I agree that a strict reading of the exemption rule in and of itself would indicate that Dutch territories could be claimed by AAA, as this case is not mentioned explicitly. I wrestled with this for a while before making my ruling. However, I also believe there’s enough wiggle room there when combined with the rules on Dutch territories and friendly neutrals to interpret it the other way, for the reasons I’ve outlined. The fact that we’re even having this conversation supports the view that there are two ways to interpret it.
For what it’s worth, I am certain that Larry didn’t want AAA to claim Dutch territories, any more than he wanted them to convert friendly neutrals, for the reasons I stated. This in itself wouldn’t cause me to rule the way that I did, but in combination with the aforementioned “wiggle room”, I deemed it to be enough. If I had my way, there would be an FAQ update to reflect this, but getting one these days is like pulling teeth.
As an aside, this issue was originally addressed in the AAE40 1st Edition FAQ, at the same time that the 2nd Editions of both games were being developed. The AAA exception should have noted this case explicitly in AAP40, but it simply got dropped during the development of the 2nd Edition and it has remained lost until now.