

          6.13 FURTHER ASSURANCES. Each Securing Party agrees that, from time to
time upon the written request of the Collateral Agent, such Securing Party will
execute and deliver such further documents and do such other acts and things as
the Collateral Agent may reasonably request in order fully to effect the
purposes of this Agreement.

          Section 7. MISCELLANEOUS.

          7.01 NOTICES. All notices, requests, consents and demands hereunder
shall be in writing and telecopied or delivered to the respective parties hereto
pursuant to Section 6.01 of the Non-Sharing Intercreditor Agreement. All such
communications shall be deemed to have been given at the times specified in said
Section 6.01.

          7.02 NO WAIVER. 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
or any other Secured Party of any right, 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.

          7.03 AMENDMENTS, ETC. The terms of this Agreement may be waived,
altered or amended only by an instrument in writing duly executed by each
Securing Party and the Collateral Agent in accordance with the provisions of
Section 6.03 of the Non-Sharing Intercreditor Agreement. Any such amendment or
waiver shall be binding upon the Collateral Agent, each Secured Party and each
Securing Party.

          7.04 EXPENSES. The Securing Parties jointly and severally agree to
reimburse each of the Collateral Agent and the other Secured Parties for all
reasonable costs and expenses of the Collateral Agent and the other Secured
Parties (including the reasonable fees and expenses of legal counsel) in
connection with (i) any Default and any enforcement or collection proceeding
resulting therefrom, including all manner of participation in or other
involvement with (w) performance by the Collateral Agent of any obligations of
the Securing Parties in respect of the Collateral that the Securing Parties have
failed or refused to perform, (x) bankruptcy, insolvency, receivership,
foreclosure, winding up or liquidation proceedings, or any actual or attempted
sale, or any exchange, enforcement, collection, compromise or settlement in
respect of any of the Collateral, and for the care of the Collateral and
defending or asserting rights and claims of the Collateral Agent in respect
thereof, by litigation or otherwise, including expenses of insurance, (y)
judicial or regulatory proceedings and (z) workout, restructuring or other
negotiations or proceedings (whether or not the workout, restructuring or

                  NON-SHARING SECURITY AND GUARANTEE AGREEMENT

<Page>

                                     - 24 -

transaction contemplated thereby is consummated) and (ii) the enforcement of
this Section 7.04, and all such costs and expenses shall be Secured Obligations
entitled to the benefits of the collateral security provided pursuant to
Section 4.

          7.05 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, each Secured Party and each holder of any of the
Secured Obligations (PROVIDED that no Securing Party shall assign or transfer
its rights or obligations hereunder without the prior written consent of the
Collateral Agent).

          7.06 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.

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

          7.08 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.

          7.09 AGENTS AND ATTORNEYS-IN-FACT. The Collateral Agent may employ
agents and attorneys-in-fact in connection herewith and shall not be responsible
for the gross negligence or willful misconduct of any such agents or
attorneys-in-fact selected by it in good faith.

          7.10 SEVERABILITY. If any provision hereof is invalid and
unenforceable in any jurisdiction, then, to the fullest extent permitted by law,
(a) the other provisions hereof shall remain in full force and effect in such
jurisdiction and (b) the invalidity or unenforceability of any provision hereof
in any jurisdiction shall not affect the validity or enforceability of such
provision in any other jurisdiction.

          7.11 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
the Collateral Trustee 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, and Annexes 1 through 7, inclusive,
hereto shall be deemed to be supplemented in the manner specified in such
Guarantee Assumption Agreement. In addition, upon execution and delivery of any
such Guarantee Assumption Agreement, the new Subsidiary Guarantor makes the
representations and warranties set forth in Section 3 of the Non-Sharing
Intercreditor Agreement.

                  NON-SHARING SECURITY AND GUARANTEE AGREEMENT

<Page>

                                     - 25 -

          IN WITNESS WHEREOF, the parties hereto have caused this Restated
Security and Guarantee Agreement to be duly executed and delivered 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 SECURITY AND GUARANTEE AGREEMENT

<Page>

                                     - 26 -

                                  SOLUTIA SYSTEMS, INC.

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

                              COLLATERAL AGENT

                                  CITIBANK, N.A., as Collateral Agent

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

                  NON-SHARING SECURITY AND GUARANTEE AGREEMENT

<Page>

                                                                         ANNEX 1

                                 FILING DETAILS

<Table>
<Caption>
------------------------------------------------------------------------------------------------------------------------------------
                     TYPE OF
                   ORGANIZATION                   ORGANIZATIONAL                   PLACE OF BUSINESS OR                   FORMER
CURRENT LEGAL     (CORPORATION,    JURISDICTION        ID                            LOCATION OF CHIEF      LOCATION       LEGAL
NAME (NO TRADE  LIMITED LIABILITY      OF            NUMBER       CURRENT MAILING       EXECUTIVE             OF          NAME(s)
    NAMES)        COMPANY, ETC.)   ORGANIZATION  (IF APPLICABLE)     ADDRESS             OFFICER             GOODS        (IF ANY)
------------------------------------------------------------------------------------------------------------------------------------
 <S>               <C>               <C>            <C>         <C>                   <C>                 <C>           <C>
  Solutia Inc.     Corporation       Delaware       2735025      575 Maryville         575 Maryville       Alvin, TX       Queeny
                                                                 Centre Drive           Centre Drive       Cantonment,    Chemical
                                                                 St. Louis, MO         St. Louis, MO          FL          Company
                                                                     63141                 63141           Decatur, AL
                                                                                                           Foley, AL
                                                                                                           Greenwood,
                                                                                                               SC
                                                                                                          Springfield,
                                                                                                               MA
                                                                                                           St. Louis,
                                                                                                               MO
                                                                                                           Trenton, MI
------------------------------------------------------------------------------------------------------------------------------------
    Solutia        Corporation       Delaware       2976482      575 Maryville         575 Maryville           Not          None
 Systems, Inc.                                                    Centre Drive          Centre Drive       applicable
                                                                  St.Louis, MO         St. Louis, MO
                                                                     63141                 63141
------------------------------------------------------------------------------------------------------------------------------------
    Monchem        Corporation       Delaware       2735035      The Corporation       575 Maryville          Not           None
 International,                                                   Trust Company        Centre Drive        applicable
      Inc.                                                      1209 Orange Street     St. Louis, MO
                                                                 Wilmington, DE           63141
                                                                      19801

------------------------------------------------------------------------------------------------------------------------------------
 Monchem, Inc.     Corporation       Delaware       2735322      The Corporation       575 Maryville          Not           None
                                                                  Trust Company        Centre Drive        applicable
                                                                1209 Orange Street     St. Louis, MO
                                                                 Wilmington, DE           63141
                                                                     19801

------------------------------------------------------------------------------------------------------------------------------------
 CPFilms Inc.      Corporation       Delaware       0312016      4210 The Great       4210 The Great        Fieldale,    Courtaulds
                                                                     Road                  Road                VA        Performance
                                                                  Fieldale, VA          Fieldale, VA                     Films, Inc.
                                                                      24089               24089                            Martin
                                                                                                                         Processing,
                                                                                                                            Inc.
                                                                                                                             Hat
                                                                                                                        Corporation
                                                                                                                             of
                                                                                                                          America
------------------------------------------------------------------------------------------------------------------------------------
</Table>

                  NON-SHARING SECURITY AND GUARANTEE AGREEMENT

<Page>

                                                                         ANNEX 2

                               "NEW DEBTOR" EVENTS

                                      None.

                  NON-SHARING SECURITY AND GUARANTEE AGREEMENT

<Page>

                                                                         ANNEX 3

                                  PLEDGED STOCK

                                  Solutia Inc.

<Table>
<Caption>
-----------------------------------------------------------------------------------------------------------
                                                                              NUMBER OF SHARES
        ISSUER               CERTIFICATE NO(s).    REGISTERED OWNER               PLEDGED
-----------------------------------------------------------------------------------------------------------

<S>                                  <C>              <C>                <C>
Monchem International, Inc.          3                Solutia Inc.       6.5 shares of common stock
                                                                         with par value $1.00 each

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

Solutia Systems, Inc.                2                Solutia Inc.       100 shares of common stock
                                                                         with par value $0.01 each

-----------------------------------------------------------------------------------------------------------
</Table>

                           Monchem International, Inc.

<Table>
<Caption>
-----------------------------------------------------------------------------------------------------------
                                                                                    NUMBER OF SHARES
           ISSUER            CERTIFICATE NO(s).        REGISTERED OWNER                  PLEDGED
-----------------------------------------------------------------------------------------------------------
<S>                        <C>                   <C>                            <C>
Monchem, Inc.                        3           Monchem International, Inc.    10 shares of common stock
                                                                                with par value $1.00 each

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

Solutia UK Holdings Ltd.             2           Monchem International, Inc.    4,602,926 ordinary shares
                                                                                of L0.01 each

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

Solutia Europe             No certificates, but  Monchem International, Inc.    11,870 registered shares
S.A./N.V.                  shares are numbered                                  without nominal value
                           488,321 through
                           500,190

------------------------------------------------------------------------------------------------------------
</Table>

                  NON-SHARING SECURITY AND GUARANTEE AGREEMENT

<Page>

                                                                         ANNEX 4

                 LIST OF COPYRIGHTS, COPYRIGHT REGISTRATIONS AND
                    APPLICATIONS FOR COPYRIGHT REGISTRATIONS

                                    [To Come]

                  NON-SHARING SECURITY AND GUARANTEE AGREEMENT

<Page>

                                                                         ANNEX 5

                     LIST OF PATENTS AND PATENT APPLICATIONS

                                    [To Come]

                  NON-SHARING SECURITY AND GUARANTEE AGREEMENT

<Page>

                                                                         ANNEX 6

                LIST OF TRADE NAMES, TRADEMARKS, SERVICES MARKS,
                  TRADEMARK AND SERVICE MARK REGISTRATIONS AND
            APPLICATIONS FOR TRADEMARK AND SERVICE MARK REGISTRATIONS

                                    [To Come]

                  NON-SHARING SECURITY AND GUARANTEE AGREEMENT

<Page>

                                                                         ANNEX 7

                LIST OF CONTRACTS, LICENSES AND OTHER AGREEMENTS

                                    [To Come]

                  NON-SHARING SECURITY AND GUARANTEE AGREEMENT

<Page>
                                                                         ANNEX 8

                                  PLEDGED DEBT

                       [See Definition of "Pledged Debt"]

                                      None.

