diff --git a/cli/src/main/scala-2.11/coursier/cli/Helper.scala b/cli/src/main/scala-2.11/coursier/cli/Helper.scala
index 128796aab..4cb4da49c 100644
--- a/cli/src/main/scala-2.11/coursier/cli/Helper.scala
+++ b/cli/src/main/scala-2.11/coursier/cli/Helper.scala
@@ -396,7 +396,14 @@ class Helper(
       fetchQuiet
 
   if (verbosityLevel >= 1) {
-    errPrintln(s"  Dependencies:\n${Print.dependenciesUnknownConfigs(dependencies, Map.empty)}")
+    errPrintln(
+      s"  Dependencies:\n" +
+        Print.dependenciesUnknownConfigs(
+          dependencies,
+          Map.empty,
+          printExclusions = verbosityLevel >= 2
+        )
+    )
 
     if (forceVersions.nonEmpty) {
       errPrintln("  Force versions:")
@@ -522,9 +529,18 @@ class Helper(
 
     val depsStr =
       if (reverseTree || tree)
-        Print.dependencyTree(dependencies, res, printExclusions = verbosityLevel >= 1, reverse = reverseTree)
+        Print.dependencyTree(
+          dependencies,
+          res,
+          printExclusions = verbosityLevel >= 1,
+          reverse = reverseTree
+        )
       else
-        Print.dependenciesUnknownConfigs(trDeps, projCache)
+        Print.dependenciesUnknownConfigs(
+          trDeps,
+          projCache,
+          printExclusions = verbosityLevel >= 1
+        )
 
     if (printResultStdout)
       println(depsStr)
@@ -554,7 +570,11 @@ class Helper(
     anyError = true
     errPrintln(
       s"\nConflict:\n" +
-      Print.dependenciesUnknownConfigs(res.conflicts.toVector, projCache)
+      Print.dependenciesUnknownConfigs(
+        res.conflicts.toVector,
+        projCache,
+        printExclusions = verbosityLevel >= 1
+      )
     )
   }
 
diff --git a/core/shared/src/main/scala/coursier/util/Print.scala b/core/shared/src/main/scala/coursier/util/Print.scala
index eb8de860c..26557d6bf 100644
--- a/core/shared/src/main/scala/coursier/util/Print.scala
+++ b/core/shared/src/main/scala/coursier/util/Print.scala
@@ -4,16 +4,32 @@ import coursier.core.{ Attributes, Dependency, Module, Orders, Project, Resoluti
 
 object Print {
 
-  def dependency(dep: Dependency): String = {
-    val exclusionsStr = dep.exclusions.toVector.sorted.map {
-      case (org, name) =>
-        s"\n  exclude($org, $name)"
-    }.mkString
+  def dependency(dep: Dependency): String =
+    dependency(dep, printExclusions = false)
 
-    s"${dep.module}:${dep.version}:${dep.configuration}$exclusionsStr"
+  def dependency(dep: Dependency, printExclusions: Boolean): String = {
+
+    def exclusionsStr = dep
+      .exclusions
+      .toVector
+      .sorted
+      .map {
+        case (org, name) =>
+          s"\n  exclude($org, $name)"
+      }
+      .mkString
+
+    s"${dep.module}:${dep.version}:${dep.configuration}" + (if (printExclusions) exclusionsStr else "")
   }
 
-  def dependenciesUnknownConfigs(deps: Seq[Dependency], projects: Map[(Module, String), Project]): String = {
+  def dependenciesUnknownConfigs(deps: Seq[Dependency], projects: Map[(Module, String), Project]): String =
+    dependenciesUnknownConfigs(deps, projects, printExclusions = false)
+
+  def dependenciesUnknownConfigs(
+    deps: Seq[Dependency],
+    projects: Map[(Module, String), Project],
+    printExclusions: Boolean
+  ): String = {
 
     val deps0 = deps.map { dep =>
       dep.copy(
@@ -38,7 +54,7 @@ object Print {
         (dep.module.organization, dep.module.name, dep.module.toString, dep.version)
       }
 
-    deps1.map(dependency).mkString("\n")
+    deps1.map(dependency(_, printExclusions)).mkString("\n")
   }
 
   private def compatibleVersions(first: String, second: String): Boolean = {