How does MsBuild match wildcards in Exclude attribute on items? - msbuild

Question

What is the exact behavior of the Exclude attribute with wildcards on items in item collection? In some cases it works as I would expect, and in other cases it fails to exclude apparently matching files.
Suppose I have an src/ subdirectory, containing a few subdirectories on its own. Let's call them src/base and src/util (really there are quite a few, 20+). My intent is to compile all files from selected subdirectories of src/, except files ending in -test.cc. Suppose, without loss of generality, that there exists a file src/base/io-test.cpp.
In the two cases below path (sans filename) on Include and Exclude attributes is same, and the file src/base/io-test.cpp is excluded as expected: The first, as anticipated, includes non-test files only from src/base
<ItemGroup>
<ClCompile Include="src/base/*.cc" Exclude="src/base/*-test.cc" />
</ItemGroup>
and the second all non-test files from all subdirectories of src/:
<ItemGroup>
<ClCompile Include="src/*/*.cc" Exclude="src/*/*-test.cc" />
</ItemGroup>
But the following does not exclude files seemingly matching the Exclude pattern:
<ItemGroup>
<ClCompile Include="src/base/*.cc" Exclude="src/*/*-test.cc" />
</ItemGroup>
I would expect the src/base/io-test.cpp file excluded, as its name clearly matches the pattern (and actually excluded by in in the second case), but the file is included in the collection.
MSDN is somewhat vague on the Exclude behavior. Strict reading might even suggest that wildcards are not supported in it at all, but I do not believe this is the case.
Since my intention is to include files from a few listed directories (akin to Include="src/base/*.cc;src/util/*.cc") but exclude all test files, the last definition is the one that I am trying to get working.