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 Number

Exchange Server 2016 Licensing

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