I think the problem lies with exchange 2003. I recently installed it on my P4 2.53 machine and found that shutting down takes around 5 times longer than it did when running plain Win2K3. It takes around 8 minutes now to shut down and around 3 minutes to start up- as opposed to around 60 seconds to shut down and 30 seconds to start up.
Time to dig out MS Bootviz again
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