New
#10
I did think about the metadata as a source, and checked in properties>details but that's no help.
You prompted me to search for a better metadata tool and ExifTool would suggest that there is an embedded thumbnail.
However I'm not fully convinced that that is the source in Explorer for a reason I didn't detail before.
If you drag the scale up or down in the X-Large/Large/Medium/Small/List/Details/Tiles/Content dropdown, the upside-down, negative image suddenly becomes OK, then flips back, suggesting that more than one thumbnail exists at different scales, in exactly the way that explorer saves different sizes in its multiple dbs.
There's no indication in the exif that multiple thumbnails are embedded, but I'm going to look more deeply and I'll copy it back into the camera and see whether the Olympus firmware sees it wrong.