The best replacement for olympus 12-50 is 14-42.

The best alternatives to olympus 12-50 are rated as following:
★★★★★  14-42
★★★★  panasonic 14-45
★★★  panasonic 12-35
★★  14-45
★★  panasonic 14-140
  14-140

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olympus 12-50
14-42
panasonic 14-45