no, i believe the adwords system looks at keywords in the following order: negative exact phrase broad So if one of your exact matches has a negative kewyord in it then it will not show. I believe this to be the case but I would like some other comments to back me up.
Exacts are immune from negatives. I'd love to link to a page that explains this within the Adwords help files, but I couldn't find it. For a company that has a mission to make the world's data findable, they could sure do with a better arrangement for their help files...
I don't know for sure how the AdWords system would handle this...but as much as I've thought about it I can't figure out in what case you would need/want to use nagative keywords and exact match?
I suppose if you wanted to verify you could do a quick test...set up an ad group and bid on a word/phrase using exact match then add it as a negative as well.