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 sufficiently 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.