Your firmware does not currently support exFAT. All firmwares except 1.0 can support exFAT but they need to be patched in order to do so which is not applied out of the box. Updating your firmware is not going to fix booting CFW especially because the exploit relies on the hardware of the console so firmware is largely irrelevant.
How can I add exFAT support then. Could you point me to a tutorial?