Business rules - use "equals" with "|"

Summary

Equals does not seem to work when paired with "|"

Content

I have a business rule that checks the subject of an incident for a specific string … case sensitive.  There are a few different scenarios so I'm using the | separator to act as an "or".  I do not want to use matches regular expression as I want to check for an exact match.  This is essentially what the rule looks like:

Incident Subject equals "Auto Reply|Auto reply|Automatic reply|Automatic Reply"

but it does not appear to be working.  Can't you use "equals" in conjuction with "|"??