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This is a measure of the camera's ability to capture a wide range of brightness levels without losing detail in shadow or highlight areas. It's tested in laboratory conditions using DxO Analyzer hardware and software. Measurements are quoted in EV (exposure values), and the higher the value, the better the dynamic range.
Raw (converted to TIFF) dynamic range analysis: The PEN-F's raw files are quite similar to the JPEGs and to those from the E-M10 II. Neither can match the Panasonic GX8's results, though.