Please be aware that there is an issue with Exchange 2016 CU5 and email address policies containing extended ASCII characters in the email address field (such as å, ä & ö). In our case it was used for replacing these characters in the Exchange recipients email address with an ASCII alternative.
The upgrade terminates without any visible error messages or warning and the Exchange setup log just ends with information about the email address polices being validated. The termination happens in the final stage of the Mailbox role: mailbox service stage (in our case at ~95%).
Temporarilly removing or modifying the email address policies during the upgrade process, to not include those characters, resolved the issue for us.
Remember to be careful while modifying email address policies in a production environment. It might be a good idea to export a list of all of the email addresses assigned to your mail-enabled objects prior of doing this. Also remember to export the settings for the email address policies, if you decide to remove them during the upgrade.