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No, you can not.<br />
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Q. Can I separate the components of Windows Small Business Server 2011 Standard, (that is, run Exchange 2010 a separate servers)?<br />
A. No, you may not separate the software for use on more than one operating system environment under a single license. The Exchange is integrated and cannot be separated.<br />
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From <a href="http://download.microsoft.com/download/4/5/C/45CD1DC6-9204-44DD-999B-24B50A9144B6/SBS%202011_Licensing_FAQ.pdf" rel="ugc nofollow">http://download.microsoft.com/download/4/5/C/45CD1DC6-9204-44DD-999B-24B50A9144B6/SBS%202011_Licensing_FAQ.pdf</a>
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No, you can not.

Q. Can I separate the components of Windows Small Business Server 2011 Standard, (that is, run Exchange 2010 a separate servers)?
A. No, you may not separate the software for use on more than one operating system environment under a single license. The Exchange is integrated and cannot be separated.

From http://download.microsoft.com/download/4/5/C/45CD1DC6-9204-44DD-999B-24B50A9144B6/SBS%202011_Licensing_FAQ.pdf [http://download.microsoft.com/download/4/5/C/45CD1DC6-9204-44DD-999B-24B50A9144B6/SBS%202011_Licensing_FAQ.pdf]

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I've found conflicting posts around the web. &nbsp;can anyone tell me if they have installed sbs 2011 and put exchange on a separate server. &nbsp;thanks
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I've found conflicting posts around the web.  can anyone tell me if they have installed sbs 2011 and put exchange on a separate server.  thanks

sbs 2011 can I put exchange 2010 on a second server

Small Business Server (SBS) is a line of server operating systems targeted at small businesses by bundling the operating system with a number of other Microsoft products that would normally need to be purchased or licensed separately. The most notable inclusions are Exchange, SQL Server, SharePoint and ISA/TMG (Microsoft's firewall and proxy server).

Exchange is the server side of a collaborative application product that is part of the Microsoft Server infrastructure. Exchange's major features include email, calendaring, contacts and tasks, support for mobile and web-based access to information, and support for data storage.