The most common and most likely answer to this crossword clue is the 12 letter word REPRESENTING
I've seen this crossword clue in Independent
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More clues leading to the result REPRESENTING
Buddy explains!

The straight part
We know that "exhibiting" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case exhibiting = representing.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 REPRESENTING mean?
REPRESENTING verb- To present again or anew; to present by means of something standing in the place of; to exhibit the counterpart or image of; to typify.
- To portray visually; to delineate
- To portray by mimicry or acting; to act the part or character of
- To stand or act in the place of; to perform the duties, exercise the rights, or otherwise act on behalf of
- To act as a representative of (a country, state, district etc.)
- To portray to another using language; to show; to give one's own impressions and judgement of
- To give an account of; to describe.
- To serve as a sign or symbol of
- To bring a certain sensation of into the mind; to cause to be known, felt, or apprehended; to present.
- To form or image again in consciousness, as an object of cognition or apprehension (something presentative, which was originally apprehended by direct presentation).
- To constitute, to make up, to be an example of.
- To participate as a team member
- To constitute a good example or symbol of a group of people; to acquit oneself well.
- An act of representation.