Let's assume we have 3 dependencies with the names "A", "B", "C" defined in a published ivy.xml. The dependencies tag also declares a global exclude. The exclude provides "B" as the value for the attribute "artifact".

<ivy-module>
    <dependencies>
        <dependency name="A" rev="1.0">
        <dependency name="B" rev="2.0">    
        <dependency name="C" rev="3.0">     
        <exclude artifact="B"/>   
    </dependencies>
</ivy-module>

Observed result:
The dependencies "B" and "C" are both excluded.

Expected result:
What we would expect here is that "B-2.0.jar" is excluded but the module and its dependencies is still included in the result.