Brian,
SEP was installed first.
The Exchange exclusions are in the client registry. I would have to research (and possibly test) to see if they got there just from a CE policy.
TECH10240 does not actually name the folder to exclude.
TECH85451 does name a 6.0 version of it.
There are other docs that refer to the folder in different ways.
TECH122809 under Known Issues on the other hand says "Symantec Endpoint Protection automatically excludes the needed folders for Exchange. However, two product directories need to be excluded manually:....but the KB cited there refers to SMSMSE folders assuming they are the same application.
Some docs hint at manually excluding one or two of these folders
\Program Files\Symantec\SMSMSE\<ver>\Server\
\Program Files\Symantec\SMSMSE\<ver>\Server\Temp
\Program Files\Symantec\SMSMSE\<ver>\Server\Quarantine
...but if you need to exclude manually the docs should not say that SEP will do it automatically.
Thanks (I will be back here Monday.)