Event ID - 1205

Event Id1205
SourceMSExchangeIS Mailbox Store
DescriptionDescription:
1.
Failed to create the mailbox of <mailbox name> with error <error code>.
2.Failed to create the mailbox of /o=company/ou=orgunit/cn=Recipients/cn=username with error 0x4e3.
Event InformationAccording to Microsoft:
CAUSE:
When you create and then mount an Exchange 2003 database, a database-specific registry key is automatically created. The database-specific registry key is populated with the registry entries that are mentioned earlier and their default values. By default, the Background Cleanup registry entry has a value of 60,000, and the Track Duplicates registry entry has a value of 1.
However, a problem might occur if you create an Exchange 2003 database, but you do not mount the database. In this case, the database-specific registry key might be created by a third-party program. When you mount this database, Exchange 2003 detects that the database-specific registry key already exists. In this scenario, Exchange 2003 does not create the Background Cleanup registry entry or the Track Duplicates registry entry. Therefore, the Microsoft Exchange Information Store service background cleanup process does not run.
RESOLUTION:
A supported hotfix is now available from Microsoft, but it is only intended to correct the problem.Only apply it to systems that are experiencing this specific problem.You must install Microsoft Exchange Server 2003 Service Pack 1 before you install this hotfix.

This information from some newsgroups may help you:
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An attempt to create a mailbox failed. Insufficient permissions, a Jet error, or a memory error may have caused the problem. Try creating a mailbox again. Use the error returned to help determine a course of action. Review the event log for related entries
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Reference LinksMailbox or folder sizes are incorrect in Exchange System Manager, Move Mailbox operations are unsuccessful, and unread receipt messages are not delivered in Exchange Server 2003

Mailbox sizes or folder sizes are incorrect in Exchange System Manager, Move Mailbox operations are unsuccessful, and "unread receipt" messages are not delivered in Exchange 2000 Server

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