Modifying Default E-mail Address Policy In Exchange 2007

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I need to set up two Email policies. We will be hosting two different domains
and as was suggested to me I'm going to create a seperate policy for each
one. I have the company field populated and will use this to apply the
correct policy for each comapny.

I went to modify the default policy but everything is grayed out? Can this
be modified or do I have to delete it?
.

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