Yes, I've got all that. I am fully aware of, and agree with, what you're saying. Unfortunately, I don't think it is relevant in this case. And here's why: I have done some more tests and the results are these: It seems clear that the degree of RAW underexposure relative to the JEPG is simply a function of the ISO. If the ISO is set to 160 the relative underexposure is almost non-existent. If the ISO is set to 3200, the relative underexposure is from 1 to 1.5 stops. Also, if the ISO is set to AUTO, the relative underexposure is at least 1 stop or more. I am using Capture One to process imagery. Capture One is deeply in bed with Fuji. As a result, when viewing RAW files, Capture One invokes the film preset used by the camera when making the exposure. I don't know if Capture One invokes other camera settings when interpreting RAW files. I haven't yet done those tests. But it is clear that RAW exposure in Capture One is a direct function of the ISO setting used by camera.