                  NON-SHARING SECURITY AND GUARANTEE AGREEMENT

<Page>

                                      - 2 -

                          ANNEX 6 TO SECURITY AGREEMENT<Page>

                                                                    EXHIBIT 4.10

                  INTERCREDITOR AND COLLATERAL TRUST AGREEMENT

          INTERCREDITOR AND COLLATERAL TRUST AGREEMENT dated as of July 25,
2002, between SOLUTIA INC., a corporation duly organized and validly existing
under the laws of the State of Delaware (the "COMPANY"); CPFILMS INC. ("CPFILMS"
and, individually, a "SUBSIDIARY GUARANTOR"); each of the subsidiaries of the
Company that become "Subsidiary Guarantors hereunder pursuant to Section 8.13
after the date hereof (individually a "SUBSIDIARY GUARANTOR" and, collectively,
with CPFilms, the "SUBSIDIARY GUARANTORS" and, together with the Company, the
"GRANTORS"); 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
under the Co-gen Participation Agreement referred to below; CITIBANK, N.A., as
collateral agent under the Non-Sharing Intercreditor Agreement referred to
below; and HSBC Bank USA, a banking corporation and trust company duly organized
and validly existing under the laws of the State of New York, as collateral
trustee (in such capacity, together with its successors in such capacity, the
"COLLATERAL TRUSTEE") for the Sharing Secured Parties (as defined below).

          The Company, certain lenders (the "SOLUTIA LENDERS") and Citibank,
N.A., as administrative agent (in such capacity, together with its successors
and assigns, 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

                        SHARING INTERCREDITOR AGREEMENT

<Page>

                                      - 2 -

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 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.

          The Company is also party to (a) an Indenture dated as of October 1,
1997 (the "1997 NOTES INDENTURE") between the Company and JPMorgan Chase Bank
(formerly known as The Chase Manhattan Bank), as trustee, pursuant to which the
Company has issued its 6.50% Notes due 2002, 7.375% Debentures due 2027 and
6.72% Debentures due 2037 in an aggregate outstanding principal amount of
$600,000,000 as of the date hereof and (b) a Fiscal Agency Agreement dated as of
February 11, 2000 (the "EURO NOTES AGREEMENT") between Solutia Europe S.A./N.V.,
the Company and Kreidietbank S.A. Luxembourgeoise, as Fiscal Agent, pursuant to
which Solutia Europe S.A./N.V. has issued its 6.25% Notes due 2005, guaranteed
by the Company in an aggregate principal amount of EURO200,000,000 as of the
date hereof.

          Pursuant to the provisions of the 1997 Notes Indentures and the Euro
Notes Agreement, the Company in certain circumstances may not, and may not
permit any of its Restricted Subsidiaries (as defined therein) to, secure Debt
(as defined in the 1997 Notes Indenture and Euro Notes Agreement) with a lien on
any Principal Property (as defined below) or any shares of stock or indebtedness
of the Company or any such Restricted Subsidiary (such Principal Property,
shares and indebtedness being herein collectively referred to as the "SHARED
PROPERTY") without equally and ratably securing the notes, debentures and other
instruments issued under the 1997 Notes Indenture and the Euro Notes Agreement.

          Accordingly, 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 parties hereto hereby agree as
follows:

                        SHARING INTERCREDITOR AGREEMENT

<Page>

                                      - 3 -

          Section 1. DEFINITIONS, ETC.

          (a) DEFINED TERMS. 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.

          "ASTARIS ADMINISTRATIVE AGENT" has the meaning assigned to such term
     in the preamble to this Agreement.

          "ASTARIS COMMITMENTS" means the "Commitments" under and as defined in
     the Astaris Credit Agreement or, if no "Commitments" are then outstanding,
     then the aggregate unpaid principal amount of the "Advances" (under and as
     defined in the Astaris Credit Agreement) owing to the Astaris Lenders.

          "BANKRUPTCY EVENT" means, with respect to any Grantor, the institution
     of any proceeding by or against any Grantor seeking to adjudicate it a
     bankrupt or insolvent, or seeking liquidation, winding up, reorganization,
     arrangement, adjustment, protection, relief, or composition of it or its
     debts under any law relating to bankruptcy, insolvency or reorganization or
     relief of debtors, or seeking the entry of an order for relief or the
     appointment of a receiver, trustee, custodian or other similar official for
     it or for any substantial part of its property and, in the case of any such
     proceeding instituted against it (but not instituted by it), either such
     proceeding shall remain undismissed or unstayed for a period of 60 days, or
     any of the actions sought in such proceeding (including the entry of an
     order for relief against, or the appointment of a receiver, trustee,
     custodian or other similar official for, it or for any substantial part of
     its property) shall occur; or any Grantor shall take any corporate action
     to authorize any of the actions set forth above.

          "CAPITALIZED LEASE OBLIGATION" means, with respect to any Person for
     any period, an obligation of such Person to pay rent or other amounts under
     a lease that is required to be capitalized for financial reporting purposes
     in accordance with GAAP; and the amount of such obligation shall be the
     capitalized amount shown on the balance sheet of such Person as determined
     in accordance with GAAP.

          "CO-GEN INSTRUMENTS" "means the "Instruments" under and as defined in
     the Co-gen Participation Agreement.

          "COLLATERAL AGENT" means Citibank, N.A., in its capacity as Collateral
     Agent under the Non-Sharing Intercreditor Agreement.

          "COLLATERAL TRUSTEE" has the meaning assigned to such term in the
     preamble to this Agreement.

          "COLLATERAL TRUSTEE'S FEES" means all fees, costs and expenses of the
     Collateral Trustee of the type described in Section 5.03.

                        SHARING INTERCREDITOR AGREEMENT

<Page>

                                      - 4 -

          "COMPANY" has the meaning assigned to such term in the preamble to
     this Agreement.

          "CREDIT AGREEMENT OBLIGATIONS" means, collectively, (a) in the case of
     the Company, the Solutia Credit Agreement Obligations, the Make-Whole
     Obligations, the Synthetic Lease Obligations, the Designated Letter of
     Credit Obligations, the Hedging Obligations and Term Loan Facility
     Obligations, (b) in the case of the Subsidiary Guarantors, all present and
     future obligations of the Subsidiary Guarantors under the Non-Sharing
     Security and Guarantee Agreement and (c) in the case of both Grantors, all
     present and future obligations of the Grantors to the Credit Agreement
     Secured Parties hereunder.

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

          "CREDIT AGREEMENTS" means, collectively the Solutia Credit Agreement,
     the Astaris Credit Agreement and the Co-gen Participation Agreement.

          "DEBT" of any Person means, without duplication: (a) indebtedness of
     such Person for borrowed money, (b) obligations of such Person evidenced by
     bonds, debentures, notes or other similar instruments, (c) obligations of
     such Person to pay the deferred purchase price of property or services
     (other than trade accounts payable arising, and accrued expenses incurred,
     in the ordinary course of business so long as such trade accounts payable
     are payable on customary trade terms or on other trade terms that are more
     advantageous to the Company), (d) Capitalized Lease Obligations of such
     Person and (e) obligations of such Person under direct or indirect
     guaranties in respect of, and obligations (contingent or otherwise) to
     purchase or otherwise acquire, or otherwise to assure a creditor against
     loss in respect of, indebtedness or obligations of others of the kinds
     referred to in clauses (a) through (d) above.

          "DEBT INSTRUMENTS" means, collectively, (i) the Solutia Credit
     Agreement, (ii) the Astaris Guarantee Agreement, (iii) the Co-gen
     Participation Agreement, (iv) the Co-gen lease, (v) the Co-gen Instruments,
     (vi) the L/C Agreements, (vii) each Hedging Agreement under which a Credit
     Agreement Obligation exists, (viii) any agreement pursuant to which a Term
     Loan Facility is established and (ix) each Existing Note Indenture and New
     Notes Indenture, and any notes or debentures issued thereunder.

          "DEFAULT RATE" means, with respect to any advance made by any Sharing
     Secured Party hereunder or under any other Sharing Security Document, the
     rate per annum at which interest would then be payable on past due
     Revolving Credit Base Rate Advances under Section 2.07(b) of the Solutia
     Credit Agreement.

          "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

                        SHARING INTERCREDITOR AGREEMENT

<Page>

                                      - 5 -

     Appendix A hereto and (b) each letter of credit for the account of the
     Company hereafter designated by the Company as a "Designated Letter of
     Credit" pursuant to Section 3 of the Non-Sharing Intercreditor Agreement.

          "DESIGNATED LETTER OF CREDIT OBLIGATIONS" means all obligations of the
     Company in respect of Designated Letters of Credit, including any
     agreements, applications and other instruments entered into in connection
     with such Designated Letters of Credit.

          "DISTRIBUTION DATE" means the date on which any funds are distributed
     by the Collateral Trustee in accordance with the provisions of Section
     4.01.

          "EVENT OF DEFAULT" means (i) any "Event of Default" under and as
     defined in the Solutia Credit Agreement or the Co-gen Participation
     Agreement, (ii) any failure of the Company to pay amounts that become due
     and payable under the Astaris Guarantee, (iii) any failure of the Company
     to pay principal or interest when due and payable under any L/C Agreement
     or (iv) any "Event of Default" under and as defined in any Senior Notes
     Document.

          "EXISTING MORTGAGED FACILITIES" means the facilities of the Company
     located in or near Decatur, Alabama, Indian Orchard, Massachusetts,
     Trenton, Michigan, Greenwood, South Carolina and Alvin, Texas, each of
     which is subject to a Non-Sharing Mortgage in favor of the Collateral Agent
     as security, INTER ALIA, for the Non-Sharing Obligations.

          "EXISTING NOTES 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: the 6.50% notes due 2002, the 7.375%
     debentures due 2027, the 6.72% debentures due 2037 and the 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.

          "GAAP" means the generally accepted accounting principles in the
     United States of America.

          "GRANTORS" has the meaning assigned to such term in the preamble to
     this Agreement.

          "HEDGING AGREEMENT" means any interest rate protection agreement,
     foreign currency exchange agreement, commodity price protection agreement
     or other interest or currency exchange rate or commodity price hedging
     arrangement entered into with any Solutia Lender (or any affiliate
     thereof).

          "HEDGING OBLIGATIONS" means obligations of the Company under any
     Hedging Agreement.

          For purposes hereof, it is understood that any Hedging Obligations to
     a Person arising under an agreement entered into at the time such Person
     (or an affiliate thereof) is a "Lender" party to the Solutia Credit
     Agreement shall nevertheless continue to constitute

                        SHARING INTERCREDITOR AGREEMENT

<Page>

                                      - 6 -

     Hedging Obligations for purposes hereof, notwithstanding that such Person
     (or its affiliate) may have assigned all of its Advances and other
     interests in the Solutia Credit Agreement and, at the time a claim is to be
     made in respect of such Hedging Obligations, such Person (or its affiliate)
     is no longer a "Lender" party to the Solutia Credit Agreement.

          "INDENTURE TRUSTEES" means (a) in the case of the Existing Notes
     Indentures, (i) JPMorgan Chase Bank (as successor to The Chase Manhattan
     Bank), in its capacity as indenture trustee under the Indenture dated as of
     October 1, 1997 relating to the Company's 6.50% notes due 2002, 7.375%
     debentures due 2027 and 6.72% debentures due 2037 and (ii) Kredietbank S.A.
     Luxembourgeoise, as Fiscal Agent, relating to Solutia Europe S.A./N.V.'s
     6.25% Notes due 2005, guaranteed by the Company (b) in the case of the 2009
     Notes Indenture, HSBC Bank USA, in its capacity as indenture trustee, and
     (c) in the case of any other New Notes Indenture, any indenture trustee or
     fiscal agent under such New Notes Indenture.

