Jack,
There's no problem generating a VM in Fusion, if you know one little secret... The disk type has to be IDE, not SCSI.
Go to Fusion, select
New, select
Install from disc or image, then
Continue.
Select the ISO file, then
Continue.
As OS select
Linux Other Kernel 2.6.x (32-bit), then
Continue.
Make sure you select to Personalize the VM. If you don't, then after the VM automatically starts close it and select Setup
The most important thing to change is the disk type. The default is SCSI but EXOS expects IDE.
Select The Hard disk and change its type to IDE and its size to 512M (no need for more....)
The last thing you need to do is to add more Network Adapters as the VM only has one by default. This first adapter is assigned to the OOB Management Port. You can add up to 7 additional adapters that will be assigned to the Default VLAN as front ports.
After that, just run the VM. It will create the disk partition structure, install EXOS and ask for a reboot. After that you'll be all set.
Good luck with your experiments...