I just updated again to Fences 2 (2.10) from Fences Pro 1.10 and installed on the basis of the positive reply from a Stardock support rep at the end of the thread, "Has the "Exclude from Fences quick-hide" been fixed yet in Fences 2?"  However, I'm not finding the Exclude option in the Context Menu of apps.  Here's an example: http://i44.tinypic.com/zufbjl.jpg.  Win 8x64

Update: 

Only documents (pdf, xls, etc.), including new ones, show the Exclude from Hide choice in the Context Menu.  Applications and shortcuts for applications, even when newly installed or replaced, don't.  And application icons that were Excluded from hide and then trashed for a replacement, don't hold their previous Exclude setting when restored (as I just found out after deleting and replacing Word's icon, which now disappears on a double click).