From Android 4.4, it is possible to show multiple calendars from Exchange.
You can activate this option by:
1) Removing and adding your Exchange account on your device. Check the following help page from step 5 onwards: https://digibites.zendesk.com/hc/en-us/articles/200299903-How-do-I-sync-DigiCal-with-my-calendar-servers-Google-Calendar-Outlook-com-Windows-Live-Hotmail-Exchange-
*You can also add your Outlook.com account data here as an Exchange account.
Remember to sync and display your new calendar: https://digibites.zendesk.com/hc/en-us/articles/200299933-How-do-I-select-which-calendars-to-display-
2. Or you can go to Outlook and create duplicates of your existing calendars and delete the old calendars. Link: https://code.google.com/p/android/issues/detail?id=52270