To achieve your requirements I would create a group called "Public Folder Users" and assign the following Exchange public folder permissions to that group:
- Read items
- Folder Visible
- Edit items – Own
- Delete Items – Own
Then I'd set up a group called "Public Folder Admins" and assign public folder owner rights along with maximum rights.
Lastly, I'd add users who should have limited access to the "Public Folder Users" group and ensure all other groups including Default and Anonymous are set to None. Obviously back up and test in a lab first to confirm that this meets your requirements.
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This was first published in August 2006