Cumulative updates for exchange also include the full installation of it: https://www.microsoft.com/en-us/download/details.aspx?id=57827
https://www.starwindsoftware.com/blog/exchange-server-2016-on-windows-server-2016-with-gui
'Installing Exchange Server 2016
To install the latest version of Exchange Server 2016, download the latest cumulative update for Exchange Server 2016 (which is Cumulative Update 6 at the time of writing this guide). The cumulative update is a full installation of exchange and includes updates and changes from previous CU’s.'
I came to this solution because the product key was accepted when opening a test failover VM for a test environment with Hyper-V Replica based on the original Exchange Server machine. Proposed as answer by finiusWI Wednesday, February 10, 2016 2:35 PM.
Cumulative updates for exchange also include the full installation of it: https://www.microsoft.com/en-us/download/details.aspx?id=57827
https://www.starwindsoftware.com/blog/exchange-server-2016-on-windows-server-2016-with-gui
'Installing Exchange Server 2016
To install the latest version of Exchange Server 2016, download the latest cumulative update for Exchange Server 2016 (which is Cumulative Update 6 at the time of writing this guide). The cumulative update is a full installation of exchange and includes updates and changes from previous CU’s.'
Exchange Server 2016 Serial Key
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- Slmgr /ipk WC2BQ-8NRM3-FDDYY-2BFGV-KHKQY (it is a GVLK key for Windows Server 2016 Standart, another product key is used for Datacenter, it is listed above) slmgr /ato. If there is no KMS server, you can specify your MAK or Retail product key for Windows Server and activate the OS as usual: via the Internet or by phone.