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Exchange is the server side of a collaborative application product that is part of the Microsoft Server infrastructure. Exchange's major features include email, calendaring, contacts and tasks, support for mobile and web-based access to information, and support for data storage.
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Run performance optimizer on your Exchange server. You do not have to relocate any of the files if it suggests.
Performance Optimizer does much more than just move files around.
I have run into your exact issue several times (many years ago though). Running performance optimizer corrected the problem.