there is a some problem with p4 when the exclusions for AP are not working. there is a Hotfix.
you should ask McAfee support to provide you with this HF.
Thanks Alexander, KB70202 has the HotFix attached.
This is also an issue with VSE 8.8, just lost loads of email over the weekend, they really need to do something about it, blocking exchange mail with VSE was never an issue with 8.5 and some 8.7 versions.