Evolution doesn't "see" sub-folders on MS Hosted Exchange server

[Budly]

Evolution sends and receives email through Hosted Exchange.

It "sees" the primary folders of the Inbox.

It doesn't "see" the sub-folders.

ProblemType: Bug
DistroRelease: Ubuntu 11.10
Package: evolution 3.2.1-0ubuntu1
ProcVersionSignature: Ubuntu 3.0.0-12.20-generic 3.0.4
Uname: Linux 3.0.0-12-generic i686
ApportVersion: 1.23-0ubuntu4
Architecture: i386
Date: Wed Dec 21 08:48:20 2011
ExecutablePath: /usr/bin/evolution
ProcEnviron:
 PATH=(custom, no user)
 LANG=en_US.UTF-8
 SHELL=/bin/bash
SourcePackage: evolution
UpgradeStatus: Upgraded to oneiric on 2011-10-16 (65 days ago)