Using {excerpt-include} in {excerpt} does not render wiki markup correctly

If there is an excerpt containing wiki markup such as the following

{excerpt}
h2. Homepage
| a | b |

# list 1
# list 2
{excerpt}

It will not be rendered correctly when including the excerpt, {excerpt-include} in another page's {excerpt}. For example:

{excerpt}
{excerpt-include:<thePagetitle>}
{excerpt}

The attached screenshot, <excerpt_result.JPG> shows the excerpt result rendered.