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Event ID: 1221 Source: MSExchangeISMailboxStore

The database "<name>" has <number> megabytes of free space after online defragmentation has terminated.
As per Microsoft: "This event is logged after every online defragmentation of the database has been completed. Online defragmentation does not allow the database file to shrink. This event tells you how much space could be recovered by an offline defragmentation". See MSEX2K3DB for details on this event.

See ME828070 for a specific situation in which this event will occur.

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