Assuming the Exchange agent is installed, Backup Exec connects direct to Exchange and backs up the contents of all the mailboxes, pubic folders, settings etc, eg the entire Information Store. To do a restore of the entire system, you would need to restore the Exchange program files, system state information for the server, and the information store itself.
Note however doing a normal restore is an all or nothing approach, eg you get the entire thing as it was at the time of the backup, however their are other systems in place, eg recovery storage group, and something else new with v11 which I'm not very familiar with yet so can't really comment, which will allow you to recover individual parts of the Information Store, eg mailboxes etc, rather than the entire thing.