          "L/C AGREEMENTS" means the reimbursement agreements pursuant to which
     Designated Letters of Credit have been (or are in the future) issued.

          "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 easement, right of way or other encumbrance on title to real property.

          "MAKE-WHOLE OBLIGATIONS" means all obligations of the Company under
     the Astaris Guaranty Agreement as in effect on the date hereof and without
     giving effect to any amendments or supplements made to the Astaris Guaranty
     Agreement after the date hereof.

          "MARTINSVILLE FACILITY" means the production facility of CPFilms
     located in or near Martinsville, Virginia.

          "MORTGAGED FACILITIES" means the Existing Mortgaged Facilities and the
     New Mortgaged Facilities.

          "NEW MORTGAGED FACILITIES" means the Martinsville Facility and
     Pensacola Facility.

          "NEW NOTES INDENTURE" means any indenture pursuant to which any senior
     debt securities of the Company are issued which, at the time of such
     issuance, is designated by the Company as a "New Notes Indenture" pursuant
     to Section 7.03 for purposes hereof. The parties hereto acknowledge that
     the 2009 Notes Indenture is a "New Notes Indenture".

          "NEW NOTES INDENTURE DESIGNATION LETTER" has the meaning ascribed
     thereto in Section 7.03.

          "NON-SHARING INTERCREDITOR AGREEMENT" means the Restated Intercreditor
     and Collateral Agency Agreement dated as of July [___], 2002 between the
     Company, the Subsidiary Guarantors, the Solutia Administrative Agent, the
     Astaris Administrative

                        SHARING INTERCREDITOR AGREEMENT

<Page>

                                      - 7 -

     Agent, the Co-gen Agent and the Collateral Agent, as the same shall be
     modified and supplemented and in effect from time to time.

          "NON-SHARING MORTGAGES" means, collectively, one or more instruments
     of Mortgage, Deed of Trust, Assignment of Rents, Security Agreement and
     Fixture Filing executed by the Company in favor of the Collateral Agent for
     the benefit of the holders of the Non-Sharing Obligations (or in favor of a
     trustee for the benefit of the Collateral Agent and the holders of the
     Non-Sharing Obligations), covering the Existing Mortgaged Facilities and
     securing the Non-Sharing Obligations.

          "NON-SHARING OBLIGATIONS" means, collectively, (i) the obligations of
     the Grantors to each Solutia Lender (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),
     each Astaris Lender, each Co-gen Purchaser, each Term Loan Facility Lender
     and each Administrative Agent and their respective successors and assigns
     in respect of the Solutia Credit Agreement Obligations, the Make-Whole
     Obligations, the Synthetic Lease Obligations, the Term Loan Facility
     Obligations, the Designated Letter of Credit Obligations and the Hedging
     Obligations and (ii) any Debt incurred by the Company under a Term Loan
     Facility.

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

          "PENSACOLA FACILITY" means the manufacturing facility of the Company
     located in or near Pensacola, Florida.

          "PERMITTED INVESTMENTS" shall mean: (a) direct obligations of the
     United States of America, or of any agency thereof, or obligations
     guaranteed as to principal and interest by the United States of America, or
     of any agency thereof, in either case maturing not more than 90 days from
     the date of acquisition thereof; (b) certificates of deposit or time
     deposits issued by any bank or trust company organized under the laws of
     the United States of America or any state thereof and having capital,
     surplus and undivided profits of at least $500,000,000, maturing not more
     than 90 days from the date of acquisition thereof; (c) fully collateralized
     repurchase agreements with a term of not more than 90 days for securities
     described in clause (a) of this definition and entered into with a
     financial institution satisfying the criteria described in clause (b) of
     this definition; (d) commercial paper rated A-1 or better or P-1 by
     Standard & Poor's Ratings Services, a division of McGraw-Hill Companies,
     Inc., or Moody's Investors Services, Inc., respectively, maturing not more
     than 90 days from the date of acquisition thereof; in each case so long as
     the same (x) provide for the payment of principal and interest (and not
     principal alone or interest alone) and (y) are not subject to any
     contingency regarding the payment of principal or interest; and (e) mutual
     funds which invest in securities issued or guaranteed by the United States
     of America or an agency or instrumentality thereof representing a full
     faith and credit obligation of the United States of America and, with

                        SHARING INTERCREDITOR AGREEMENT

<Page>

                                      - 8 -

     respect to each of the foregoing, that is maintained in book-entry form on
     the records of a Federal Reserve Bank.

          "PERSON" means an individual, partnership, corporation (including a
     business trust), joint stock company, trust, unincorporated association,
     joint venture, limited liability company or other entity, or a government
     or any political subdivision or agency thereof.

          "PRINCIPAL PROPERTY" has the meaning assigned to such term in the
     Existing Notes Indentures, in each case as in effect on the date hereof and
     without giving effect to any modifications or supplements after the date
     hereof.

          "RELEVANT SHARING OBLIGATIONS" means at any time (a) in the case of
     any Credit Agreement Secured Party, the aggregate amount of Credit
     Agreement Obligations held by such Credit Agreement Secured Party at such
     time that are due and payable (including for these purposes amounts
     required to be delivered as cover for letters of credit) and (b) in the
     case of any holder of Senior Notes, the sum of (x) the aggregate principal
     amount of such Senior Note outstanding at such time PLUS (y) accrued and
     unpaid interest on such Senior Note outstanding at such time PLUS (z) any
     other amounts owing on such Senior Notes at such time. For purposes hereof,
     prior to the date upon which the Collateral Trustee shall have been
     notified of a Triggering Event, Hedging Obligations shall be excluded from
     the determination of Relevant Sharing Obligations.

          "REQUISITE SHARING SECURED PARTIES" means, at any time, Solutia
     Lenders, Astaris Lenders, Co-gen Purchasers, Term Loan Facility Lenders and
     holders of the Senior Notes holding at such time a majority in principal
     amount of the sum of (a) the Solutia Revolving Credit Exposures,
     outstanding Solutia Term Advances and unused Solutia Commitments (each as
     defined in the Solutia Credit Agreement), (b) the Make-Whole Obligations
     (which, for purposes hereof, shall be deemed to be equal to 50% of the
     Astaris Commitments), (c) the Co-gen Instruments, (d) the Term Loan
     Facility Obligations and (e) the Senior Notes of all Series then
     Outstanding (as the term "Outstanding" is defined in the Senior Notes
     Indentures). For purposes hereof, the Collateral Trustee shall be entitled
     to conclusively rely and act upon a certification from the Solutia
     Administrative Agent as to the Solutia Revolving Credit Exposures,
     outstanding Solutia Term Advances and unused Solutia Commitments, upon a
     certification from the Astaris Administrative Agent as to the Make-Whole
     Obligations, upon a certification from the Co-gen Agent as to the Co-gen
     Instruments, upon a certificate from the Company or the relevant agent
     under the Term Loan Facility as to the Term Loan Facility Obligations and
     upon a certification from the Indenture Trustees as to the aggregate amount
     of Senior Notes of all Series Outstanding at any time.

          Notwithstanding the foregoing, to authorize any release pursuant to
     Section 7.02(b), or any amendment pursuant to Section 8.02(ii), "Requisite
     Sharing Secured Parties" means (i) the Majority Lenders under the Solutia
     Credit Agreement, (ii) the Majority Lenders under the Astaris Credit
     Agreement, (iii) the Majority Purchasers under the Co-gen Participation
     Agreement, (iv) the holders of a majority in principal amount of the Term
     Loan Facility Obligations and (v) the holders of not less than a majority
     in principal amount of each Series (voting separately) of Senior Notes

                        SHARING INTERCREDITOR AGREEMENT

<Page>

                                      - 9 -

     then Outstanding. For purposes hereof, the Collateral Trustee shall be
     entitled to conclusively rely upon a certification from the Solutia
     Administrative Agent that such Majority Lenders under the Solutia Credit
     Agreement have authorized such release or amendment, upon a certification
     from the Astaris Administrative Agent that such Majority Lenders under the
     Astaris Credit Agreement have authorized such release or amendment, upon a
     certification from the Co-gen Agent that such Majority Purchasers have
     authorized such release or amendment, upon a certification from the Company
     or the relevant agent under the Term Loan Facility that holders of a
     majority of the Term Loan Facility Obligations have authorized such release
     or amendment and upon a certification from the Indenture Trustees that such
     majority in principal amount of each Series of Senior Notes have authorized
     such release or amendment.

          "RESPONSIBLE OFFICER" means any officer within the corporate trust
     department of the Collateral Trustee, including any vice president,
     assistant vice president, assistant secretary, assistant treasurer, trust
     officer or any other officer of the Collateral Trustee who customarily
     performs functions similar to those performed by the Persons who at the
     time shall be such officers, respectively, or to whom any corporate trust
     matter is referred because of such Person's knowledge of and familiarity
     with the particular subject and who shall have direct responsibility for
     the administration of this Agreement.

          "RESTRICTED SUBSIDIARY" has the meaning assigned to such term in the
     Existing Notes Indentures, in each case as in effect on the date hereof and
     without giving effect to any modifications or supplements after the date
     hereof.

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

          "SENIOR NOTES" means the notes and debentures issued pursuant to any
     Existing Notes Indenture or New Notes Indenture.

          "SENIOR NOTES DOCUMENTS" means, collectively, the Existing Notes
     Indenture, each New Notes Indenture and the Senior Notes issued pursuant to
     any Existing Notes Indenture or New Notes Indenture.

          "SENIOR NOTES OBLIGATIONS" means the obligations of the Company to pay
     the principal of, premium, if any, interest on and any other amount owing
     on, the notes and debentures issued under the Existing Notes Indentures and
     any New Notes Indenture.

          "SERIES" means, with respect to any Senior Notes, all of the Senior
     Notes having the same interest rate, maturity and designation.

          "SHARED COLLATERAL" means the property from time to time subject to
     the Liens of the Sharing Security Documents.

          "SHARED PROPERTY" has the meaning assigned to such term in the
     preamble to this Agreement.

                        SHARING INTERCREDITOR AGREEMENT

<Page>

                                     - 10 -

          "SHARING MORTGAGES" means, collectively, one or more instruments of
     Mortgage, Deed of Trust, Assignment of Rents, Security Agreement and
     Fixture Filing executed by the Company or CPFilms in favor of the
     Collateral Trustee for the benefit of the holders of the Sharing
     Obligations (or in favor of a trustee for the benefit of the Collateral
     Trustee and the holders of the Sharing Obligations), covering the Mortgaged
     Facilities and securing the Sharing Obligations.

