Browserify require fails to expose to relative paths

browserify-test -> test.js (put into subdirectory)

var virtual = require('../virtual');

browserify-test.js

var browserify = require('browserify');
var File = require('vinyl');
var path = require('path');

var vFile = new File({
    contents: new Buffer('module.exports = ' + JSON.stringify({ foo: 'NARF!' }) + ';'),
    path: 'virtual',
    base: __dirname
  });

try
{
browserify('browserify-test/test', { basedir: __dirname })
        .exclude('virtual')
		    .require(vFile, { expose: 'virtual', basedir: './' })
		    .bundle()
		    .pipe(process.stdout);
}
catch(e)
{
  console.log("Error: ", e);
}