Exchange Server 2016 on Windows Server 2016 Issues
Microsoft Exchange Server 2016 has released cumulative update 3 a.k.a CU3 earlier this year in September. Microsoft Exchange Server 2016 CU3 added the support for deploying Exchange Server 2016 on Windows Server 2016. For more details on new enhanced features of Exchange Server 2016, please visit TechNet. With the support for installing Exchange 2016 on Windows Server 2016 servers, Issues have been reported in Microsoft support forums about errors that customers are facing with the deployment of Exchange Server 2016 on Windows Server 2016. Microsoft has acknowledged the issue with Exchange Server 2016 CU3 deployment on Windows Server 2016 and currently there is no workaround available for this issue.
If you attempt to run Microsoft Exchange 2016 CU3 on Windows Server 2016, you will experience errors in the IIS host process W3WP.exe. There is no workaround at this time. You should postpone deployment of Exchange 2016 CU3 on Windows Server 2016 until a supported fix is available.
As of now, I would recommend to deploy Exchange Server 2016 only on Windows Server 2012 R2 until there is a fix released by Microsoft. To read about other issues reported by Exchange Server 2016 CU3, please read Exchange 2016 Issues.