Exhibit 99.1

                            SOLUTIA EUROPE SA/NV
                            --------------------
                   EURO 200,000,000 10.00% NOTES DUE 2008
                   --------------------------------------

                 AMENDMENT NO. 1 TO FISCAL AGENCY AGREEMENT
                 ------------------------------------------
                      AND TERMS AND CONDITIONS OF NOTES
                      ---------------------------------

THIS AMENDMENT NO. 1 TO FISCAL AGENCY AGREEMENT AND TERMS AND CONDITIONS OF
NOTES (this "AMENDMENT") dated 9 November, 2004 is AMONG:

(1)      SOLUTIA EUROPE SA/NV a societe anonyme/naamloze vennootschap
         (limited liability company) organized under the laws of Belgium and
         registered in the Legal Entities Register under number 0460.474.440
         (the "ISSUER");

(2)      KREDIETBANK S.A. LUXEMBOURGEOISE acting through its office at 43
         boulevard Royal, 2955 Luxembourg, as fiscal agent and paying agent
         (Kredietbank S.A. Luxembourgeoise or any successors, assigns or
         additional fiscal and paying agent appointed hereunder being called
         the "FISCAL AGENT");

(3)      KBC BANK NV acting through its registered office at Havenlaan 2,
         1080 Brussels, Belgium, and registered in the Legal Entities
         Register under number 0462.920.226 and with VAT number BE
         462.920.226, as principal paying agent (KBC Bank NV or any
         successors or assigns being called the "PRINCIPAL PAYING AGENT" or
         together with the Fiscal Agent, the "PAYING AGENTS"); and

(4)      KBC BANK NV acting through its registered office at Havenlaan 2,
         1080 Brussels, Belgium, and registered in the Legal Entities
         Register under number 0462.920.226, as principal paying agent (KBC
         Bank NV or any successors or assigns being called the "COLLATERAL
         AGENT").


                             W I T N E S S E T H

WHEREAS, on 11 February 2000, the Issuer agreed to issue euro 200,000,000
6.25 percent Notes due 2005 (the "ORIGINAL NOTES") pursuant to a
subscription agreement dated 11 February 2000, and the Paying Agents,
subject to the terms and conditions set forth in a fiscal agency agreement
dated 11 February 2000 agreed to act as the fiscal agent, paying agent and
principal paying agent in respect of the Original Notes.

WHEREAS, the Issuer agreed to amend and restate the Original Notes as euro
200,000,000 10.00 percent Notes due 2008 together with the Terms and
Conditions of Notes annexed thereto and incorporated by reference therein
(the Terms and Conditions of Notes, as amended, modified or supplemented
from time to time, including all exhibits and schedules thereto, and
including the modifications contemplated by this Amendment, the "TERMS AND
CONDITIONS OF NOTES" and such Notes, as amended, modified, supplemented or
replaced from time to time, including all exhibits and schedules thereto,
the "NOTES") in accordance with a meeting of the holders of the Original
Notes held on 29 January 2004 pursuant to article 568 of the Belgian
Companies Code. In connection therewith, the Issuer entered into certain
agreements, including, without limitation



(i) the Fiscal Agency Agreement dated 11 February 2004 with the Paying
Agents (as amended, modified or supplemented from time to time, the "FISCAL
AGENCY AGREEMENT"), (ii) the Agreement of Understanding and Restructuring
dated 30 January 2004 with the holders of the Notes party thereto (the
"AGREEMENT OF UNDERSTANDING") and (iii) the Collateral Agency Agreement
dated 11 February 2004 with the Subsidiary Guarantors party thereto, the
Collateral Agent and the holders of the Notes party thereto (as amended,
modified or supplemented from time to time, the "COLLATERAL AGENCY
AGREEMENT"). The Terms and Conditions of the Notes are annexed as Schedule 1
to the Fiscal Agency Agreement and the Collateral Agency Agreement is
annexed as Schedule 6 to the Fiscal Agency Agreement.

WHEREAS, in accordance with Clause 13 and Schedule 5 to the Fiscal Agency
Agreement and at the direction of the Issuer, a meeting of the holders of
the Notes was held at the offices of Allen & Overy LLP at Tervurenlaan 268A,
1150 Brussels, Belgium on 8 November, 2004, in accordance with article 568
of the Belgian Company Code (the "THIRD NOTEHOLDERS' MEETING") to consider
the resolutions set forth in the convening notice (the "THIRD NOTEHOLDERS'
MEETING NOTICE") sent and published by or on behalf of the Issuer.

