Microsoft recommends that you create a paging file for each physical volume on the system. On most systems, multiple paging files can improve the performance of virtual memory. Instead of a single large paging file, it's better to have multiple small ones.
Memory dumps are made to c: drive or system partition. You have too much memory (assuming 32-bit) so you can't have full memory dump on STOP configured. If you do want that on other servers then it is considered a best practice to make the page file on the system partition the minimum size allowed by the OS - usually the exact memory size - then set the maximum size to be equal to the minimum so it doesn't grow. Add a page file to cover the rest of the page file size requirements on the second drive. This will guarantee space is available for the memory dumps during a STOP condition and allow the page file to run amok on a separate partition.
If you cant or don't want a full memory dump on STOP - you can have "Kernel memory dump" or "Small memory dump which is 64K" - you can have a smaller C: drive paging file but still lock the size by making maximum = minimum. Both the small memory dump option or turning off the dump option would let you move the whole paging file off C: if you want but you would lose the performance advantage of your two drives.
Don't put anything on your Exchange data drives, though!
