Depolarization of the transient absorption with a time constant of <120 fs is observed in poly[2-(2'-ethylhexyloxy)-5-methoxy-1,4-phenylenevinylene] (MEH-PPV) film. It is too fast to be explained by incoherent hopping. We attribute it to dynamic localization (self-trapping) of the initially delocalized excitons driven by structural relaxation of excited segments. Implications for charge carrier photogeneration are briefly discussed.1 Introduction Conjugated polymers with a strong electronic coupling along their backbone represent interesting model quasi-1D systems and are promising materials for light emitting and photovoltaic applications. Formation and dynamics of emitting electronic states (excitons) is therefore of particular interest. The extent of exciton delocalization along the conjugated chain, which is determined by electronic coupling, conformational defects and electron-phonon interaction, is still unresolved issue in these materials. Dynamic localization of the exciton (self-trapping) on six to ten repeat units has been theoretically predicted for poly(phenylene-vinylene) (PPV) as an outcome of structural relaxation [1][2][3]. Such a relaxation is likely to be the cause of the rapid decay of the three-pulse stimulated echo peak shift within 50 fs observed in a PPV derivative poly[2-(2'-ethylhexyloxy)-5-methoxy-1,4-phenylenevinylene] (MEH-PPV) in solution [4], but no information on exciton localization length can be extracted from these data. The relaxation energy in the polymer was in fact very similar to that in a PPV pentamer, where delocalization of the primarily exciton is limited by pentamer length. Ultrafast vibrational coherence gives an indication of structural relaxation within 100 fs in another conjugated polymer polydiacetylene [5]. Some information on exciton size (maximal distance between electron and hole) is obtained from polarizabilities, which can be measured by electroabsorption in the Franck-Condon region (before structural relaxation) [6,7] and by GHz and THz conductivity for the relaxed excitons [8,9]. Polarizability increases with the length of conjugated oligomers [7,8], and thus, with the size of exciton. Electroabsorption experiments on MEH-PPV films showed that polarizability along the conjugated backbone of the non-relaxed excitons decreases with an increase of the photon energy, which generates the exciton, and ranges between 3000 and 12000 Å 3 for the photon energies of 2.2 and 2.1 eV [6]. The THz conductivity of relaxed excitons measured after excitation with 3.1 eV photons gives polarizability of ~2300 Å