In a word, 'way out' (4)

I believe the answer is:

exit

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'way out' is the definition.
(synonyms)

I cannot understand how the rest of the clue works.

(Other definitions for exit that I've seen before include "Leave the building" , "Actor's departure" , "farewell!" , "Act of going out" , "Way out sign" .)

I've seen this clue in the Evening Standard.

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