Four and 1/3 stops below metered exposure point actually. Bill, go back and re-read where I said it is about the middle in the camera image. For my money, it is a good possibility that this is where the calibration point decision originated. 12% is a stop off from the mid-point of a full range subject, but dead center of the camera image of the full range subject. I'm not saying this was the only part of the decision, especially in the early days, but I don't think it is a coincidence.
Originally Posted by Bill Burk