Type: Configuration error (You are often able to resolve this type of error.)
Description: Impersonation denied. The connecting Exchange user does not have the “ApplicationImpersonation” role.
Possible solution: You must assign the “ApplicationImpersonation” role to the connecting Exchange service account used for connecting.
If the error happens when connecting a service account, please make sure that the service account itself is within the impersonation scope since the validation of the service account is done by impersonating the service account itself.