Generally, any subnet that has servers hosting internet facing applications should be in a different security zone than the rest of the internal network. This is the basic definition of the DMZ that has existed from even before the internet when we connected to networks outside our companies. I don't think web servers are any more vulnerable to compromise from the outside than Exchange. But I guess hosting a public web site does give more of an advertisement and invitation to visit than spinning up OWA. So in general, I would suggest creating a DMZ to isolate the public web server and setup the necessary network and security policies from there. I would encourage moving the Exchange Frontend at least into the DMZ as well.
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