In our previous work we have proposed a new ultra-wideband (UWB) communication scheme referred to as two-level multicarrier (TLMC) UWB. TLMC UWB has some structurally inherited advantages compared to the conventional multiband orthogonal frequency division multiplexing UWB scheme, which make it a promising candidate for future ultra-high speed communications. However, in that work we presented the proposed scheme in a general manner. In this paper we study a specific type of TLMC UWB which is based on exponentially modulated filter banks. We will elaborate the system model and investigate the equalization task in detail. System performance is also evaluated through computer simulation.