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Transmission characteristics of a broad-band circular polarizer consisting of anisotropic dielectric plates are rigorously analyzed. The transmitted wave is formulated in terms of the incident wave including interface reflections. The influence of the interface reflections on the axial ratio of the polarization is numerically shown vs frequency. Frequency dependence of the power transmission ratio is also obtained. From the above analysis, it can be concluded that a circular polarizer of this type is promising as a new broad-band circular polarizer.