          "SHARING OBLIGATIONS" means, collectively, (i) the Non-Sharing
     Obligations and (ii) the Senior Notes Obligations.

          "SHARING PERCENTAGE" means at any time (a) in the case of any Credit
     Agreement Secured Party, the aggregate amount of Credit Agreement
     Obligations held by such Credit Agreement Secured Party at such time that
     are due and payable (including for these purposes amounts required to be
     delivered as cover for letters of credit) expressed as a percentage of the
     sum (herein, the "RELEVANT SUM") of (w) the total amount of Credit
     Agreement Obligations that are then due and payable PLUS (x) the sum of the
     aggregate principal amount of the Senior Notes outstanding at such time
     PLUS (y) accrued and unpaid interest on such Senior Notes PLUS (z) any
     other amounts owing on such Senior Notes and (b) in the case of any holder
     of Senior Notes, the sum of (x) the aggregate principal amount of the
     Senior Notes held by such holder PLUS (y) accrued and unpaid interest on
     such Senior Notes PLUS (z) any other amounts owing on such Senior Notes
     expressed as a percentage of the Relevant Sum. For purposes hereof, (i)
     prior to the date upon which the Collateral Trustee shall have been
     notified of a Triggering Event, Hedging Obligations shall be excluded from
     the determination of Sharing Percentages and (ii) for purposes of
     calculations hereunder, all amounts denominated in Euros (as defined in the
     Solutia Credit Agreement) shall be converted into the Dollar Equivalent (as
     therein defined) thereof as of the applicable date of calculation.

          "SHARING SECURED PARTIES" means, collectively, the Collateral Agent,
     the Collateral Trustee and the other holders from time to time of the
     Sharing Obligations.

          "SHARING SECURITY AGREEMENT" means the Sharing Security Agreement
     dated as of July [___], 2002 between the Company, CPFilms and the
     Collateral Trustee, as the same shall be modified and supplemented and in
     effect from time to time.

          "SHARING SECURITY DOCUMENTS" means, collectively, the Sharing Security
     Agreement, each Sharing Mortgage, and any other pledge agreements, security
     agreements, assignment agreements, mortgages, deeds of trust or other
     instruments providing for collateral security on Shared Property from time
     to time executed by any Grantor in favor of the Collateral Trustee.

          "SOLUTIA ADMINISTRATIVE AGENT" has the meaning assigned to such term
     in the preamble to this Agreement.

          "SOLUTIA COMMITMENTS" means the "Commitments" under and as defined in
     the Solutia Credit Agreement .

                        SHARING INTERCREDITOR AGREEMENT

<Page>

                                     - 11 -

          "SOLUTIA CREDIT AGREEMENT OBLIGATIONS" means the principal and
     interest on the Advances made by the Solutia Lenders to the Borrowers under
     and as defined in the Solutia Credit Agreement, all obligations of the
     Company in respect of Letters of Credit issued thereunder and all other
     amounts from time to time owing to the Solutia Lenders or the Solutia
     Administrative Agent under the Solutia Credit Agreement.

          "SOLUTIA REVOLVING CREDIT EXPOSURES" means the "Revolving Credit
     Exposures" under and as defined in the Solutia Credit Agreement.

          "SOLUTIA TERM ADVANCES" means the "Term Advances" under and as defined
     in the Solutia Credit Agreement.

          "SUBSIDIARY" has the meaning assigned to such term in the Existing
     Notes Indenture, in each case as in effect on the date hereof and without
     giving effect to any modifications or supplements after the date hereof.

          "SUBSIDIARY GUARANTORS" has the meaning assigned to such term in the
     Solutia Credit Agreement.

          "SYNTHETIC LEASE OBLIGATIONS" means all obligations of the Company
     under the Co-gen Guaranty Agreement, the Co-gen Lease and the other
     Operative Documents (as defined in the Co-gen Participation Agreement);
     PROVIDED that if such obligations exceed $33,000,000, then only the portion
     of such obligations that do not exceed $33,000,000, together with interest
     thereon at the rate specified in the Co-gen Participation Agreement, shall
     be deemed to be "Synthetic Lease Obligations".

          "TERM LOAN FACILITY" means any term loan facility satisfying the
     conditions set forth in Section 6.02(f)(x) of the Solutia Credit Agreement
     and designated by the Company at the time of such incurrence as a
     "Non-Sharing Obligation" hereunder (with a copy of such designation being
     delivered to the Collateral Trustee).

          "TERM LOAN FACILITY LENDERS" means the lenders from time to time
     holding any Term Loan Facility Obligations.

          "TERM LOAN FACILITY OBLIGATIONS" means any Debt incurred by the
     Company under a Term Loan Facility.

          "TRIGGERING EVENT" means the occurrence of any one or more of the
     following: (i) the failure to pay in full the principal of any Sharing
     Obligation upon final maturity thereof, (ii) the occurrence of any "Event
     of Default" under and as defined in any Senior Notes Document, (iii) the
     occurrence of a Bankruptcy Event with respect to any Grantor, (iv) the
     acceleration of the maturity of any Sharing Obligations (other than solely
     the Make-Whole Obligations or the Hedging Obligations) upon the occurrence
     of an "Event of Default" under and as defined in the documentation
     governing such Sharing Obligation or (v) the issuance of any direction by
     the Collateral Agent to the Collateral Trustee, following the occurrence
     and during the continuance of any Event of Default, to

                        SHARING INTERCREDITOR AGREEMENT

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                                     - 12 -

     commence exercise of any of the Collateral Trustee's rights and remedies
     hereunder or under any of the Sharing Security Documents.

          "TRUST ESTATE" means the right, title and interest of the Collateral
     Trustee in, to and under the Sharing Security Documents.

          "2009 NOTES INDENTURE" means the Indenture dated as of July 9, 2002
     between SOI Funding Corp., a Delaware corporation, and HSBC Bank USA, a New
     York banking corporation, as trustee, providing for the issuance by SOI
     Funding Corp. of its 11.25% Senior Secured Notes due 2009, as modified
     pursuant to a Supplemental Indenture providing for the assumption by the
     Company of all of the obligations of SOI Funding Corp. under such Indenture
     and in respect of such Senior Secured Notes.

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

          (b) TERMS GENERALLY. The definitions of terms herein shall apply
equally to the singular and plural forms of the terms defined. Whenever the
context may require, any pronoun shall include the corresponding masculine,
feminine and neuter forms. The words "include", "includes" and "including" shall
be deemed to be followed by the phrase "without limitation". The word "will"
shall be construed to have the same meaning and effect as the word "shall".
Unless the context requires otherwise (i) any definition of or reference to any
agreement, instrument or other document herein shall be construed as referring
to such agreement, instrument or other document as from time to time amended,
supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein), (ii) any reference
herein to any Person shall be construed to include such Person's successors and
assigns, (iii) the words "herein", "hereof" and "hereunder", and words of
similar import, shall be construed to refer to this Agreement in its entirety
and not to any particular provision hereof, (iv) all references herein to
Articles, Sections, Exhibits and Schedules shall be construed to refer to
Articles and Sections of, and Exhibits and Schedules to, this Agreement and (v)
the words "asset" and "property" shall be construed to have the same meaning and
effect and to refer to any and all tangible and intangible assets and
properties, including cash, securities, accounts and contract rights.

          Section 2. REPRESENTATIONS AND WARRANTIES BY GRANTORS. Each Grantor
represents and warrants to the Sharing Secured Parties that:

          2.01. INCORPORATION; GOOD STANDING. Such Grantor 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 Shared Collateral is located except where failure to be so qualified would
not have a Material Adverse Effect (as defined in the Solutia Credit Agreement).

          2.02. CORPORATE AUTHORITY; NO BREACH. The execution, delivery and
performance by such Grantor of this Agreement and the Sharing Security Documents
to which it is a party, and the other transactions contemplated hereby and
thereby, are within such Grantor's corporate powers, have been duly authorized
by all necessary corporate action, and do not contravene (i) such

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                                     - 13 -

Grantor's charter or bylaws or (ii) law or any contractual restriction binding
on or affecting such Grantor.

          2.03. 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 such Grantor of this Agreement or the Sharing
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 Grantor 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 hereby or 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 (as defined in the Solutia Credit Agreement) or (y)
which have been duly obtained, taken, given or made and are in full force and
effect.

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

          Section 3. DECLARATION AND ACCEPTANCE OF TRUST; REMEDIES.

          3.01 DECLARATION AND ACCEPTANCE OF TRUST. The Collateral Trustee
hereby declares, and each of the Grantors agrees, that the Collateral Trustee
holds the Trust Estate as trustee in trust under this Agreement for the equal
and ratable benefit of the Sharing Secured Parties as provided herein. By
acceptance of the benefits of this Agreement and the Sharing Security Documents,
each Sharing Secured Party (whether or not a signatory hereto) (i) consents to
the appointment of the Collateral Trustee as trustee hereunder, (ii) confirms
that the Collateral Trustee shall have the authority to act as the exclusive
agent of such Sharing Secured Party for enforcement of any remedies under or
with respect to the Sharing Security Documents and the giving or withholding of
any consent or approval under the Shared Collateral or any Grantor's obligations
with respect thereto and (iii) agrees that, except as expressly provided in this
Agreement, it shall not take any action to enforce any of such remedies or give
any such consents or approvals.

          3.02 DETERMINATIONS RELATING TO SHARED COLLATERAL. In the event (i)
the Collateral Trustee shall at any time receive any written request from any
Grantor under a Sharing Security Document for consent or approval with respect
to any matter or thing relating to any Shared Collateral or such Grantor's
obligations with respect thereto or (ii) there shall be due to or from the
Collateral Trustee under the provisions of any Sharing Security Document any
performance or the delivery of any instrument or (iii) a Responsible Officer of
the Collateral Trustee shall receive notice of any nonperformance by any Grantor
of any covenant or any breach of any representation or warranty set forth in any
Sharing Security Document, then, in each such event, the Collateral Trustee
shall advise each Administrative Agent, the Co-gen Agent, the Collateral

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<Page>

                                     - 14 -

Agent and each Indenture Trustee of the matter or thing as to which consent has
been requested or the performance or instrument or other document required to be
delivered or the nonperformance or breach of which the Collateral Trustee has
received notice. Subject to the provisions of Section 7.02(b) and 8.02(ii), the
Collateral Agent shall at all times have the exclusive authority to direct the
Collateral Trustee's response to any of the events or circumstances contemplated
in clauses (i), (ii) or (iii) above.

