Automatic formatting and reocurring items

I have noticed that the exceptions to a reoccuring appointment are not
correctly formated. Test:

Create a reoccuring appointment with !test as the subject.
Create an automatinc formatting rule where ! in the subject applies a color.
Now open one of the test items (only the occurance not the series) and
change the ! to $.
On Outlook 2003 SP2 I have found that the Exception item with the $ instead
of the ! is still colored by the automatic formatting rule.

Is this a bug?

CC