Abstract. Given an ordered field , we compute the natural valuation and skeleton of the ordered multiplicative group in terms of those of the ordered additive group . We use this computation to provide necessary and sufficient conditions on the value group and residue field , for the -equivalence of the above mentioned groups. We then apply the results to exponential fields, and describe in that case. Finally, if is countable or a power series field, we derive necessary and sufficient conditions on and for to be exponential. In the countable case, we get a structure theorem for .