UP TO THREE DECIBELS HIDE BETWEEN TWO SAMPLES
An ordinary peak meter shows the largest sample rather than the crest of the wave. Between two neighbouring samples the wave rises above both, and in the worst case — a sine at a quarter of the sampling rate, shifted so that no sample lands on the crest — exactly 3.01 decibels hide there.
That is why the ceiling stands at −1 dBTP rather than at zero. BS.1770 does not measure true peak from the samples: the signal is attenuated by 12.04 dB, the sampling rate is raised fourfold, the result is filtered, its absolute value taken, and the 12.04 dB added back. A meter that skips this reads lower than the converter will put out.
The second thing that eats the room is the encoder itself. Lossy compression changes the shape of the wave, and a peak after decoding can be higher than it was before. That is why AES asks for −1 dBTP at the input of the encoder rather than at its output: after it, measuring is too late.