VALUE attribute has no value?

PROGRAM DubiousValues
  IMPLICIT NONE
  LOGICAL :: array(3)
  !****
  array = .TRUE.
  PRINT "('Before:',*(L1,:,1X))", array
  CALL proc(array)
  PRINT "('After :',*(L1,:,1X))", array
CONTAINS
  SUBROUTINE proc(arg)
    LOGICAL, VALUE :: arg(:)
    !****
    arg = .FALSE.
  END SUBROUTINE proc
END PROGRAM DubiousValues

arg should be associated with an anonymous data object that has the value of array (but not actually associated with array), etc.  But...

>ifort /check:all /warn:all /standard-semantics "2014-07-22 DubiousValues.f90"&& "2014-07-22 DubiousValues.exe"
Intel(R) Visual Fortran Intel(R) 64 Compiler XE for applications running on Intel(R) 64, Version 15.0.0.070 Beta Build 20140530
Copyright (C) 1985-2014 Intel Corporation.  All rights reserved.

Microsoft (R) Incremental Linker Version 10.00.40219.01
Copyright (C) Microsoft Corporation.  All rights reserved.

"-out:2014-07-22 DubiousValues.exe"
-subsystem:console"2014-07-22 DubiousValues.obj"
Before:T T T
After :F F F