We show that a two-level non-Hermitian Hamiltonian with constant off-diagonal exchange elements can be analyzed exactly when the underlying exceptional point is perfectly encircled in the complex plane. The state evolution of this system is explicitly obtained in terms of an ensuing transfer matrix, even for large encirclements, regardless of adiabatic conditions. Our results clearly explain the direction-dependent nature of this process and why in the adiabatic limit its outcome is dominated by a specific eigenstate irrespective of initial conditions. Moreover, numerical simulations suggest that this mechanism can still persist in the presence of nonlinear effects. We further show that this robust process can be harnessed to realize an optical omni-polarizer: a configuration that generates a desired polarization output regardless of the input polarization state, while from the opposite direction it always produces the counterpart eigenstate.
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