Where in my post did I even say NTFS permissions with Exchange? I just said permissions. As in your post, you suggest checking permissions within exchange.
Also, if you note, I last used exchange 5 years ago. Did exchange 2003 exist 5 years ago? No. So, I'm only offering suggestions. Though, I was an exchange admin for 2 years (5 years ago).
Also, there is no need to take a class, if you can crack open a book and read up on it. I have taken a class for Exchange 5.5 way back when....didn't learn squat. But, luckily I didn't pay for it.