The Migrator for Notes to Exchange (MNE) Pre-Migration Planning Guide mentions that:
Notes hotspots do not migrate. Notes' hotspot links do not function as hotspots after migration.
However, this description is no longer accurate and will be removed from a future version of the documentation. Modern versions of MNE will encapsulate Notes "Activemail", such as Hotspots, in an NSF file attachment to the migrated email in Exchange, where the attachment can be opened in the Notes client.
