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Event ID: 445 Source: ESE

Information Store (3004) The database D:\Program Files\Exchsrvr\mdbdata\priv1.edb has reached its maximum size of 16383 MB. If the database cannot be restarted, an offline defragmentation may be preformed to reduce the size.
This behavior is by design to prevent an Exchange Server 2000 Standard Edition Information Store database from trying to insert more data into the database file than it was designed to hold. See ME813051 for details.
Exchange server 2000 and 2003 have a feature that lets you temporarily extend the database size by 1 Gigabyte in order to fix this problem. See ME828070 for more details on this feature.
As per Microsoft: "The disk volume that contains an Exchange database has reached the maximum allowed database size". See MSEX2K3DB for information on the limitations of Exchange Server 2003 Standard Edition regarding mailbox stores and public folder stores.
You are over the 16 GB limit for Standard E2K and you have two options - you can upgrade to Enterprise and have unlimited size for the DBs or you can perform an offline defrag to reduce the size of the database to under 16 gb, hopefully.
You may want to run an eseutil /ms to see how free space would be recovered by an offline defrag or you can look for event 1221 in the app log. See ME195914 "Determining Database Free Space with Exchange 5.5 SP1 and later"
As the description says, perform an offline defragmentation. See article ME192185 on the Microsoft website for further assistance.

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