To view the output from your build, change the LOG= NMAKE switch to ON. This creates a log that you can check for errors. See Using NMAKE Switches.
\BKOFFICE\SAMPLES\EXCHANGE\<sample name>
The LISTOUT process works only when you are building a single sample application. LISTOUT is not available for a build of all the sample applications. The NMAKE LISTOUT command produces only the log file listing and no build products.