Specialty Chemistry Severity Filter

Exhibit 4

5-Test Severity Filter

All 10 chemicals cleared this filter. Severity 5 requires proof of absence of any qualified alternative globally.

Test	Sev 3	Sev 4	Sev 5
1. No functional substitute Can fabs switch without re-engineering the node?	Partial	Required	Required
2. IP or process moat Patents, proprietary process, or equipment not replicable in <5 years?	Partial	Required	Required
3. Qualification cycle >12 months Fab re-qualification time after supplier change	Partial	Required	Required
4. ≤6 qualified producers globally Suppliers meeting semiconductor-grade purity at commercial scale	—	Required	Required
5. Cascade-critical exposure Serves 2+ cascades, or gates a non-substitutable step in a single cascade with >$100B downstream capex	1 cascade	2+	2+

Sev 5 modifier — any one triggers automatic escalation: single facility globally, single-country patent/regulatory lock, >90% share at one company, no qualified HVM alternative (not just no substitute).

Sources: ForcedAlpha 5-test severity filter methodology, April 2026. ABF concentration: Ajinomoto investor materials, 2024. High-NA MOR: imec, January 2024. UF6: DOE/NRC framework.

FORCED ALPHA