I had this problem and resolved it by setting my NIC card from "auto-negotiate" to "100MB/FULL" -- assuming that is correct for your backbone.
Is your account a "Domain Admin" or "Enterprise Admin"? If it is, those roles are specifically "denied" permissions in Exchange 2K. I found it much easier to create a generic account which I use for this type of thing and give it permission than to try to override...
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