FastRawViewer Preferences -> "Image Display" -> "Ignore exposure correction/baseline exposure in linear mode" - check.
FastRawViewer Preferences -> "Exposure" -> "Exposure adjustments affect OverExposure display" - uncheck.
Display the image and press Shift-L. This will help to assess what is truly clipped in raw data and what a raw converter will deal with as the source data.
The result:
More on this here:
www.fastrawviewer.com/blog/fastrawviewer1-7-new-view-mode


