Can't Figure Out How to Create a Pre-Set leaving Exposure Unchanged

LR4.3, Windows 7 Home Premium 64bit

I have been trying to create a preset that updates the Process Version to 2012, changes contrast, highlights and shadows, but leaves the Exposure unchanged.

So, I change the Process Version to 2012, set the sliders for contrast, highlights and shadows where I want, and then I create the preset, leaving Exposure (and a bunch of other things) unchecked.

Then, I apply the preset to a photo that is currently Process Version 2010. The process version, contrast, highlights and shadows all change as expected, but the Exposure goes to zero. What am I doing wrong?

Thanks!