Micro 4/3 1.4 Teleconverter

No, I've done some raw+jpeg shooting with the 2x TC enabled on my E-M5. You get a jpeg with the conversion applied and a raw file with no teleconversion applied. It works well to test the camera-created TC conversion against something you would do in Photoshop or similar third-party software.

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"There's shadows in life, baby.." Jack Horner- Boogie Nights