Microsoft Exchange Online Management
Microsoft Exchange Online: A Microsoft email and calendaring hosted service.Management: The act or process of organizing, handling, directing or controlling something.
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I have two queries as below:
First Question: Public, Exchange Online will have no way of finding it and connecting otherwise:
Second question: Depends. If the private IP is on your network or accessible via VPN or internal way to get to that other network,, then yes.
If the recipient is external and you have no private, internal path to it, then it must be an external IP listed n the smarthost.