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In the New password box, type your new password. Your Outlook folders are already protected by your Exchange password.

Note: This button does not appear if your e-mail account runs on Microsoft Exchange.

On the Data Files tab, click the Personal Folders file (.PST) for which you want to create a password, and then click Settings to open the Personal Folders dialog box. On the File menu, click Data File Management to open the Account Settings dialog box. You can set a password for your Personal Folders (.PST) file as follows:
