In Windows 2008 by default the system could automatically place a page file on ANY available disk including your disks for Exchange databases or log files. This feature is called “automatically manage paging file size for all drives” and can be found when you go into System Properties –>  Performance Options.

It’s recommended you uncheck this option and manually select the drives where you want to put your page file…

Tonino Bruno | ICT Consultant | Pro-Exchange Community