Abstract. We focus on the exchange T of two intervals with an irrational slope α. For a general subinterval I of the domain of T , the first return time to I takes three values. We describe the structure of the set of return itineraries to I. In particular, we show that it is equal to {R 1 , R 2 , R 1 R 2 , Q} where Q is amicable with R 1 , R 2 or R 1 R 2 .