The most common and most likely answer to this crossword clue is the 5 letter word LULUS
I've seen this crossword clue in Financial Times
L
U
L
U
S
Buddy explains!

The straight part
We know that "Outstanding example/s" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case outstanding example/s = lulus.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does LULUS mean?
LULUS noun- A remarkable person, object or idea.
- A very attractive or alluring person.
- A very bad mistake or error.
- A fixed allowance paid to a legislator in lieu of reimbursement for actual expenses.