Index: src/wp-includes/class-wp.php
===================================================================
--- src/wp-includes/class-wp.php	(revision 35195)
+++ src/wp-includes/class-wp.php	(working copy)
@@ -215,7 +215,8 @@
 							}
 
 							$post_status_obj = get_post_status_object( $page->post_status );
-							if ( ! $post_status_obj->public && ! $post_status_obj->protected && ! $post_status_obj->private ) {
+							if ( ! $post_status_obj->public && ! $post_status_obj->protected
+								&& ! $post_status_obj->private && $post_status_obj->exclude_from_search ) {
 								continue;
 							}
 						}
Index: src/wp-includes/rewrite-functions.php
===================================================================
--- src/wp-includes/rewrite-functions.php	(revision 35195)
+++ src/wp-includes/rewrite-functions.php	(working copy)
@@ -403,7 +403,8 @@
 				}
 
 				$post_status_obj = get_post_status_object( $page->post_status );
-				if ( ! $post_status_obj->public && ! $post_status_obj->protected && ! $post_status_obj->private ) {
+				if ( ! $post_status_obj->public && ! $post_status_obj->protected
+					&& ! $post_status_obj->private && $post_status_obj->exclude_from_search ) {
 					continue;
 				}
 			}