Cancellation of recurring meetings

My iPhone is currently set up to sync my Exchange calendar. I have noticed an issue with recurring meetings that I can reproduce time and time again. If I have a recurring meeting set up on my calendar, and the meeting organizer cancels a single instance of the meeting, the entire recurring meeting gets deleted from both my Outlook and iPhone calendar. This happens even when I don't respond to the meeting cancellation request, in other words I do NOT click the "Remove from Calendar" in Outlook or "Delete Event" button on the iPhone. Meeting gets deleted as soon as the cancellation request arrives in my inbox.

This is causing me to miss meetings left and right!