To test if the exhaust valves are leaking, test the compression. The simplest test is to turn the engine using the hand crank, checking that all four compressions are the same. At the same time, stop on each compression and listen for hissing in the exhaust. To be slightly more exact, use a compression gauge in the spark plug holes, turn the engine by starter and check for close to the same pressure in each cylinder, again listening for the sound of a leak into the exhaust. I think it is unlikely that you have a leaky exhaust valve. If a valve were leaking badly enough to increase noise from the exhaust, I would expect it to be running noticeably roughly and to be noticeably down on power. In addition, the noise would normally be most noticeable when idling. JD