Quote (Futurama @ 6 Aug 2010 09:26)
I don't know about you but I usually just flatten the image so the layer with the watermark and the image become one and then use the save as function and not save as web if you use that Photoshop would delete the EXIF data.
Hope it helps

Problem is I have a frame+watermark in another psd, which are bigger than the images I export from lightroom.
I just save normal in photoshop, I don't save as "save as web"