A simple and novel theoretical analysis for an exponential two-way power combiner/divider is developed. The proposed power combiner/divider's parameters, such as input impedance and reflection and transmission coefficients, are determined. The capacitance effect due to the finite thickness of the coupled-line conductor for both uniform and nonuniform transmission lines is found. The properties of the combiner/divider were tested experimentally, and experimental results are presented.< <ETX xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">></ETX>