Setting up a PF sync job fails with "Cannot retrieve the public store DN" (4321351)

• When trying to set up a Public Folder (PF) sync job, it fails to enumerate the PF tree
• EMWMigration.log shows the following error:

8/30/2012 8:36:02 AM aeEMWGUIForms::CMapiSettings::GetAeMAPIStore Log on to server 'ServerName', mailbox '/o=Org/ou=Exchange Administrative Group (FYDIBOHF23SPDLT)/cn=Recipients/cn=PF Admin Mailbox'.
8/30/2012 8:36:03 AM aeEMWGUIForms::CMapiSettings::GetAeMAPIStore Error: -2126512124 - Cannot retrieve the public store DN File: 'aeMAPISession.cpp' Line: '162'

• Opening the PF store via MFCMAPI with OPENSTORE_USE_ADMIN_PRIVILEGE ('MDB | Public Folder | Open public folder store… | CreateStoreEntryID flags | 0x00000001') fails as well

Insufficient permissions.

Add the QMM Exchange account to Public Folder Management group.