Setting up Emulation - Exchange System Management Tools are not installed on this computer. (4279490)

Error:

"Exchange System Management Tools are not installed on this computer. These tools are required for Exchange server emulation"

OR

"The emulated Exchange server version does not match the Exchange System Management Tools version"

When selecting from the Add Storage Wizard, when you select the "Access Exchange backups with third-party software" option (Emulation), you have to select the Exchange version that was backed up. The only options are Exchange Server 2003 or 2003, Exchange 2007, Exchange 2010 and Exchange 2013.