Two-input one-output compensators can be used for decoupling and exact model-matching design. They are more general than the well-known output feedback and observer-controller-type feedback. However, the design of two-input one-output compensators is also difficult. In this paper we present a design procedure for a two-input one-output compensator for multivariable systems. In the design, we only require an added dynamic to ensure the solution-existence condition. Thus the design of two-input one-output compensators is put on the same level as the familiar output feedback and observer-controller-type feedback designs.