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You don't technically need to install it on a separate server. It will install without any problem on the Small Business Server box. However, you should be aware that doing so will make future upgrades to Exchange Server on that same box extremely difficult, if not impossible.
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Related information from SearchExchange.com:
Expert Advice: Install Exchange Enterprise Edition over Standard Edition
Expert Advice: Upgrade from Exchange Standard Edition to Enterprise
Learning Guide: Exchange migration
FAQ: Exchange and Small Business Server issues
Reference Center: Exchange migration tips and resources
Reference Center: Exchange Server and SBS resources
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