What is the exposition in The Sound and The Fury?

I think that the basic concept of an exposition is one
that applies to a traditional construction of literature.  The “exposition” provides
background before the “rising action” is to take place, a conventional approach to
specific plot development and conflict.  This is not something that is as present in
Faulkner’s work because the work, itself, is not traditional.  Written in a stream of
consciousness style that does not construct itself in a traditional manner,  it is for
this reason why there is not a straight forward exposition.  There can be no specific
point of “rising action” because of the convergence of narratives and ideas in a manner
that is not conventional or traditional.  I agree with you that there is not one. 
Benjy’s section cannot be considered an exposition because it does not outline the
singular plot structure and development that is integral to the traditional exposition
element.  I think that in presenting the narratives in the manner he does, Faulkner does
not need an exposition, as each narrative blends past and present together, making a
statement about how time is fluid in the mind of the modern individual.  Within this,
there cannot be a direct opening or starting point because Faulkner feels that modern
consciousness is not structured in such a manner.  For this, I think that there is no
exposition to his work.