[NullReferenceException: Object reference not set to an instance of an object.]
   Microsoft.Exchange.Management.Security.AdfsFederationAuthModule.InitStaticVariables() +488
   Microsoft.Exchange.Management.Security.AdfsFederationAuthModule..ctor() +48

[TargetInvocationException: Exception has been thrown by the target of an invocation.]
   System.RuntimeTypeHandle.CreateInstance(RuntimeType type, Boolean publicOnly, Boolean noCheck, Boolean& canBeCached, RuntimeMethodHandleInternal& ctor, Boolean& bNeedSecurityCheck) +0
   System.RuntimeType.CreateInstanceSlow(Boolean publicOnly, Boolean skipCheckThis, Boolean fillCache, StackCrawlMark& stackMark) +159
   System.RuntimeType.CreateInstanceDefaultCtor(Boolean publicOnly, Boolean skipCheckThis, Boolean fillCache, StackCrawlMark& stackMark) +256
   System.Activator.CreateInstance(Type type, Boolean nonPublic) +127
   System.RuntimeType.CreateInstanceImpl(BindingFlags bindingAttr, Binder binder, Object[] args, CultureInfo culture, Object[] activationAttributes, StackCrawlMark& stackMark) +14426381
   System.Activator.CreateInstance(Type type, BindingFlags bindingAttr, Binder binder, Object[] args, CultureInfo culture, Object[] activationAttributes) +200
   System.Activator.CreateInstance(Type type, BindingFlags bindingAttr, Binder binder, Object[] args, CultureInfo culture) +28
   System.Web.HttpRuntime.CreateNonPublicInstance(Type type, Object[] args) +83
   System.Web.HttpApplication.BuildIntegratedModuleCollection(List`1 moduleList) +335
   System.Web.HttpApplication.GetModuleCollection(IntPtr appContext) +1262
   System.Web.HttpApplication.RegisterEventSubscriptionsWithIIS(IntPtr appContext, HttpContext context, MethodInfo[] handlers) +133
   System.Web.HttpApplication.InitSpecial(HttpApplicationState state, MethodInfo[] handlers, IntPtr appContext, HttpContext context) +304
   System.Web.HttpApplicationFactory.GetSpecialApplicationInstance(IntPtr appContext, HttpContext context) +404
   System.Web.Hosting.PipelineRuntime.InitializeApplication(IntPtr appContext) +475

[HttpException (0x80004005): Exception has been thrown by the target of an invocation.]
   System.Web.HttpRuntime.FirstRequestInit(HttpContext context) +12880068
   System.Web.HttpRuntime.EnsureFirstRequestInit(HttpContext context) +159
   System.Web.HttpRuntime.ProcessRequestNotificationPrivate(IIS7WorkerRequest wr, HttpContext context) +12721257