SQL Server Management Studio 2012 - Scripting does not generate EXISTS anymore

In SQL Server Management Studio 2012 the option "Script View As" does not generate EXISTS anymore by default.

I am not how this make sense, the Scripting feature is among others what make Microsoft SQL Server a better product than other SQL Server. So they decided to make it not as good.

In can be turned on with menu

Menu Tools  -> Options -> SQL Server Object Explorer
Tab Scripting
Property Check for object existence -> True