How to turn off MS Exchange Server requests for “Activate Device Administrator” permissions on mobile devices
This is pretty similar to how to disable remote wipe for Exchange 2010 ActiveSync?
The short answer is - No. Android will prompt for those permissions regardless of whether Exchange's ActiveSync policies specifically allow or deny Exchange's ability to do those actions.
As far as I can tell, Android's ActiveSync apps have to require that you approve all possible permissions that an ActiveSync policy MIGHT require. I think it has to do with Android's permission models - in order to change the permissions, you have to update the app, and since an Exchange server changing its ActiveSync policy does not physically change the underlying app (and the app itself generally only physically changes through updates from the AppStore), it has to ask for the entire permission set up front.