When you set up an Exchange account in Email and check the box to sync your calendar, your Outlook calendar will automatically be set up. If you prefer, you can sign in to your Exchange account through the Calendar application if you have not already set up a Google Account. (If you have already signed in to a Google Account, that calendar will be set up, so you must set up your Exchange account through Email.)
If you have both a Google calendar and a corporate calendar, you can view the colors assigned to them and adjust their syncing and visibility settings by touching Calendar, pressing the Menu Key , and touching More > Calendars. Touch the icon beside the account name to cycle through the possible settings.