WHEREAS, a quorum of two or more persons holding or representing at least 50
percent of the aggregate principal amount of the Notes Outstanding was
present at the Third Noteholders' Meeting, and holders holding or
representing at least 75 percent of the aggregate principal amount of the
Notes Outstanding present or represented at the Third Noteholders' Meeting
agreed at the Third Noteholders' Meeting to adopt the resolutions set forth
in the minutes of the Third Noteholders' Meeting attached as Exhibit A
hereto (the "THIRD NOTEHOLDERS' MEETING MINUTES") and, subject to the
provisions set forth in the Third Noteholders' Meeting Minutes, to
consummate the transactions contemplated by this Amendment, including,
without limitation, the amendments set forth herein providing for the Pharma
Sale and the application of at least 95 percent of the Net Cash Proceeds
thereof to redeem the Notes, all as more specifically set forth herein and
therein.

WHEREAS, the Board of Directors of the Issuer has approved on behalf of the
Issuer the resolutions approved by the Third Noteholders' Meeting and the
consummation of the transactions contemplated by the resolutions approved by
the Third Noteholders' Meeting and this Amendment.

WHEREAS, the Issuer will submit the Dutch and French versions of the
resolutions of the Third Noteholders' Meeting to the registry of the
commercial court for publication in the Belgian Official Gazette (such
notice the "ISSUER PUBLICATION NOTICE") and cause the resolutions of the
Third Noteholders' Meeting to be published in accordance with the laws of
Belgium.

NOW, THEREFORE, for due and valuable consideration, the sufficiency of which
is hereby acknowledged, the parties hereto hereby agree as follows:

         Section 1. DEFINED TERMS. Capitalized terms used herein (including
                    -------------
the recitals) and not otherwise defined herein have the respective meanings
assigned to them in the Terms and Conditions of Notes.



         Section 2. AMENDMENTS TO THE TERMS AND CONDITIONS OF THE NOTES.
                    ---------------------------------------------------

         (a) The Terms and Conditions of Notes are hereby amended by
amending and restating Section 5(a)(i) in its entirety as follows:

         "(i) The Issuer may, at its option, redeem the Notes in whole or in
         part in increments of not less than (euro)10,000,000 in principal
         amount of the Notes, upon at least 30 days' but not more than 60
         days' notice to the Fiscal Agent, the Collateral Agent and the
         Noteholders, in each case solely with Net Cash Proceeds actually
         received by any Credit Party from any Disposition of assets
         permitted by these Terms and Conditions of Note at their principal
         amount together with interest accrued (if any) thereon and arrears
         of interest (if any) in respect thereof to but excluding the date
         fixed for redemption, and any Additional Amounts payable under the
         Notes; provided however, that notwithstanding the foregoing, the
         Issuer shall be required to redeem the Notes in increments of
         (euro)1,000 or whole multiples of (euro)1,000 upon at least 30 days
         but not more than 60 days' notice to the Fiscal Agent, Collateral
         Agent and the Noteholders, with at least 95 percent of the Net Cash
         Proceeds actually received by the Issuer or any of its Subsidiaries
         from the Pharma Sale at a redemption price of 109.00% of the
         principal amount of Notes so redeemed, it being understood that
         such Net Cash Proceeds shall be applied to both redeem the relevant
         principal amount of Notes, pay the related redemption premium of
         such principal amount and pay all accrued and unpaid interest on
         such principal amount so redeemed through but excluding the date
         fixed for redemption. In furtherance and not in limitation of the
         foregoing, the Issuer undertakes to calculate the Net Cash Proceeds
         of the Pharma Sale and deliver a notice commencing the process for
         the required redemption of the Notes set forth above to the Fiscal
         Agent within two weeks after the closing of the Pharma Sale."

         (b) The Terms and Conditions of the Notes are hereby amended by
amending and restating Section 5(a)(iii)(1) in its entirety as follows:

         "(1) If the Issuer elects to redeem Notes pursuant to the optional
         redemption provisions of clause (i) or (ii) above or is required to
         redeem Notes pursuant to the redemption provisions of clause (i)
         above, it will furnish to the Fiscal Agent, the Collateral Agent
         and the Noteholders, at least 30 days, but not more than 60 days,
         before a redemption date, an officers' certificate setting forth
         (w) the section of these Terms and Conditions of Notes pursuant to
         which the redemption shall occur, (x) the redemption date, (y) the
         principal amount of Notes to be redeemed and (z) the redemption
         price."

