CPUU fails to update Outlook profile to Office 365 (O365) (4295046)

When Processing a workstation (Outlook Profile) with Client Profile Updating Utility the process may fail and the log shows the following log line

MAPI result: 0x8004011d, Description: MAPI_E_FAILONEPROVIDER, Extended info: Component: Microsoft Exchange Information Store, Description: Microsoft Exchange is not available.  Either there are network problems or the Exchange server is down for maintenance., Context: 1318, Low level: 2147746069

and or

6/23/2016 10:40:40 AM 11364  [Error]   Cannot log on to the profile. Please verify the logon credentials, connection settings in CPUU.ini and that the Exchange server is available. Also you can use the 'LeaveTemporaryProfile' parameter to check the temporary profile. For more details, see the product documentation.