No. Maybe it is due to the (x86) designation since it looks like you are running 64bit. To test, create a new share off the root of the drive like c:\RIM\Shared\.. c:\RIM\AppLoader etc and share out RIM, then try running from loader.exe /index from command prompt in Apploader directory.
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BESX 4.1.7 on Exchange 2003: 65 Devices
BESX 5.0.3 on Exchange 2003: 2007 Devices
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