No, there is no separate compensation knob, and it works as you say. BUT! They (OM2) give adjustment values in 1/3 stops. Without having to do the math. That's how they work. Any camera with a compensation control will adjust a contact on a resistor band thereby compensating exposure to a different EI.
Originally Posted by BetterSense
Someone will have to adjust(compensate) in processing for correct development. So What?