I have been attempting a P2V of Exchange 2007 running on Server 2008 R2. (Hyper-V on 2008 R2 Server, conversion done by MVMC.) Exchange Program Files & all other files are on the data partition (D: ). I've successfully P2V'ed the C: drive, but the D: drive has not been allowing it. Our backup captures an image that we can mount and browse to in Windows Explorer. If I create a new VHD and then copy and paste the data to D:, with the registry all on C:, should it run Exchange?