The available and supported version are shown here:
From technical point of view also have a look here:
For the long run have a look here:
I carefully consider those 2 scenarios (at least I thought I did…). All code is in FSTO. Some existing DEV VM are like Frankenstein, already patched from RTM. Those were kept alive with windows rearm and had only 30 days left. The windows 2012 Hyper V server is running fine, but also running out of disk space. Those Dynamics 365 VM can run up to 127 Gb disk use, while only 100 GB is needed.
We have then hosted on a window 2012 Hyper V server and that was exactly the real killer. The new update 4 VM are running on window 2016. These VM Can’t be hosted on a Windows 2012 Hyper-V machine!
You must upgrade your Windows 2012 Hyper V host to Windows 2012 R2.
Upgrading you Windows Hyper V host, is not a just click next, next, next task, so what was left.
We downloaded the update 3 VM, put the disk size back to 100, rearmed them and installed the update 4 patch self on this VM. So, we have the prep update 4 VM running on not windows 2016, and we can distribute all DEV VM again.
As you understand, it was very nice weather outside here in The Netherlands. It apparently is the first week of spring, sadly enough I have not seen it, only heard about it. My wife and kids avoided me, because my passion for MS products dropped below their tolerance level, and maybe for me as well…