Anisotropic nature of a monomer band is increasing proportionally to water content (as found from anisotropy amplitude values). Two sub-nanosecond correlation times could be extracted from anisotropy decay (Figure ). 650 ps correlation time should be attributed to diffusional depolarization and its sigmoid dependence on a water content approves our assumption of particle uniformity. 90 ps correlation time rises towards 50-55% water system and then decreases, and should be attributed to resonance energy transfer process between main peak and exciplex peak ensembles. Decrease of amplitude corresponding to the 90 ps depolarization in a high water content system is thus due to decrease in amount of donor species. This is further approved by the fact that in experiment with fixed 50 vol.% water / acetonitrile ratio and varied BODIPY-C18 concentration, anisotropy of both components grows insignificantly after second concentration point (Figure ). Total of 16-fold concentration increase had no impact on anisotropy, which points out that depolarization could not be dependent on any other system property other than water content.