I've tried the below template which creates the certificate and installs it in the localmachine Personal certificate store:
makecert -sk <<UniqueKeyName>> -iv RootCATest.pvk -n "CN=<<MachineName>>" -ic RootCATest.cer -sr localmachine -ss my -sky exchange -pe
RootCATest.pvk is the private key of the root CA certificate. RootCATest.cer is the public key of the root CA certificate (used for issuing certificates).
When I view it from the MMC and right click on it, properties -> export, then its private key export option is grayed out.
How to create a Private-Key exportable self-signed certificate?