• 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 Microsoft Windows Server 2016.

• 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).