JOM does not correctly handle !IF preprocessing when it follows a line with an extended macro definition

JOM 1.0.14 doesn't seem to be able to handle !IF preprocessing when it follows a line with an extended macro definition. For example the following makefile gives an error:

DIRECTORIES = \
!IF EXIST(dir1)
dir1 \
!ENDIF
dir2 \
dir3 \

nmake will correctly handle this example.