Here's the REAL support matrix for where you can run Microsoft Exchange in VMs, and which versions:
Object-Level Restore (OLR) offers improved flexibility for when and how you can recover Exchange email objects, like individual email messages, folders, contacts, and so forth. These objects can be recovered individually from an Exchange DB directly back into an online Exchange database.
To gain this functionality, you use vRanger Pro 4.5 to create the backup image of the VM guest running Exchange. You must have the Vizioncore VSS deployed in the guest, to ensure a consistent backup. Then, to restore, you perform these steps:
1. Use vRanger Pro 4.5 to perform a File Level Restore (FLR) of the Exchange database from the backup image held in the vRanger Pro repository. The Exchange DB must be restored to a read/write location.
2. Use Quest Recovery Manager for Exchange (RME) 4.8 to search for, select, and restore an Exchange email object to any of a number of possible recovery locations as illustrated below. This can be the Exchange production database running in a VM guest.
RME 4.8 is a Separately Licensed Product
RME is offered at a per-mailbox list price of $8 per mailbox. RME mounts an offline EDB for the Exchange Information Store database, and works with any mailboxes found there. All mailboxes are counted equally, and must be licensed. In configurations in which multiple Exchange servers each have an Information Store database, then RME must be licensed for the total number of mailboxes.
For example, if you have 500 mailboxes in one EDB and 300 in another, you must license RME for the total 800 mailboxes -- even though you only mount RME to each EDB one at a time.