Just experienced a problem with a Exchange 2010 SP3 Hybrid environment, with Office 365 wave 15. When In-place Hold is activated (typically for eDiscovery), DirSync returns cd-error when exporting the user attributes to Active Directory. This will not affect the functionallity, but will give you events in the Event Viewer telling you the following.
Executing export run profile on source MA failed for System.ManagementPropertyData. Failed to export objects: dn="CN=User account,OU=User accounts,DC=goodw,DC=goodworkaround,DC=com",error-type=cd-error,error-code=87
If you open miisclient.exe (please do not do this if you do know know FIM!), you will see the cd-error on the SourceAD Management Agent, on the Export run profile. Digging further down will show you “Parameter incorrect”, and digging even further down, shows you that you are unable to export the attribute msExchUserHoldPolicies.
Doing some quick searches gives you this, telling you that this is a new attribute in Exchange 2013. Go ahead and extend the Active Directory schema to Exchange 2013, and you should see this error go away.