Policies, a new feature for Exchange, are designed to enable flexible administration of large numbers of Exchange objects. A policy is a collection of configuration settings that is applied to one or more Exchange objects of the same class; for example, an administrator can define a policy that controls configuration settings across multiple servers. Once these policies are defined and implemented, you can change the configuration of all of the servers by editing the policies and applying the changes.
There are two types of policies: system and recipient. System policies are policies that you create and apply to a server, a mailbox store, or a public store. These appear in MMC as the Policies item under your Organization item or Administrative group items. Recipient policies are policies that are applied to mail-enabled Exchange objects (any object with at least one e-mail address) to generate e-mail addresses. These policies appear in MMC as the Recipient Policies item of the Recipients item
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