Solutia Retiree Health Benefit VEBA

IFS has been appointed to serve as independent fiduciary for the Solutia, Inc. Retiree Welfare Trust. This VEBA is being established to support Solutia's ongoing obligation to provide health and related benefits to retirees, including 20,000 pre-1997 retirees from Solutia's predecessor company Monsanto, now known as Pharmacia. Solutia is a global manufacturer of chemical-based materials for industrial and consumer use. The VEBA is expected to have $200 million in assets. IFS will evaluate and manage the stock of the reorganized company which the VEBA is to receive in satisfaction of retiree claims against the company in the bankruptcy proceeding. In addition, IFS will consider whether the VEBA should support an application by Solutia to the US Department of Labor for permission to accept Solutia stock in excess of statutory limits.