         (c) The Terms and Conditions of the Notes are hereby amended by
deleting the word "optional" in the first sentence of Section 5(a)(iii)(2).

         (d) The Terms and Conditions of Notes are hereby amended by adding
the following paragraph after the last paragraph of Section 7(a).


         "Notwithstanding anything in Section 7(a) to the contrary, (i) none
         of the Credit Parties shall be required to pledge to the Collateral
         Agent the Capital Stock of any Subsidiary of the Issuer, Carbogen
         or Amcis that is formed to facilitate the Pharma Sale, (ii) any
         Subsidiary of the Issuer, Carbogen or Amcis that is formed to
         facilitate the Pharma Sale shall not be required to pledge to the
         Collateral Agent any intercompany loan made to such Subsidiary, and
         (iii) none of the Credit Parties or any Subsidiary that is formed
         in anticipation of or to facilitate the Pharma Sale shall otherwise
         be required to comply with the requirements of this Section 7(a)
         with respect to such Subsidiary so long as the Pharma Sale is
         consummated on or prior to the applicable date set forth in the
         definition of Pharma Sale. The Issuer shall be deemed to have
         satisfied the requirements of Section 13.8(b) of the Mortgage
         Mandate (hypothecaire volmacht) dated 11 February 2004 made by the
         Issuer in favor of the Collateral Agent (the "MORTGAGE MANDATE")
         which requires the Issuer to use its best efforts to obtain the
         consent of the Gemeentelijk Havenbedrijf (the "PORT AUTHORITY",
         i.e. the public authority responsible for the management of the
         Antwerp port) to the Mortgage Mandate and to the granting of a
         mortgage in relation to the Antwerp Property, it being understood
         that the Issuer shall have no further obligation with respect to
         the actions contemplated thereby unless otherwise expressly
         requested by Requisite Noteholders."

         (e) The Terms and Conditions of Notes are hereby amended by adding
the following paragraph as Section 8(c)(D):

         "(D) the Credit Parties may undertake the Pharma Sale to the extent
         that the Net Cash Proceeds thereof are applied to redeem the Notes
         as further provided in Section 5 hereof. If the Credit Parties
         undertake the Pharma Sale:

         (1) Immediately prior to the closing of the Pharma Sale, the Issuer
         shall deliver to the Collateral Agent and the Committee or its
         counsel at the last known address an officers' certificate (i)
         stating that the relevant Collateral subject to the Pharma Sale is
         being sold or otherwise disposed of in compliance with the terms
         and conditions of the Terms and Conditions of the Notes, (ii)
         specifying the Capital Stock and other Collateral being sold or
         otherwise disposed of in the Pharma Sale (the "PHARMA COLLATERAL")
         and (iii) stating that the Net Cash Proceeds of the Pharma Sale
         will be calculated and a notice commencing the process for the
         redemption of the Notes on the terms and conditions set forth in
         Section 5 will be delivered to the Fiscal Agent within two weeks
         after the closing of the Pharma Sale. Upon the receipt of such
         officers' certificate, the Collateral Agent shall, at the Issuer's
         expense, execute and deliver release and termination documentation
         in substantially the forms annexed as Attachments 2 - 12 to the
         Agreement of Understanding, (v) to release, in accordance with
         applicable laws, all collateral pledged by Amcis and Carbogen
         pursuant to the Collateral Documents entered into by Amcis and
         Carbogen, as the case may be, (w) to remove from the scope of the
         security created pursuant to the Collateral Documents entered into
         by the Issuer, the assets of the Issuer transferred pursuant to the
         Pharma Sale, and to grant all waivers necessary thereunder to
         permit the



         Issuer to dispose of such assets, (x) to terminate or cancel all
         Collateral Documents entered into by Amcis or Carbogen, as the case
         may be and in accordance with applicable law, (y) in the event any
         of the stock of Amcis or Carbogen, as the case may be, is sold or
         otherwise transferred in connection with the Pharma Sale or Amcis
         or Cabogen, as the case may be, are to be dissolved or otherwise
         cease to exist in connection with or following the Pharma Sale,
         terminate or cancel the Pledge Agreements entered into by the
         Issuer relating to the pledge of stock of Amcis and Carbogen, and
         (z) to provide that any such release or removal of collateral and
         waiver, amendment, cancellation or termination of such Collateral
         Documents and disposal of assets will not constitute an Event of
         Default under the Notes or any of the Credit Documents.