          3.03 ACKNOWLEDGEMENT OF LIEN PRIORITY. The Grantors and the Sharing
Secured Parties (by acceptance of this Agreement) each agrees that the Lien of
the Non-Sharing Mortgages on each Existing Mortgaged Facility is senior in right
of security to the Lien of the Sharing Mortgages on each such Existing Mortgaged
Facility to the extent of the "Senior Lien Limit" under and as defined in the
Non-Sharing Mortgages covering the Existing Mortgaged Facilities. The Collateral
Trustee agrees at any time and from time to time, prior to the time that a
Responsible Officer of the Collateral Trustee shall have actual knowledge of the
occurrence of a Triggering Event, to execute and deliver such supplements to the
Sharing Mortgages covering the Existing Mortgaged Facilities, as the Collateral
Agent shall request in order to acknowledge an increase in the "Senior Lien
Limit" under and as defined in the Non-Sharing Mortgages covering the Existing
Mortgaged Facilities.

          3.04 REMEDIES.

          (a) NOTICE OF TRIGGERING EVENT. Upon becoming aware of the occurrence
of any Triggering Event, the Solutia Administrative Agent, the Astaris
Administrative Agent, the Co-gen Agent, the Collateral Agent or any Indenture
Trustee, as applicable, shall promptly give written notice thereof to the
Collateral Trustee, and the Collateral Trustee, upon receipt of such notice,
shall promptly notify the Solutia Administrative Agent, the Astaris
Administrative Agent, the Co-gen Agent, the Collateral Agent, the Indenture
Trustees and the Grantors in writing that a Triggering Event has occurred.

          (b) DIRECTIONS TO COLLATERAL TRUSTEE. The Collateral Agent shall at
all times (whether before or after the occurrence of a Triggering Event) have
the right and authority to direct the time, method and place of conducting any
proceeding for the exercise of any right or remedy available to the Collateral
Trustee with respect to the Shared Collateral, or of exercising any trust or
power conferred on the Collateral Trustee, or for the taking of any other action
authorized by the instruments comprising the Trust Estate (including the making
of any determinations to be made by the Collateral Trustee thereunder); PROVIDED
that (i) following the occurrence of a Triggering Event, the Requisite Sharing
Secured Parties shall have the right at any time to assume such right and
authority of the Collateral Agent by notice to the Administrative Agents, the
Co-gen Agent, the Indenture Trustees, the Collateral Agent and the Collateral
Trustee and, thereafter, shall have the exclusive right and authority to direct
the Collateral Trustee as to such matters and (ii) nothing in this Section 3.04
shall impair the right of the Collateral Trustee in its discretion to take any
action deemed proper by the Collateral Trustee and which is not inconsistent
with such direction by the Collateral Agent or Requisite Sharing Secured
Parties, as applicable.

          3.05 RIGHT TO MAKE ADVANCES. In the event an advance of funds shall at
any time be required in the reasonable judgment of the Collateral Agent, for the
preservation or

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<Page>

                                     - 15 -

maintenance of any Shared Collateral, any Credit Agreement Secured Party, with
the consent of the Collateral Agent (or, if the Requisite Sharing Secured
Parties shall have assumed the right and authority of the Collateral Agent as
contemplated by Section 3.04(b), with the consent of the Requisite Sharing
Secured Parties), shall be entitled to make such advance on behalf of, or in
lieu of, the Collateral Trustee after reasonable notice to the Company of its
intention to do so but without notice to any other Sharing Secured Party. Each
such advance shall constitute a Collateral Trustee's Fee and shall be repaid as
if such advance were a Collateral Trustee's Fee, with interest at the applicable
Default Rate, by the Company upon demand by the Collateral Trustee, and in any
event, whether or not such demand shall have been made, out of the proceeds of
any Shared Collateral distributed pursuant to clause FIRST of Section 4.01. In
the event any Sharing Secured Party shall receive any funds which, under this
Section 3.05, belong to the Collateral Trustee or any other Sharing Secured
Party, such Sharing Secured Party shall remit such funds promptly to the
Collateral Trustee for distribution to the Collateral Trustee or such other
Sharing Secured Party, as the case may be, and prior to such remittance shall
hold such funds in trust for the Collateral Trustee or such other Sharing
Secured Party, as the case may be.

          3.06 NATURE OF SHARING SECURED PARTIES' RIGHTS. All of the Sharing
Secured Parties shall be bound by any instruction or direction given by the
Collateral Agent or the Requisite Sharing Secured Parties, as applicable,
pursuant to this Section 3.

          Section 4. APPLICATION OF CERTAIN AMOUNTS.

          4.01 APPLICATION OF PROCEEDS. Except as otherwise herein expressly
provided, including Section 3.03 hereof, the proceeds of any collection, sale or
other realization of all or any part of the Shared Collateral pursuant to any of
the Sharing Security Documents, and any other cash at the time held by the
Collateral Trustee under this Agreement or any of the Sharing Security
Documents, shall be applied by the Collateral Trustee as soon as practicable
after receipt (or as and when required by the relevant Sharing Security
Document) as follows:

          FIRST, to the Collateral Trustee in an amount equal to the Collateral
     Trustee's Fees which are unpaid as of the applicable Distribution Date PLUS
     the amount of Collateral Trustee's Fees advanced or paid by any Person
     (other than the Company) which has theretofore advanced or paid any such
     Collateral Trustee's Fees and any amount referred to in Section 3.05 paid
     by any Person (with interest thereon at the applicable Default Rate) which
     amount the Collateral Trustee shall pay to such Person (and to the extent
     such amount refers to amounts advanced pursuant to Section 3.05, a like
     amount of such advance shall be discharged);

          SECOND, after and giving effect to the payment in full of the Sharing
     Obligations referred to in clause FIRST above, to the Sharing Secured
     Parties equally and ratably, each in proportion to their respective Sharing
     Percentages of the Relevant Sharing Obligations then held by them, until
     all the Sharing Obligations have been paid in full (or monies set aside for
     such payment in full as provided in the next paragraph); and

          THIRD, after payment in full of all Sharing Obligations (or the set
     aside of monies for such payment in full as provided in the next paragraph)
     and the termination of all of

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<Page>

                                     - 16 -

     the commitments and letters of credit under the Credit Agreements, to the
     applicable Grantor or its successors or assigns, as its interests may
     appear.

          In the event that at the time of any application of monies pursuant to
clause SECOND above any Senior Note Obligations held by any holder of Senior
Notes shall not have been declared (or become) due and payable, then on the date
of such application, the Collateral Trustee shall set aside the monies that
would otherwise have been paid to such holder in respect of such Senior Note
Obligations into a segregated collateral account for the exclusive right and
benefit of such holder, and shall notify the respective Indenture Trustee for
such Senior Note Obligations of the amount so deposited into such segregated
collateral account; PROVIDED that solely with respect to Senior Notes
Obligations under the 2009 Notes Indenture and solely with respect to the
proceeds of a disposition constituting an Asset Sale (as defined in the 2009
Notes Indenture), if no Triggering Event or Event of Default (as defined in the
2009 Notes Indenture) has occurred and is continuing, the monies otherwise
allocable to the 2009 Notes pursuant to the foregoing shall be paid to the
Company for use in accordance with the third and fourth paragraphs of Section
4.12(a) of the 2009 Notes Indenture and otherwise subject to the terms and
conditions set forth therein. The balance from time to time held in any such
segregated collateral account shall be invested in such Permitted Investments as
the Collateral Trustee shall from time to time in its discretion determine and
shall be available for application to the Senior Note Obligations held by such
holder upon request of such holder (or an Indenture Trustee on its behalf) until
such time as all such Senior Note Obligations have been paid in full, PROVIDED
that if (a) any such Senior Note Obligations shall have been declared (or
become) due and payable and (b) no such request shall have been received by the
Collateral Trustee for application to such Senior Note Obligations within the
Applicable Period after such Senior Note Obligations have been declared (or
become) due and payable, then the portion of such monies that would otherwise
have been applied to such Senior Note Obligations shall be applied by the
Collateral Trustee in the manner specified in clause SECOND or, if applicable,
clause THIRD above.

          For purposes hereof, "APPLICABLE PERIOD" means (a) two years with
respect to the 6.25% Euro Notes due 2005 issued by Solutia Europe S.A./N.V., (b)
three years with respect to the 6.50% notes due 2002, 7.375% debentures due 2027
and 6.72% debentures due 2037, in each case issued by the Company and (c) with
respect to Senior Note Obligations under any New Notes Indenture, such period as
is prescribed in such New Notes Indenture for the discharge from trust of
unclaimed monies deposited with the applicable trustee or paying agent.

          The Company shall deliver to the applicable Indenture Trustee, within
5 days after the applicable Senior Note Obligations have been declared (or
become) due and payable, notice that monies referred to in the second paragraph
of this Section 4.01 have been set aside into a segregated collateral account
for the exclusive right and benefit of the holders of such Senior Notes
Obligations.

          4.02 RELIANCE BY COLLATERAL TRUSTEE; PAYMENTS. The Collateral Trustee
shall be entitled to conclusively rely upon a certificate from each
Administrative Agent and the Co-gen Agent as to the aggregate amount of Credit
Agreement Sharing Obligations that on any Distribution Date are held by any
Credit Agreement Secured Party and as to the amount thereof that are due and
payable, and shall remit the amount of any cash to be applied pursuant to clause
SECOND of Section 4.01 to the Credit Agreement Sharing Obligations that are then
due and

                        SHARING INTERCREDITOR AGREEMENT

<Page>

                                     - 17 -

payable directly to such Administrative Agent or the Co-gen Agent, as applicable
(it being understood that, for purposes hereof, amounts to be applied to
Designated Letter of Credit Obligations shall be remitted directly to the
Collateral Agent to be held as cover for the Designated Letter of Credit
Obligations as provided in Section 5.04 of the Non-Sharing Security and
Guarantee Agreement). Similarly, the Collateral Trustee shall be entitled to
conclusively rely upon a certificate from the Indenture Trustees as to the
aggregate amount of Senior Note Obligations that on any Distribution Date are
held by any holder of Senior Notes and as to the amount thereof that are due and
payable, and shall, except to the extent provided in the second paragraph of
Section 4.01, remit the amount of any cash to be applied pursuant to clause
SECOND of Section 4.01 to the Senior Note Obligations that are then due and
payable directly to the respective Indenture Trustees.

          4.03 PAYMENT PROVISIONS. For the purposes of applying the provisions
of Section 4.01, all interest to be paid on any of the Sharing Obligations
pursuant to the terms of any Debt Instrument shall, as among the Sharing Secured
Parties and irrespective of whether such interest is or would be recognized or
allowed in any bankruptcy or similar proceeding, be treated as a Sharing
Obligation for purposes hereof.

          4.04 CERTAIN PROCEEDS OF SHARED COLLATERAL. Anything herein or in any
of the other Sharing Security Documents to the contrary notwithstanding, the
Collateral Trustee shall promptly remit to the Company any amounts standing to
the credit of the Shared Collateral Account under and as defined in the Sharing
Security Agreement if, prior to the time that a Responsible Officer of the
Collateral Trustee shall have actual knowledge of the occurrence of a Triggering
Event, the Collateral Trustee shall be instructed by the Collateral Agent to
remit such amounts to the Company.

