You are using the FREE version which you never bothered to mention.
The free version doesn't have an exclude list. That is why I gave up
on the free version of AVG and went to other free anti-virus software.
I wasn't about to lose access to my application because of a false
trigger in AVG that blocked access to the file and wait until someday
when Grisoft decided to correct their signature database. You could,
as they suggested, disable AVG and then use your application and then
reenable AVG after exiting the application. Of course, you are not
protected while running the application and you have to disabled and
reenable AVG. Too much of a hassle when there are other free
anti-virus software available.