Exchange Server Roadmap Update

4ppl3c0r3, please see https://www.microsoft.com/licensing/terms/productoffering/SharePointServer/EAEAS#LicenseModel, which is the license model for SharePoint Server Subscription Edition.  Exchange Server Subscription Edition will use the same licensing model as SharePoint Server SE.  As that page states, "Active Software Assurance or a subscription license is required to run and access SharePoint Server Subscription Edition software (server and CAL)."  You can purchase L+SA for Exchange 2019 now, and as long as you maintain SA, you get Exchange Server SE, and you don't need to buy cloud licenses (because you have L+SA).  You could wait for Exchange Server SE to be released and at that time also either purchase cloud licenses or L+SA.  Hope this helps clarify.