The λ -calculus with multiplicities is a refinement of the lazy λ -calculus where the argument in an application comes with a multiplicity, which is an upper bound to the number of its uses. This introduces potential deadlocks in the evaluation. We study the discriminating power of this calculus over the usual λ -terms. We prove in particular that the observational equivalence induced by contexts with multiplicities coincides with the equality of Lévy–Longo trees associated with λ -terms. This is a consequence of the characterization we give of the corresponding observational precongruence, as an intensional preorder involving η -expansion, namely, Ong's lazy Plotkin–Scott–Engeler preorder.