I'm not personally sure of what the E-M1 does to get to 100 ISO. It appears that they might get somewhat better dynamic range at 100 vs. 200.
But I do know that all cameras lose dynamic range as you increase ISO.
There are some nice charts on DxOMark that show the effect:
http://www.dxomark.com/Cameras/Olympus/OM-D-E-M1---Measurements
Olympus camera's ISO100 is one of the strangest things in the digital camera industry. Unlike other camera manufacturers (Canon, Nikon), which implement ISO50 using the same ISO100 gain with an extra clandestine software exposure correction by -1EV (this doesn't prevent from blowing highlights since metering for ISO50 and capturing at ISO100 means 1 stop of overexposure), Olympus' ISO100 works at a different gain than ISO200, in fact it works at a nonsense
ISO250 gain (1/3EV over the expected ISO200 gain), blowing even more highlights than the Canon and Nikon cameras in their low ISO modes.
If DxOMark would plot correctly Olympus' ISO100, it would fall as follows:

This means that if you shoot at ISO100 on an Olympus camera according to the camera meter, you can loose up to 1+1/3EV in the highlights vs metering and shooting at ISO200. A real example here:


RAW histograms of the previous shots (the ISO200 RAW file holds 1,33EV more information in the highlights):

I have studied this in deep and can assure it's like that:
http://www.guillermoluijk.com/article/lowiso/index.htmRegards