Exum, a 6-foot-6 guard from Australia, was the fifth overall pick in June's NBA draft. He averaged 18.2 points, 3.6 rebounds and 3.8 assists with the Australian team at last year's FIBA U19 World Championships.
Hood was the 23rd overall pick in the draft out of Duke. The 6-foot-8 forward averaged 16.1 points, 3.9 rebounds and 2.1 assists with the Blue Devils last season.
The terms of the deals were not released. Both players are eligible to play for the Jazz in the NBA Summer League in Las Vegas.