This article describes the issue when you get Access denied connecting to Exchange 2000\2003 Servers.
This can happen after upgrading Windows 2000 Server to Windows 2003 Server. In Windows 2000 "Remote Registry" Service runs under "Local System" account. In Windows 2003 "Remote Registry" Service runs under "Local Service" account.
After the upgrade to Windows 2003, the "Local Service" account doesn't have the required permissions to access the following registry key:
"HKEY_LOCAL_MACHINE\SYSTEM\CurrentControlSet\Control\SecurePipeServers\winreg"
Configure the following permissions on the registry key below:
"HKEY_LOCAL_MACHINE\SYSTEM\CurrentControlSet\Control\SecurePipeServers\winreg"
Permissions:
"Administrators" - "Full Control"
"Local Service" - "Read"
Restart "Remote Registry" Service to apply the new settings.