Tending to exhilarate; producing exhilaration or excitement.
From exhilarate + -ive (adjective suffix). The -ive suffix creates adjectives meaning 'tending to do something' or 'causing something.'
Both 'exhilarative' and 'exhilarating' mean similar things, but 'exhilarating' is far more common—this is a great example of how English often has multiple valid adjective forms from the same verb, but only one really survives in popular use.
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