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In an air conditioning system, an "exhaust valve" refers to an expansion valve. The expansion valve plays a crucial role in the refrigeration cycle, controlling the flow of refrigerant and allowing it to expand and cool down, which is essential for generating cold air. 

The expansion valve reduces the pressure of the high-pressure, liquid refrigerant, causing it to expand into a lower pressure, colder vapor. This process is key to absorbing heat from the air inside the building.