          Section 5. AGREEMENTS WITH COLLATERAL TRUSTEE.

          5.01 DELIVERY OF DEBT INSTRUMENTS. On or before the date hereof, the
Company shall have delivered to the Collateral Trustee a true and complete copy
of each of the Debt Instruments as in effect on the date hereof. Promptly upon
the execution thereof, the Company shall deliver to the Collateral Trustee a
true and complete copy of any and all amendments, modifications or supplements
to any Debt Instrument and of any Hedging Agreement or New Notes Indenture
hereafter entered into constituting a Debt Instrument.

          5.02 INFORMATION AS TO HOLDERS. Each Administrative Agent, the Co-gen
Agent and the applicable Indenture Trustee shall deliver to the Collateral
Trustee within 30 days after request by the Collateral Trustee, a list setting
forth (as of the date of such request), (a) in the case of the Administrative
Agents and the Co-gen Agent, for each Debt Instrument pursuant to which any
Credit Agreement Sharing Obligations are outstanding and (b) in the case of the
applicable Indenture Trustee, for the Senior Notes, (i) the aggregate principal
amount then outstanding thereunder, (ii) the interest rate or rates then in
effect thereunder, (iii) the amount thereof then due and payable and (iv) the
names of the holders thereof and the unpaid principal amount thereof then due
and payable to each such holder. In addition, each Administrative Agent, the
Co-gen Agent and the applicable Indenture Trustee shall furnish to the
Collateral Trustee within 30 days of a request therefor a list (as of the date
of such request) setting forth the name and address of each party to whom
notices must be sent under (x) in the case of the

                        SHARING INTERCREDITOR AGREEMENT

<Page>

                                     - 18 -

Administrative Agents and the Co-gen Agent, the Debt Instruments pursuant to
which any Credit Agreement Sharing Obligations are outstanding and (y) in the
case of the applicable Indenture Trustee, the Senior Notes Documents, and the
Company agrees to furnish promptly to the Collateral Trustee any changes or
additions to such list.

          5.03 EXPENSES; INDEMNITY; DAMAGE WAIVER.

          (a) COSTS AND EXPENSES. The Grantors jointly and severally agree to
pay (i) to the Collateral Trustee, from time to time upon demand, compensation
(which shall not be limited by any provision of law in regard to compensation of
a trustee of an express trust) for its services hereunder and for administering
the Trust Estate, as heretofore or from time to time agreed upon in writing
between the Collateral Trustee and the Company, (ii) all reasonable
out-of-pocket expenses incurred by the Collateral Trustee and its affiliates,
including the reasonable fees, charges and disbursements of counsel for the
Collateral Trustee, in connection with the preparation and administration of
this Agreement or any amendments, modifications or waivers of the provisions
hereof or thereof (whether or not the transactions contemplated hereby or
thereby shall be consummated), (iii) all reasonable out-of-pocket expenses
incurred or required to be advanced by the Collateral Trustee in connection with
the administration of the Trust Estate or the preservation, protection or
defense of the Collateral Trustee's rights under this Agreement and in and to
the Shared Collateral and the Trust Estate, (iv) all out-of-pocket expenses
incurred by the Collateral Trustee, including the fees, charges and
disbursements of any counsel for the Collateral Trustee, in connection with the
enforcement or protection of its rights in connection with this Agreement,
including its rights under this Section 5.03, including in connection with any
workout, restructuring or negotiations in respect thereof and (v) all costs,
expenses, taxes, assessments and other charges incurred in connection with any
filing, registration, recording or perfection of any security interest
contemplated by this Agreement or any other document referred to therein.

          (b) INDEMNIFICATION BY THE GRANTORS. The Grantors jointly and
severally agree to indemnify and hold harmless the Collateral Trustee 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 Trustee 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 Trustee under or in respect of any Security Document
or any Shared 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 Grantors 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.

          (c) WAIVER OF CONSEQUENTIAL DAMAGES, ETC. To the extent permitted by
applicable law, no Grantor shall assert, and each Grantor hereby waives, any
claim against any Indemnitee, on any theory of liability, for special, indirect,
consequential or punitive damages (as

                        SHARING INTERCREDITOR AGREEMENT

<Page>

                                     - 19 -

opposed to direct or actual damages) arising out of, in connection with, or as a
result of, this Agreement or any agreement or instrument contemplated hereby.

          (d) PAYMENTS. All amounts due under this Section 5.03 shall be payable
promptly after written demand therefor.

          5.04 FURTHER ASSURANCES. At any time and from time to time, upon the
written request of the Collateral Agent or the Collateral Trustee, and at the
expense of the Grantors, each Grantor shall promptly execute and deliver any and
all such further instruments and documents and take such further action as is
necessary or desirable or as the Collateral Trustee reasonably deems necessary
or desirable in obtaining the full benefits of this Agreement.

          Section 6. THE COLLATERAL TRUSTEE.

          6.01 CERTAIN DUTIES. The Collateral Trustee's duties in respect of the
Trust Estate shall include the taking of action with respect to applications of
the Grantors or others for consents, waivers, releases or other matters relating
to the Trust Estate or the Shared Collateral as is explicitly required of the
Collateral Trustee pursuant to the terms hereunder and the prosecution following
any Triggering Event of any action or proceeding or the taking of any
nonjudicial remedial action as shall be determined to be required pursuant to
the provisions of Sections 3.02 and 3.04. The Collateral Trustee's sole duty
with respect to the custody, safekeeping and physical preservation of any Shared
Collateral in its possession, under the Uniform Commercial Code or otherwise,
shall be to deal with such Shared Collateral in the same manner as it
customarily deals with similar collateral of other parties held by it.

          6.02 EXCULPATORY PROVISIONS.

          (a) NO REPRESENTATIONS. The Collateral Trustee shall not be
responsible in any manner whatsoever for the correctness of any recitals,
statements, representations or warranties herein contained, all of which are
made solely by the Grantors. The Collateral Trustee makes no representations as
to the value or condition of the Trust Estate or any part thereof, or as to the
title of the Grantors thereto or as to the security afforded by the Sharing
Security Documents or this Agreement or as to the validity, execution (except
its own execution thereof), enforceability, legality or sufficiency of the
Sharing Security Documents or this Agreement or of the Sharing Obligations, and
the Collateral Trustee shall incur no liability or responsibility with respect
to any such matters. The Collateral Trustee shall not be responsible for
insuring the Trust Estate or for the payment of taxes, charges, assessments or
Liens upon the Trust Estate or otherwise as to the maintenance of the Trust
Estate, including as to the preparation or filing of any Uniform Commercial Code
financing statements.

          (b) LIMITATIONS UPON DUTIES. The Collateral Trustee shall not be
required to ascertain or inquire as to the performance by any Grantor or any
other Person of any of the covenants or agreements contained herein, in the
Sharing Security Documents or in any Debt Instrument or any other agreement or
instrument referred to therein. Whenever it is necessary for the Collateral
Trustee to ascertain the amount of Sharing Obligations then held by a Sharing
Secured Party, the Collateral Trustee may conclusively rely on a certificate of
the Solutia Administrative Agent (in the case of the Solutia Credit Agreement
Obligations and the

                        SHARING INTERCREDITOR AGREEMENT

<Page>

                                     - 20 -

Designated Letter of Credit Obligations), the Astaris Administrative Agent (in
the case of the Make-Whole Obligations), the Co-gen Agent (in the case of the
Synthetic Lease Obligations), the Company or the relevant agent under the Term
Loan Facility (in the case of the Term Loan Facility Obligations) and the
applicable Indenture Trustee (in the case of the Senior Notes Obligations) as to
such amount.

          (c) LIMITATIONS UPON LIABILITY. The Collateral Trustee shall not be
personally liable for any action taken or omitted to be taken by it in
accordance with this Agreement, the Sharing Security Documents or any Debt
Instrument, except for such actions or omissions that are determined by a court
of competent jurisdiction by final and nonappealable judgment to have resulted
from the gross negligence or willful misconduct of the Collateral Trustee. The
Collateral Trustee and its affiliates may make loans to, accept deposits from
and generally engage in any kind of business with the Company and its
Subsidiaries as though the Collateral Trustee were not the collateral trustee
hereunder.

          6.03 DELEGATION OF DUTIES. The Collateral Trustee may execute any of
the trusts or powers hereof and perform any duty hereunder either directly or by
or through agents or attorneys-in-fact which it shall select with due care. The
Collateral Trustee shall not be responsible for the negligence or willful
misconduct of any agents or attorneys-in-fact selected by it with due care.

          6.04 RELIANCE BY COLLATERAL TRUSTEE.

          (a) RELIANCE UPON CERTIFICATES OF COMPANY. Whenever in the
administration of the trusts of this Agreement the Collateral Trustee shall deem
it necessary or advisable that a matter be proved or established in connection
with the taking of any action hereunder by the Collateral Trustee, such matter
(unless other evidence in respect thereof be herein or in the Sharing Security
Documents specifically prescribed) may be deemed to be conclusively provided or
established by a certificate of an officer of the Company delivered to the
Collateral Trustee, and such officers' certificate shall be full warranty to
Collateral Trustee for any action taken, suffered or omitted in reliance
thereon.

          (b) CONSULTATION WITH COUNSEL. The Collateral Trustee may consult with
counsel of its own selection, and any opinion or advice of such counsel (which
may be in-house counsel for the Collateral Trustee) shall be full and complete
authorization and protection in respect of any action taken or suffered by it
hereunder in accordance therewith. The Collateral Trustee shall have the right
at any time to seek instructions concerning the administration of the Trust
Estate from any court of competent jurisdiction.

          (c) RELIANCE UPON RESOLUTIONS, ETC. The Collateral Trustee may
conclusively rely, and shall be fully protected in acting, upon any resolution,
statement, certificate, instrument, opinion, report, notice, request, consent,
order, bond or other paper or document (whether in its original or facsimile
form) which it has no reason to believe to be other than genuine and to have
been signed or presented by the proper party or parties or, in the case of
telecopies and telexes, to have been sent by the proper party or parties. The
Collateral Trustee may conclusively rely, as to the truth of the statements and
the correctness of the opinions expressed therein, upon any

                        SHARING INTERCREDITOR AGREEMENT

<Page>

                                     - 21 -

certificates or opinions furnished to the Collateral Trustee and conforming to
the requirements of this Agreement or the Sharing Security Documents.

          (d) CONFLICT OR DOUBT IN ACTIONS TO BE TAKEN. In the event any
disagreement between the Credit Agreement Secured Parties and the holders of the
Senior Notes shall result in a proceeding in a court of competent jurisdiction
being instituted with respect to the proper action to be taken by the Collateral
Trustee hereunder, and an order shall be issued enjoining the Collateral Trustee
from taking any action hereunder or under any Sharing Security Document, the
Collateral Trustee shall be entitled to refrain from taking action hereunder and
to retain the Trust Estate until the Collateral Trustee shall have received a
replacement or supplemental order of such court with respect to the action to be
taken. Any such replacement or supplemental order of a court shall be
accompanied by a legal opinion by counsel for the presenting party satisfactory
to the Collateral Trustee to the effect that said opinion is final and
nonappealable.

