If you configure a non-local paging file on a dynamic disk, and the Windows Server 2003 system disk is a basic disk, the subject behavior may occur because of a timing issue with the dynamic disk sub-system, that can prevent the correct enumeration of drive letters at start up.
To resolve this problem behavior:
1. Open a CMD.EXE window.
2. Type the following command and press Enter:
REG ADD HKLM\SYSTEM\CurrentControlSet\Services\dmboot /V Start /T REG_DWORD /F /D 0
3. Shutdown and restart your Windows Server.