Do you have the "include subfolders" checkbox checked or unchecked for the exclusion? I would leave it unchecked if you are using wildcards.
Curious as to why? The purpose of that include subfolders is primarily for when you are using wildcards how I've always thought about it. Also under solution 2 here in the Note they mention include subfolders as if it's ok to use with wildcards.
From what I have read, it is better to use one, or the other, but not both in conjunction.
This KB addresses it, I could be reading it wrong though: