Camera Raw and color spaces

When you open an image in Camera Raw, the color space of the rendered image appears in a link at the bottom-center of the Camera Raw window. When you click this link, the Workflow Options dialog box opens, and this dialog box is where you change the color space of the image, as well as the color space of the Photoshop document that displays when you click the Open button in Camera Raw.

If you select Save Image instead of opening the image into Photoshop, the Save Options dialog box allows you to change the color space rendered in the output image. 

Camera Raw ignores the EXIF color space that is assigned in the camera.