If I'm reading this correctly, someone compromised a site (by other means) and then added the exif_read_data() and preg_replace() lines to the code somewhere as a back door?
If a site was compromised, wouldn't any modified files be replaced with canonical source? Or do people manually scan through files looking for code that looks suspicious?
Or am I misunderstanding and this site for some reason legitimately called preg_replace() with exif make/model parameters (which seems pretty unlikely to do anything useful)?