There are a few things that could cause the status 69.
When it happened to me it was the client name. I was use the name
assigned to the backup interface on the host instead of the name
assigned within exchange.
The rule here is that the name of the client must exactly match the name
embedded in the exchange configuration.
It must match exactly.
Here is the configuration for one of my exchange policies. You can
compare your policy and look for any differences.
Consider using my include list to see if it works.

Good Luck.

root at bspebr01:/root# bpplinclude BDC_EXC_BD01MSXMB021_IS -L
Include:           NEW_STREAM
Include:           Microsoft Information Store:\

root at bspebr01:/root# bpplinfo BDC_EXC_BD01MSXMB021_IS -L
Policy Type:            MS-Exchange-Server (16)
Active:                 yes
Effective:              02/01/2006 22:57:48
Follow NFS Mounts:      no
Cross Mount Points:     no
Client Compress:        no
Collect TIR info:       no
Policy Priority:        0
Ext Security Info:      no
File Restore Raw:       no
Client Encrypt:         no
Max Jobs/Policy:        Unlimited
Mult. Data Stream:      yes
Block Level Incremental:        no
Perform Snapshot Backup:        no
Snapshot Method:                (none)
Snapshot Method Arguments:      (none)
Perform Offhost Backup:         no
Backup Copy:                    0
Use Data Mover:                 no
Data Mover Type:                2
Use Alternate Client:           no
Alternate Client Name:          (none)
Enable Instant Recovery:        no
Disaster Recovery:      0
Max Frag Size:          0 MB
Checkpoint Restart:     no
Residence:              GLOBAL_211A
Volume Pool:            NetBackup

root at bspebr01:/root# bpplsched BDC_EXC_BD01MSXMB021_IS -L
Schedule:          FULL_VY_DUP_2MO
  Type:            FULL SExchange (0)
  Frequency:       1 day(s) (86400 seconds)
  Retention Level: 1 (2 weeks)
  u-wind/o/d:      0 0
  Incr Type:       DELTA (0)
  Incr Depends:    (none defined)
  Max Frag Size:   0 MB
  PFI Recovery:    0
  Maximum MPX:     1
  Number Copies:   1
  Fail on Error:   0
  Residence:       (specific storage unit not required)
  Volume Pool:     (same as policy volume pool)
  Daily Windows:
   Day         Open       Close       W-Open     W-Close
   Sunday      021:00:00  028:00:00   021:00:00  028:00:00
   Monday      021:00:00  028:00:00   045:00:00  052:00:00
   Tuesday     021:00:00  028:00:00   069:00:00  076:00:00
   Wednesday   021:00:00  028:00:00   093:00:00  100:00:00
   Thursday    021:00:00  028:00:00   117:00:00  124:00:00
   Friday      021:00:00  028:00:00   141:00:00  148:00:00
   Saturday    021:00:00  028:00:00   165:00:00  172:00:00 004:00:00

root at bspebr01:/root# bpplclients BDC_EXC_BD01MSXMB021_IS
Hardware         OS               Client
---------------  ---------------  --------------
PC               WindowsNET       bd01msxmb021
 





___________________________________
Remedy information:
Group: "National EBR Ops"
Scope: Backend Applications
Category: NetBackup

http://wa-gsmrdb02-bth/ESBR/
http://netbackup.entp.attws.com/cgi-bin/backup_amount
http://netbackup/prod/netbackup_REQ_form.xlt
__________________________________________
Jonathan Marianu (mah ree ah' nu)
National Enterprise Backup & Recovery
Cingular Wireless
(360) 597-6896