The last normative sentence of p1 says :

If any bit in the value representation has an indeterminate value, the object has an indeterminate value; otherwise, if any bit in the value representation has an erroneous value, the object has an erroneous value ([conv.lval]).

But [conv.lval] says nothing about indeterminate or erroneous values. Did that content move somewhere else, or is that xref attached to the wrong sentence?

Sidenote: [conv.lval] was the first place I thought to look for the rules for loading uninitialized memory. It may be nice to drop a breadcrumb from there to [basic.indet], eg by placing a note either before or after the p4 note like:

See also [basic.indet] for handling of reads of indeterminate and erroneous values.