OK, we now have two blended layers. To continue, you now have to repeat steps 2 and 3 for a number of successive Smart Object layers, each with a different value on the Exposure slider in step 3. You don't need to repeat step 4, as this step will be embedded in each successive copied layer. For this image, I opened a total of six Smart Object layers (with Exposure values of +4, +2.5, +1, -0.5, -2 and -3.5). The goal is, if possible, to cover the complete dynamic range from shadows to highlights. If you think the highlights are completely covered with an exposure value of eg. -2, you don't need to go any further.

We do not see things as they are. ǝɹɐ ǝʍ sɐ sƃuıɥʇ ǝǝs ǝʍ