         (2) Upon the receipt of an officers' certificate stating that the
         Issuer reasonably expects the Pharma Sale to close within 7
         Business Days, the Collateral Agent shall, at the Issuer's expense,
         execute and deliver release and termination documentation in
         substantially the forms annexed as Attachments 13 and 14 to the
         Agreement of Understanding, (a) to remove, in accordance with
         applicable laws, from the scope of the security created pursuant to
         the Collateral Documents and to grant all waivers necessary
         thereunder to that effect, any intercompany loans from the Issuer
         or SSI to Amcis or Carbogen, (b) to amend, in accordance with
         applicable law, all Collateral Documents entered into by the Issuer
         or SSI, as the case may be, to effectuate the transaction
         contemplated in clause (a) above, and (c) to provide that any such
         release or removal of collateral and waiver, amendment,
         cancellation or termination of such Collateral Documents and
         disposal of assets will not constitute an Event of Default under
         the Notes or any of the Credit Documents. In the event that the
         above-referenced release and termination documentation is executed
         and delivered, and the Issuer subsequently determines that the
         Pharma Sale is not reasonably expected to close on or prior to 1
         September 2005 or that the Pharma Sale is not reasonably expected
         to close within 45 days of the execution and delivery of such
         release and termination documentation, the Collateral Agent shall,
         at the Issuer's expense, execute and deliver such documentation and
         take such other actions as the Requisite Noteholders may instruct
         for the purpose of pledging or otherwise granting to the Collateral
         Agent a first priority perfected security interest in such
         intercompany loans."

         (f) The Terms and Conditions of Notes are hereby amended by adding
the following proviso at the end of the first proviso set forth in Section
8(f) thereof:

         "; and provided further that, (i) the Issuer, Amcis, Carbogen or
         any Subsidiary of the Issuer, Amcis or Carbogen created to
         facilitate the Pharma Sale may purchase or acquire assets of its
         Affiliates relating to the Pharma Sale for fair consideration not
         to exceed Euro 2,500,000 and on terms no less favorable to it than
         would be obtainable in a comparable arms length transaction with a
         Person that is not an Affiliate, and (ii) no Credit Documents need
         to be amended and no additional Credit Documents need to be entered
         into by the purchaser as a result of the purchase of such assets
         described in clause (i) of this proviso so long as




         the Pharma Sale is consummated on or prior to the applicable date
         set forth in the definition of Pharma Sale."

         (g) The Terms and Conditions of Notes are hereby amended by adding
the following sentence at the end of Section 8(l) thereof:

         "Notwithstanding the foregoing, the Issuer may become and remain
         liable as lessee with respect to a lease of the real property
         referred to in Section 8(c)(iv) hereof located at Louvain-la-Neuve,
         Belgium that is sold or otherwise disposed of by the Issuer in
         accordance with Section 8(c)(iv) hereof (any such sale and
         leaseback transaction is referred to as the "LOUVAIN
         SALE-LEASEBACK"). The Collateral Agent is instructed by the
         Requisite Noteholders to release its liens on the interests in real
         property sold by the Issuer subject to the Louvain Sale-Leaseback
         (it being understood that any leasehold real property interests of
         the Issuer that are held by the Issuer after giving effect to such
         transaction or transactions shall be subject to such mortgage or
         equivalent security in accordance with Belgian law) and amend in
         accordance with any applicable laws any relevant Collateral
         Documents entered into by the Issuer, to the extent necessary,
         immediately prior to the Louvain Sale-Leaseback."

         (h) The Terms and Conditions of Notes are hereby amended by adding
the following at the end of Section 9(f) thereof:

         "; provided that no breach or Event of Default arising under this
         Section 9(f) shall occur or be deemed to have occurred relating to
         the grant and creation of a legal, valid and enforceable security
         interest in the Capital Stock owned by the Issuer in itself or any
         failure to disclose such Lien pursuant to any Credit Document."

         (i) The Terms and Conditions of Notes are hereby amended by adding
the following at the end of Section 9(m)(i) thereof:

         "; and such Form 8-K shall also include a narrative discussion and
         analysis in reasonable detail of the business, financial condition,
         results of operations and liquidity of the Issuer and its
         Subsidiaries as of the end of such fiscal quarter, together with a
         brief description of the material developments in the business of
         the Issuer and its Subsidiaries over such fiscal period."