          In addition, in the event that the Collateral Trustee in good faith is
in doubt as to what action it should take hereunder, the Collateral Trustee
shall be entitled to refrain from taking action hereunder and to retain the
Trust Estate until the Collateral Trustee shall have received a direction from
the Administrative Agent with respect to the action to be taken (or, if the
Requisite Sharing Secured Parties shall have assumed the right and authority of
the Collateral Agent as contemplated by Section 3.04(b), a direction of the
Requisite Sharing Secured Parties).

          6.05 LIMITATIONS ON DUTIES OF COLLATERAL TRUSTEE. The Collateral
Trustee shall not be liable with respect to any action taken or omitted to be
taken by it in accordance with the direction of the Collateral Agent or, to the
extent provided in Sections 3.04(b), 7.02(b) and 8.02(ii), the Requisite Sharing
Secured Parties. Except as herein otherwise expressly provided, the Collateral
Trustee shall not be under any obligation to take any action which is
discretionary with the Collateral Trustee under the provisions hereof except
upon the written request of the Collateral Agent or, to the extent provided in
Sections 3.04(b), 7.02(b) and 8.02(ii), the Requisite Sharing Secured Parties.
Upon reasonable prior notice, the Collateral Trustee shall make available for
inspection and copying during normal business hours by any Sharing Secured Party
each certificate or other paper furnished to the Collateral Trustee by any
Grantor, either Administrative Agent, the Co-gen Agent, the Collateral Agent or
any Indenture Trustee under or in respect of this Agreement, the Sharing
Security Documents or any portion of the Trust Estate.

          6.06 MONEYS TO BE HELD IN TRUST. All moneys received by the Collateral
Trustee under or pursuant to any provision of this Agreement shall be held in
trust for the purposes for which they were paid or are held.

          6.07 RESIGNATION AND REPLACEMENT OF COLLATERAL TRUSTEE.

          (a) RESIGNATION. The Collateral Trustee may at any time, by giving 30
days' prior written notice to the Company, the Administrative Agents, the Co-gen
Agent, the Collateral Agent and the Indenture Trustees, resign and be discharged
of the responsibilities hereby created, such resignation to become effective
upon the earlier of (i) 30 days from the date of such notice and (ii) the
appointment of a successor collateral trustee or collateral trustees, proposed
by the Company, reasonably acceptable to the Indenture Trustees and the
Collateral Agent, by the Collateral Agent (determined after consultation with
the Company) and, with respect to any

                        SHARING INTERCREDITOR AGREEMENT

<Page>

                                     - 22 -

Indenture Trustee, if no objection has been received from such Indenture Trustee
within 10 days of such proposal, such Indenture Trustee shall have been deemed
to have approved such collateral trustee or collateral trustees. If no successor
collateral trustee or collateral trustees shall be appointed and approved within
30 days from the date of the giving of the aforesaid notice of resignation, the
Collateral Trustee (notwithstanding the termination of all of its other duties
and obligations hereunder by reason of such resignation), the Collateral Agent
or the Company may at the expense of the Company, apply to any court of
competent jurisdiction to appoint a successor collateral trustee or collateral
trustees (which may be an individual or individuals) to act until such time, if
any, as a successor collateral trustee or collateral trustees shall have been
appointed as above provided. Any successor collateral trustee or collateral
trustees so appointed by such court shall immediately and without further act be
superseded by any successor collateral trustee or collateral trustees approved
by the Collateral Agent as above provided. In connection with the foregoing, the
Company hereby agrees with the Sharing Secured Parties to pay the fees, costs
and expenses of any successor collateral trustee, and to provide indemnification
to any successor collateral trustee, to the same extent as it provides the same
to the predecessor collateral trustee.

          (b) APPOINTMENT OF SUCCESSOR COLLATERAL TRUSTEE. If at any time the
Collateral Trustee shall resign or otherwise become incapable of acting, or if
at any time a vacancy shall occur in the office of Collateral Trustee for any
other cause, a successor collateral trustee or collateral trustees, reasonably
acceptable to the Indenture Trustees and the Collateral Agent (determined after
consultation with the Company) and, with respect to any Indenture Trustee, if no
objection has been received from such Indenture Trustee within 10 days of such
proposal, such Indenture Trustee shall have been deemed to have approved such
collateral trustee or collateral trustees, may be appointed by the
Administrative Agents, the Co-gen Agent and the Collateral Agent, and the
powers, duties, authority and title of the predecessor collateral trustee or
collateral trustees terminated and canceled without procuring the resignation of
such predecessor collateral trustee or collateral trustees, and without any
other formality (except as may be required by applicable law) other than
appointment and designation of a successor collateral trustee or collateral
trustees in writing, duly acknowledged, delivered to the predecessor collateral
trustee or collateral trustees, and filed for record in each public office, if
any, in which this Agreement is required to be filed.

          (c) RIGHTS OF SUCCESSOR COLLATERAL TRUSTEE. The appointment and
designation referred to in Section 6.07(b) shall, after any required filing, be
full evidence of the right and authority to make the same and of all the facts
therein recited, and this Agreement shall vest in such successor collateral
trustee or collateral trustees, without any further act, deed or conveyance, all
of the estate and title of its predecessor or their predecessors, and upon such
filing for record the successor collateral trustee or collateral trustees shall
become fully vested with all the estates, properties, rights, powers, trusts,
duties, authority and title of its predecessor or their predecessors; but such
predecessor or predecessors shall, nevertheless, on the written request of
either Administrative Agent, the Co-gen Agent, the Collateral Agent or any
successor collateral trustee or collateral trustees, execute and deliver an
instrument transferring to such successor or successors all the estates,
properties, rights, powers, trusts, duties, authority and title of such
predecessor or predecessors hereunder and shall deliver all securities and
moneys held by it or them to such successor collateral trustee or collateral
trustees.

                        SHARING INTERCREDITOR AGREEMENT

<Page>

                                     - 23 -

          (d) FILINGS AT EXPENSE OF COMPANY. Any required filing for record of
the instrument appointing a successor collateral trustees as hereinabove
provided shall be at the expense of and done by the Company.

          6.08 QUALIFICATIONS OF SUCCESSORS TO COLLATERAL TRUSTEE. Except as
permitted by Section 6.07, any successor to the Collateral Trustee appointed
pursuant to Section 6.07 shall be a bank or trust company in good standing and
having power so to act, incorporated under the laws of the United States of
America or any State thereof or the District of Columbia, and having its
principal corporate trust office within the forty-eight contiguous States, and
shall also have capital, surplus and undivided profits of not less than
$100,000,000.

          6.09 MERGER OF COLLATERAL TRUSTEE. Any Person into which the
Collateral Trustee may be merged, or with which it may be consolidated, or any
Person resulting from any merger or consolidation to which the Collateral
Trustee shall be a party, or any Person acquiring all or substantially all of
the corporate trust business of the Collateral Trustee, shall be the Collateral
Trustee under this Agreement without the execution or filing of any paper or any
further act on the part of the parties hereto.

          6.10 APPOINTMENT OF ADDITIONAL AND SEPARATE COLLATERAL TRUSTEE.
Whenever (i) the Collateral Trustee or the Collateral Agent shall deem it
necessary or prudent in order to conform to any law of any jurisdiction in which
all or any part of the Shared Collateral shall be situated or to make any claim
or bring any suit with respect to or in connection with the Shared Collateral,
or (ii) the Collateral Trustee shall be advised by counsel that it is so
necessary or prudent in the interest of the Sharing Secured Parties, then in any
such case, the Collateral Trustee shall execute and deliver from time to time
all instruments and agreements necessary or proper to constitute another bank or
trust company or one or more Persons approved by the Collateral Trustee either
to act as additional trustee or trustees of all or any part of the Trust Estate,
jointly with the Collateral Trustee, or to act as separate trustee or trustees
of all or any part of the Trust Estate, in any such case with such powers as may
be provided in such instruments or agreements, and to vest in such bank, trust
company or Person as such additional trustee or separate trustee, as the case
may be, any property, title, right or power of the Collateral Trustee deemed
necessary or advisable by the Collateral Trustee. Each of the Grantors hereby
consents to all actions taken by the Collateral Trustee under the foregoing
provisions of this Section 6.10.

          Section 7. RELEASE OF COLLATERAL; EXPIRATION OF HEDGING RIGHTS;
DESIGNATIONS OF NEW NOTES INDENTURES.

          7.01 RELEASE OF TRUST ESTATE; EXPIRATION OF CERTAIN RIGHTS.
Notwithstanding any contrary provision herein, the Trust Estate shall be
assigned and released to (i) the Collateral Agent for the benefit of the Credit
Agreement Secured Parties and the other holders of Credit Agreement Obligations
(and such release confirmed in a written instrument in form satisfactory to the
Collateral Agent) on the earlier of the date (a) on which all the Senior Notes
Obligations shall have been paid in full to the holders thereof or (b) that is
ten days after the provisions of the Senior Notes Documents that require equal
and ratable security shall be held to be invalid, void or unenforceable by the
final judgment of a court of competent jurisdiction, no longer subject to appeal
or review, or (ii) the applicable Grantor on the date on which all the Credit
Agreement

                        SHARING INTERCREDITOR AGREEMENT

<Page>

                                     - 24 -

Obligations have been paid in full, all Designated Letters of Credit and Letters
of Credit issued under the Solutia Credit Agreement expired or terminated and
the Solutia Commitments have been terminated, the Solutia Administrative Agent
has given written notice thereof to the Collateral Trustee and all the
Collateral Trustee's Fees have been paid in full.

          7.02 RELEASES OF SHARED COLLATERAL.

          (a) PRIOR TO TRIGGERING EVENT. At any time during which, to the actual
knowledge of any Responsible Officer of the Collateral Trustee, no Triggering
Event has occurred and is continuing, the Lien of the Sharing Security Documents
may, at any time, be released in whole or in part by the Collateral Trustee
pursuant to written directions signed by the Collateral Agent, PROVIDED that no
such release shall be effected in such a manner so that fewer than all, but not
all, of the Sharing Secured Parties continue to be entitled to the benefits of
such Lien (or become entitled to the benefits of a substitute Lien) without each
of the Sharing Secured Parties hereunder being equally and ratably secured on
the respective property subject to such Lien (to the extent such property is
Shared Property). No such release shall require any consent or approval by any
other Sharing Secured Party.

          (b) AFTER TRIGGERING EVENT. At any time during which, to the actual
knowledge of any Responsible Officer of the Collateral Trustee, a Triggering
Event has occurred and is continuing, the Lien of the Sharing Security Documents
may, at any time, be released in whole or in part by the Collateral Trustee only
pursuant to written directions signed by the Requisite Sharing Secured Parties
PROVIDED that no such release shall be effected in such a manner so that fewer
than all, but not all, of the Sharing Secured Parties continue to be entitled to
the benefits of such Lien (or become entitled to the benefits of a substitute
Lien) without each of the Sharing Secured Parties hereunder being equally and
ratably secured on the respective property subject to such Lien (to the extent
such property is Shared Property).

