Installing Microsoft Exchange Server 2016 onto Microsoft Windows Server 2016

Install Microsoft Windows Server 2016 operating system (with Desktop Experience) onto your hardware (including any preconfigured RAID-1 Mirror Array) and enter your Product Code / License Key to Activate your fresh install of Server 2016 Operating System as either the Standard or Datacenter edition. Do not add any roles or features yet.
Perform a Windows update on your fresh installation of Microsoft Windows Server 2016.

System Requirements

use the latest version of the .NET Framework that's supported by the release of Exchange you're installing.
Exchange Server 2016 CU23 Any supported OS .NET Framework 4.8
Install the .NET Framework 4.8.1 Offline Installer [English] (prior to installing any added language packs).

Download From Here: https://dotnet.microsoft.com/download/dotnet-framework/thank-you/net48-offline-installer

Note: In the Server Manager console, when checking the features that are installed on Server 2016, only Dot Net Framework 4.6.1 is installed (2 of 7 features).