Each computer on the internet needs a unique IP address. If you had a second public IP from your provider, you may or may not be able to route it through an external interface on the SME. I don't know enough to say whether it's possible... You could assign both IPs to the SME, and use the 1 to 1 NAT HowTo to forward everything on that IP to the Exchange server located on the LAN.
If you don't have a second IP, you'll have to have the Exchange server on the LAN, and just forward some ports from the SME to it.