I used to be able to access my company's exchange email, main folders and subfolders on my Samsung Galaxy S3. Sometimes, it is in tree format, sometimes it becomes alphabetical order. it is quite inconsistent (I did not change any settings).
But it sync all the emails and contacts. I left the subfolder issue as it is.
About 2 weeks ago, I realised the sub-folders "disappear". Not sure if there were any update as all my updates are auto. Now only the main folders is accessible.
My S3 Android version is 4.0.4.