          7.03 NEW NOTES INDENTURES. In the event that after the date hereof the
Company issues any senior debt securities in connection with any Capital Markets
Transaction (as defined in the Solutia Credit Agreement) permitted under the
Solutia Credit Agreement then, the Company may at its option designate the
indenture or other agreements pursuant to which such securities are issued as a
"New Notes Indenture" for purposes hereof by furnishing to the Collateral
Trustee (with a copy thereof to the Administrative Agents, the Co-gen Agent and
the Collateral Agent) a letter (a "NEW NOTES INDENTURE DESIGNATION LETTER"), in
such form as shall be acceptable to the Collateral Agent and the Collateral
Trustee, duly completed and executed by the Company. Upon any such designation
of a New Notes Indenture, such New Notes Indenture shall be entitled to the
benefits of the Sharing Obligations subject to the terms and conditions of, and
to the extent provided in, this Agreement.

          Section 8. MISCELLANEOUS.

          8.01 EQUAL AND RATABLE SECURITY. This Agreement is intended to comply
with the provisions of the Senior Notes Documents to secure the unpaid principal
of, premium, if any, and accrued interest on the Senior Notes equally and
ratably with the Credit Agreement Obligations in respect of the Shared Property.
To the extent that the rights and benefits herein or in any of the Sharing
Security Agreement conferred on the holders of the Senior Notes or the Indenture

                        SHARING INTERCREDITOR AGREEMENT

<Page>

                                     - 25 -

Trustees shall be held by a final judgment of a court of competent jurisdiction,
no longer subject to appeal or review, to exceed the rights and benefits
required so to be conferred by such provisions, such rights and benefits shall
be limited so as to provide to such holders and the Indenture Trustees only
those rights and benefits that are required by such provisions. Any and all
rights not herein expressly given to the Indenture Trustees are expressly
reserved to the Collateral Agent and the other Credit Agreement Secured Parties,
it being understood that in the absence of a requirement to provide equal and
ratable security set forth in the Senior Notes Documents, this Agreement would
not have been accepted by the Administrative Agents, the Co-gen Agent, the
Collateral Agent, the Solutia Lenders, the Astaris Lenders or the Co-gen
Purchasers.

          8.02 AMENDMENTS, SUPPLEMENTS AND WAIVERS. This Agreement and any other
Sharing Security Document may be amended at any time by an instrument in writing
between the parties hereto; PROVIDED that (i) at any time during which, to the
actual knowledge of any Responsible Officer of the Collateral Trustee, no
Triggering Event has occurred and is continuing, (x) it shall not be necessary
for the Indenture Trustees to join in any such instrument except to the extent
that the same would adversely affect the rights of the holders of the Senior
Notes to equally and ratably share in the security provided for herein and in
the Sharing Security Documents and (y) the Collateral Trustee will upon the
instruction of the Collateral Agent execute such instrument (except that the
Collateral Trustee shall not be obligated to execute any such instrument to the
extent it would affect the Collateral Trustee's own rights, duties or immunities
under this Agreement or the Sharing Security Documents) and (ii) at any time
during which, to the actual knowledge of any Responsible Officer of the
Collateral Trustee, a Triggering Event has occurred and is continuing, the
Collateral Trustee will execute such instrument only upon the instruction of the
Requisite Sharing Secured Parties (except that the Collateral Trustee shall not
be obligated to execute any such instrument to the extent it would affect the
Collateral Trustee's own rights, duties or immunities under this Agreement or
the Sharing Security Documents). To determine that, under the foregoing clause
(i)(x), it is not necessary for the Indenture Trustees to join in such
amendment, the Collateral Trustee shall be provided with (and shall be entitled
to rely upon) an opinion of counsel to the effect that such amendment would not
adversely affect the rights of the holders of the Senior Notes to equally and
ratably share in the security provided for herein and in the Sharing Security
Documents.

          8.03 NOTICES. All notices and other communications provided for herein
shall be in writing and shall be delivered by hand or overnight courier service,
mailed by certified or registered mail or sent by telecopy, as follows:

          (i)   if to any Grantor, 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;

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

                        SHARING INTERCREDITOR AGREEMENT

<Page>

                                     - 26 -

          (iii) 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;

          (iv)  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;

          (v)   if 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;

          (vi)  if to the Collateral Trustee, at its address at HSBC Bank USA,
     425 Fifth Avenue, New York, New York 10018 (if by mail) or 10 East 40th
     Street, 14th Floor, New York, New York 10016 (if delivered), Attention:
     Issuer Services, telephone number (212) 525-1351, telecopier number (212)
     525-1300; and

          (vii) if to any Indenture Trustee, at the address for notices provided
     in the respective Existing Notes Indenture or New Notes Indenture under
     which such Indenture Trustee serves as indenture trustee or fiscal agent;

or, in the case of any party, at such other address as shall be designated by it
in a written notice to each of the other parties. All such notices and other
communications given in accordance with the provisions of this Agreement shall
be deemed to have been given on the date of receipt.

          8.04 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.

          8.05 SEVERABILITY. Any provision of this Agreement held to be invalid,
illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such invalidity, illegality or unenforceability
without affecting the validity, legality and enforceability of the remaining
provisions hereof; and the invalidity of a particular provision in a particular
jurisdiction shall not invalidate such provision in any other jurisdiction.

          8.06 DEALINGS WITH THE GRANTORS. Upon any application or demand by any
Grantor to the Collateral Trustee to take or permit any action under any of the
provisions of this Agreement or under any Sharing Security Document, such
Grantor shall furnish to the Collateral Trustee (with a copy thereof to the
Collateral Agent) a certificate of an appropriate officer and an opinion of
counsel stating that all conditions precedent, if any, provided for in this
Agreement and Sharing Security Document relating to the proposed action have
been complied with, except that in the case of any such application or demand as
to which the furnishing of such documents is specifically required by any
provision of this Agreement or the Sharing Security Documents relating to such
particular application or demand, no additional certificate or opinion need be
furnished.

                        SHARING INTERCREDITOR AGREEMENT

<Page>

                                     - 27 -

          8.07 SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon and
inure to the benefit of the respective successors and assigns of each Grantor,
the Collateral Trustee, each Sharing Secured Party and each holder of any of the
Sharing Obligations (PROVIDED that no Grantor shall assign or transfer its
rights or obligations hereunder without the prior written consent of the
Collateral Trustee and the Collateral Agent)

          8.08 GOVERNING LAW; JURISDICTION; ETC.

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

          (b) JURISDICTION. Each of the Grantors 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
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 Grantors 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 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 Sharing Security Document in the courts of any
jurisdiction.

          (c) WAIVER OF VENUE. Each Grantor hereby irrevocably and
unconditionally waives, to the fullest extent it may legally and effectively do
so, any objection which it may now or hereafter have to the laying of venue of
any suit, action or proceeding arising out of or relating to this Agreement or
any Sharing Security Document in any court referred to in paragraph (b) of this
Section 8.08. Each of the parties hereto hereby irrevocably waives, to the
fullest extent permitted by law, the defense of an inconvenient forum to the
maintenance of such action or proceeding in any such court.

          (d) SERVICE OF PROCESS. Each party to this Agreement irrevocably
consents to service of process in the manner provided for notices in Section
8.03. Nothing in this Agreement will affect the right of any party to this
Agreement to serve process in any other manner permitted by law.

          8.09 COUNTERPARTS. This Agreement may be executed in counterparts (and
by different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a
single contract. Delivery of an executed counterpart of a signature page to this
Agreement by telecopy shall be effective as delivery of a manually executed
counterpart of this Agreement.

          8.10 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY IN ANY LEGAL PROCEEDING DIRECTLY OR

                        SHARING INTERCREDITOR AGREEMENT

<Page>

                                     - 28 -

INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE SHARING SECURITY
DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON
CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK
TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER
PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 8.10.

          8.11 NO WAIVER. No failure on the part of the any Sharing 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 any Sharing Secured Party
of any right, 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.

          8.12 SURVIVAL. The provisions of Section 5.03 and Section 6 shall
survive and remain in full force and effect regardless of the consummation of
the transactions contemplated hereby, the resignation or removal of the
Collateral Trustee, the repayment of the Sharing Obligations, the termination or
expiration of all Designated Letters of Credit and Letters of Credit issued
under the Solutia Credit Agreement, and the termination of the Solutia
Commitments.

          8.13 ADDITIONAL SUBSIDIARY GUARANTORS. As contemplated in Section
6.01(l) of the Solutia Credit Agreement, certain new domestic Restricted
Subsidiaries of the Company formed or acquired by the Company after the date
hereof, are required to become a "Subsidiary Guarantor" under this Agreement, by
executing and delivering to the Collateral Agent and the Collateral Trustee a
Guarantee Assumption Agreement in the form of Exhibit J to the Solutia Credit
Agreement. In addition, as contemplated by Section 4.19 of the 2009 Notes
Indenture, any such newly-formed or acquired domestic Restricted Subsidiary is
required to become a Guarantor under the 2009 Notes Indenture pursuant to a
supplement to the 2009 Notes Indenture. Accordingly, upon the execution and
delivery of any such Guarantee Assumption Agreement or supplement 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 "Grantor" for all purposes of this Agreement. In addition, upon execution
and delivery of any such Guarantee Assumption Agreement, the new Subsidiary
Guarantor makes the representations and warranties set forth in Section 2.

                        SHARING INTERCREDITOR AGREEMENT

<Page>

                                     - 29 -

          IN WITNESS WHEREOF, each of the undersigned has caused this Agreement
to be duly executed and delivered as of the date first above written.

                                       SOLUTIA INC.

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

                                       CPFILMS INC.

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

                                 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

                        SHARING INTERCREDITOR AGREEMENT

<Page>

                                     - 30 -

                                 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

                                 COLLATERAL AGENT

                                       CITIBANK, N.A., as Collateral Agent

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

                                 COLLATERAL TRUSTEE

                                       HSBC BANK USA, as Collateral Trustee

                                       By: /s/ Harriet Drandoff
                                          -------------------------------------
                                          Name: Harriet Drandoff
                                          Title: Vice President

                        SHARING INTERCREDITOR AGREEMENT

<Page>

                                     - 31 -

                                                                      Appendix A

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

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

<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 Protect. Fin. Assur. - Indian Orchard
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
-----------------------------------------------------------------------------------------------------------

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
</Table>

                         SHARING INTERCREDITOR AGREEMENT

<Page>

                                     - 32 -

<Table>
<S>                    <C>                      <C>              <C>              <C>
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>
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>

                         SHARING INTERCREDITOR AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}]]