pv of RI <0, PB<1?

CFA Level II
#1

AS TITLED, how do I get that result from equation???

#2

P = B(0) + RI / (r - g),

P/B = 1 + (ROE - r) / (r - g),

RI < 0, => (ROE - r) < 0, => (ROE - r) / (r - g) < 0, => P/B < 1