Exchange pleasantries is an expression used to describe the act of engaging in polite conversation with someone. It is often used as a way to break the ice and get to know someone better. The term can be broken down into two parts: exchange, which means to give and take, and pleasantries, which are polite remarks or expressions. The crossword solution for this term is CHAT, which is an acronym for 'conversation had among two or more people'. Therefore, exchanging pleasantries can be described as having a CHAT with someone.