         (j) The Terms and Conditions of Notes are hereby amended by adding
the following at the end of Section 9(m)(ii) thereof:

         "; and such Form 8-K shall also include a narrative discussion and
         analysis in reasonable detail of the business, financial condition,
         results of operations and liquidity of the Issuer and its
         Subsidiaries as of the end of such fiscal year, together with a
         brief description of the material developments in the business of
         the Issuer and its Subsidiaries over such fiscal period."



         (k) The Terms and Conditions of Notes are hereby amended by adding
the following sentence at the end of the last paragraph of Section 9
thereof:

         "In no event shall the consummation of the Pharma Sale or the
         release of Liens, the release and termination or amendment of the
         Subsidiary Guaranties and Collateral Documents, or the removal from
         the scope of the security created pursuant to the Collateral
         Documents and the granting of waivers necessary thereunder to that
         effect, of any intercompany loans from the Issuer or SSI to Amcis
         or Carbogen and the amendment of any Collateral Documents relating
         thereto, in each case as contemplated by, and in accordance with,
         Section 8(c)(D) hereof in connection with the Pharma Sale,
         constitute an Event of Default and in no event shall the release of
         Liens or the amendment of Collateral Documents contemplated by the
         second sentence of Section 8(l) hereof in connection with the
         Louvain Sale-Leaseback, constitute an Event of Default. In
         addition, in no event shall any attempt by the Issuer or any other
         Credit Party to sell or otherwise dispose of the Capital Stock of
         Amcis or Carbogen constitute a breach under Section 5.4(d) of the
         Share Pledge Agreements dated 11 February 2004 made by the Issuer
         in favor of the Collateral Agent providing for the pledge by the
         Issuer of the Capital Stock of Amcis and Carbogen (the "SWISS
         PLEDGE AGREEMENTS") or constitute an Event of Default hereunder."

         (l) The Terms and Conditions of Notes are hereby amended by adding
to Section 19 thereof the following proviso at the end of the definition of
"Subsidiary Guarantor":

         "; provided that each of Amcis and Carbogen shall automatically
         cease to be a Subsidiary Guarantor immediately prior to the
         consummation of the Pharma Sale on the terms and conditions set
         forth herein."

         (m) The Terms and Conditions of Notes are hereby amended by adding
to Section 19 the following proviso at the end of the definition of
"Subsidiary Guaranty":

         "; provided that the Subsidiary Guaranties of each of Amcis and
         Carbogen shall be terminated automatically immediately prior to the
         consummation of the Pharma Sale on the terms and conditions set
         forth herein."

         (n) The Terms and Conditions of Notes are hereby amended by adding
to Section 19 the following definitions, which shall be inserted in proper
alphabetical order:

         "`Agreement of Understanding' means the Agreement of Understanding
           --------------------------
         and Waivers dated as of 9 November 2004 among the Issuer and the
         Noteholders party thereto."

         "`Amendment' means Amendment No. 1 to Fiscal Agency Agreement and
           ---------
         Terms and Conditions of Notes dated as of 9 November 2004 among the
         Issuer, the Paying Agents and the Collateral Agent."


         "`Committee' means an ad hoc committee of the holders of the Notes
           ---------
         comprised of funds and accounts managed by Mariner Investment
         Group, Inc., Post Advisory Group, LLC and Watershed Asset
         Management L.L.C."

         "`Louvain Sale-Leaseback' has the meaning specified therefor in
           ----------------------
         Section 8(l) of the Terms and Conditions of Notes."

         "`Mortgage Mandate' has the meaning specified therefor in Section
           ----------------
         7(a) of the Terms and Conditions of Notes."

         "`Pharma Collateral' has the meaning specified therefor in Section
           -----------------
         8(c)(D)(1) of the Terms and Conditions of Notes."

