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Pultec MEQ-5 relative output level = -3.5dB even in bypass?

Can this be right?

It's just been pointed out to us that our Pultec MEQ-5 drops the signal level by almost 4 dB, which we've confirmed in our lab with a signal generator / analyser.

After changing ALL the valves the relative o/p level is now -3.5dB but I don't know if this particular unit is supposed to be "zero in, zero out" or if this signal drop is normal.