We define and study analogues of exponentials for functions on noncommutative two-tori that depend on the choice of a complex structure. The major difference with the commutative case is that our exponentials can be defined only for suficiently small functions. We show that this phenomenon is related to the existence of certain discriminant hypersurfaces in an irrational rotation algebra. As an application of our methods we give a very explicit characterization of connected components in the group of invertible elements of this algebra.
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