David, that still looks one half stop underexposed for "my" preference. This doesn't mean the image "is" underexposed. It depends on SE's preference regarding which shadow tones to place where. IMO, and only MO, some important shadow detail is a tiny bit too far into the toe. Heck, I'd have given it a full stop or more exposure and underdeveloped quite a bit so I could selenium tone the neg without creating too much contrast.
The problem with having less density in the print shadows is limited Dmax... but I know you already know this and it wasn't the point of your example. But the above example does, IMO, demonstrate what happens when important shadow detail is forced too far into the toe. AND... it's precisely why I like to overexpose, underdevelop and selenium tone B&W film.
Either way, it's a nice image.