In previous version of LR and ACR the exposure and brightness sliders actually did a similar, and overlapping, job. In the new 2012 process the brightness slider has been removed. For comparison the basic sliders are
LR4/ACR7, using the new 2012 process:
Exposure
Contrast
Highlights
Shadows
Whites
Blacks
LR3/ACR6, and previous using process 2003 or 2010:
Exposure
Recovery
Fill Light
Blacks
Brightness
Contrast
LR4/ACR7 handle the previous processes, so if a file processed with LR3/ACR6 is opened with LR4/ACR7 you will see the LR3/ACR6 sliders.
Andrea