After activating the Exchange feature from K2 Management, the Exchange generated folder and SmartObjects are not visible in K2 Designer unless your System Objects are enabled.
- Ensure you have K2 (5.1) installed.
- Get the K2 Five (5.1) FP1 from Regional Support.
- Install the K2 Five (5.1) FP1 to apply the fix.
The generated Exchange folder and SmartObjects will now be visible under Exchange Online in K2 Designer.