Index: django/forms/models.py
===================================================================
--- django/forms/models.py	(revision 12557)
+++ django/forms/models.py	(working copy)
@@ -281,6 +281,9 @@
             elif self._meta.fields and field not in self._meta.fields:
                 exclude.append(f.name)
 
+            elif self._meta.exclude and field in self._meta.exclude:
+                exclude.append(f.name)
+
             # Exclude fields that failed form validation. There's no need for
             # the model fields to validate them as well.
             elif field in self._errors.keys():