VMS Help EXCHANGE, DIRECTORY, Qualifiers, /PRINTER  *Conan The Librarian (sorry for the slow response - running on an old VAX)

    Queues the command output for printing under the name specified
    by the /OUTPUT qualifier. If you specify /PRINTER without
    the /OUTPUT qualifier, the output is directed to a file named
    EXCHDIRE.LIS, which is spooled for printing and then deleted.