Exported Mixdown from multitrack clips at -12 db for no reason.

[afabian]

Need help.
I'm exporting a mixdown from a multi track session.
There are no track superposed on each other,just replacing some part with fixes, so no audio is superposed on each other.
However, the resulting waveform is clipped at -12 db
No effects applied. See the captures of the waveform before and after exporting.
There's no conversion, using the same settings as the source files. What could go wrong? 

[SteveG_AudioMasters_]

Can we see a view of your Multitrack mixer panel - including the master output channel - please?

[afabian]

Not sure what you mean, but here we go. 

[SteveG_AudioMasters_]

No, that's fine. As I suspected, I can see the effect you've applied. It's in the Mix channel section, and it says 'Dynamics'. Try removing it completely and see what happens then...