No, it does not. It will work with a SBS exchange account. Here is a page
with a fix for the incompatibility:
http://www.outlook-tips.net/howto/bcm.htm
IMHO, a rather silly decision from Microsoft but they do have their reasons.
One of them being support nightmares, if the news groups are any indication.

Signature
--?
Milly Staples [MVP - Outlook]
Post all replies to the group to keep the discussion intact. Due to
the (insert latest virus name here) virus, all mail sent to my personal
account will be deleted without reading.
After furious head scratching, Jeffpsu asked:
| I recently configured an outlook profile that was using a pop account
| with an Exchange 2003 account. I added the Exchange account and
[quoted text clipped - 4 lines]
| would need to create a new profile.Does Business contact manager not
| work with Exchange ? No, it d