This may be what has happened.
Its odd to me but theres only a 2.33 stop difference between spot metering the white poster board and taking an incident reading.
Metering in full midday sun, without clouds, orienting meter and white poster board the same way, meter set to ISO 64:
- Spot on white board 1/60th at f45
- Incident with dome facing sunlight 1/320th at f8 (1/10th at f45)
Why would the pure white poster board be only 2.33 stops from an incident reading, instead of 5?
Incident:
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Spot:
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An incident meter that uses a dome "integrates" all of the light that hits the dome - irrespective of what direction that light originates from.
The spot meter may read less flare and extraneous light.
And the poster board may be a lot closer to a 12% gray than you think.