         "`Pharma Sale' means the sale of the Solutia Group's pharmaceutical
           -----------
         services division, offering a comprehensive portfolio of services
         to the pharmaceutical and biopharmaceutical industry at all stages
         of drug development, related intellectual property, specified
         contracts relating to the pharmaceutical business and advisory
         services relating thereto, which may include (i) the sale of assets
         of any or all of the following: the Issuer, Carbogen, Amcis or any
         Subsidiary of the Issuer, Carbogen or Amcis created to facilitate
         the Pharma Sale and/or (ii) the sale of some or all of the stock of
         Carbogen, Amcis or any Subsidiary of the Issuer, Carbogen or Amcis
         created to facilitate the Pharma Sale, all to the extent that such
         assets constitute part of the pharmaceutical services division, all
         to the extent that unless otherwise agreed to by the Requisite
         Noteholders or the Committee in writing, (a) the Board of Directors
         of the Issuer has determined, as set forth in a board resolution, a
         copy of which has been delivered to the Collateral Agent and the
         Requisite Noteholders or the Committee at the address of their last
         known counsel, that (i) the Issuer is receiving fair value in
         connection with the Pharma Sale and the Pharma Sale is to a Person
         or Persons that is not an Affiliate of the Issuer, (ii) the Pharma
         Sale is in the best interest of the Issuer, (iii) the Issuer and
         its Subsidiaries will receive not less than 90% of the total
         consideration received by the Solutia Group in connection with the
         Pharma Sale and (iv) not less than 75% of the Net Cash Proceeds to
         be received by the Issuer and its Subsidiaries in connection with
         the Pharma Sale are received by the Issuer and its Subsidiaries at
         the consummation of the sale in cash or cash equivalents, (b) such
         sale shall be consummated on or prior to 1 September 2005 and (c)
         the Issuer shall apply at least 95 percent of the Net Cash Proceeds
         actually received by the Credit Parties from the Pharma Sale to
         redeem the Notes in accordance with Section 5 hereof."

         "`Solutia Group' means Solutia Inc. and its domestic and foreign
           -------------
         subsidiaries."

         "`Swiss Pledge Agreements' has the meaning specified therefor in
           -----------------------
         Section 9 of the Terms and Conditions of Notes."

         Section 3. MISCELLANEOUS.
                    -------------

         (a) This Amendment may be executed in any number of counterparts
and by different parties hereto in separate counterparts, each of which when
so executed and delivered



shall be deemed an original, but all such counterparts together shall
constitute but one and the same instrument; signature pages may be detached
from multiple separate counterparts and attached to a single counterpart so
that all signature pages are physically attached to the same document. This
Amendment shall become effective upon the execution of a counterpart hereof
by each party hereof and the publication of the Issuer Publication Notice in
the Belgium Official Gazette and shall constitute a Credit Document.

         (b) In case any provision in or obligation under this Amendment
shall be invalid, illegal or unenforceable in any jurisdiction, the
validity, legality and enforceability of the remaining provisions or
obligations, or of such provision or obligation in any other jurisdiction,
shall not in any way be affected or impaired thereby. In case of any such
illegality, invalidity or unenforceability, the parties shall negotiate in
good faith with a view to agree on the replacement of such provision by a
provision which is legal, valid and enforceable and which is to the extent
practicable in accordance with the intents and purposes of this Amendment
and which in economic effect comes as close as practicable to the provision
being replaced.

         (c) This Amendment is executed in English only, and no translation
thereof shall be binding on the parties hereto or consulted in order to
interpret this Amendment.

         (d) THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING
WITHOUT LIMITATION SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE
STATE OF NEW YORK), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES.

         (e) Upon the execution of this Amendment and the publication of the
Issuer Publication Notice in the Belgium Official Gazette, the Terms and
Conditions of Notes and the Notes theretofore issued shall be deemed to be
modified and amended in accordance with this Amendment, and all the terms
and conditions of this Amendment shall be and be deemed to be part of the
Terms and Conditions of Notes and the Notes theretofore issued for any and
all purposes.


                [remainder of page intentionally left blank]





                  IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be duly executed as of the date first written above.

- --------------------------------------------------------------------------------
                                        SOLUTIA EUROPE SA/NV


                                        By:      /s/ Kristel Deroover
                                           -------------------------------------
                                                 Name: Kristel Deroover
                                                 Title:  Proxy Holder


- --------------------------------------------------------------------------------
                                        KREDIETBANK S.A. LUXEMBOURGEOISE, as
                                        fiscal agent


                                        By:      /s/ Dirk De Bleser
                                           -------------------------------------
                                                 Name: Dirk De Bleser
                                                 Title: Head Operations and
                                                        Accounting; Proxy Holder


- --------------------------------------------------------------------------------
                                        KBC BANK NV, as principal paying agent


                                        By:      /s/ Dirk De Bleser
                                           -------------------------------------
                                                 Name: Dirk De Bleser
                                                 Title: Head Operations and
                                                        Accounting; Proxy Holder

- --------------------------------------------------------------------------------
                                        KBC BANK NV, as collateral agent


                                        By:      /s/ Dirk De Bleser
                                           -------------------------------------
                                                 Name: Dirk De Bleser
                                                 Title: Head Operations and
                                                        Accounting; Proxy Holder

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