Simple but cant find a answer

Hello, A relatively simple question but never got a 100% answer.

The Personal, Private, and convidental settings inm out look, whats the behaviour of these settings.

We have had a message on the exchange server that was not able to be seen by a folder administrator. Any reasons for this, or is it about accessing the mail box straig with the logon.

Never got a good answer for this, even after doing an exchange course!!!