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We study the coherent optical response of a very high-finesse microcavity with a single quantum well by means of degenerate subpicosecond pump-probe spectroscopy. The dynamics of the ac Stark effect versus Pump intensity is investigated upon tuning the empty-cavity;mode-below and above the exciton transition energy, at the exciton continuum onset. The evolution from a simple dynamical excitonic shift to a dynamical splitting is clearly observed in both eases. The qualitative, agreement with numerical calculations based on the semiconductor Maxwell-Bloch equations is good.