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Licensing with Microsoft Windows 2003 Small Busines Server (SBS) and exchange

I have a client that has a MS Windows 2003 SBS server and we are looking to switch them to use exchange on the server, off of their current pop3 mail host. However I am not familiar with how the licensing works on SBS. Do I need to purchase Exchange licenses? They currently have 15 CAL licenses and I don't show any exchange licenses. Do we need to purchase exchange licenses under SBS or does it fall under the CAL aspect?
Windows Server 2003

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world-net

8/22/2022 - Mon
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world-net

Thanks :)
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