Raise in status (5)
I believe the answer is:
'raise in status' is the definition.
(I've seen this in another clue)
This is all the clue.
(Other definitions for exalt that I've seen before include "Honour - raise up" , "Praise, glorify, or honour" , "Lift up in praise" , "delight" , "Raise in rank, character, or status" .)