Three excited species, denoted by N, X and E, are shown to account for the fluorescence spectrum of solutions of alkyl esters of 4-(dialkylamino)benzoic acid (DAAABs) in benzene and toluene. A reaction scheme indicating that the initially excited species N is the precursor of species X, that species N is not the direct precursor of species E, and that a reversible interconversion between the species X and E takes place, is suggested. Grounds for this suggestion are provided. The molecular structure of both N and X does not change when the solvent is changed from a saturated into an aromatic hydrocarbon. We suggest that the amino substituents in DAAAB have moved into closer proximity of the benzene ring in X than in N. Strong indications for the identification of E with a 1:1 exciplex, formed by one aromatic and one DAAAB molecule, are presented. From the dependence of the position of the fluorescence bands on the dielectric properties of the solvent, the electric dipole moment of species X in ethyl 4-(diethylamino)benzoate (DEAEB) and of the DEAEB-benzene exciplex was estimated to be 11±3 D and 23±5 D, respectively. The dipole moment of species X corresponds very well with the value of 12.2 D, determined by dielectric loss measurements. The change in entropy, Δ S, accompanying the 1:1 exciplex formation and the 1:1 exciplex stabilization energy, Δ H, are derived from the time dependence of the fluorescence as a function of both temperature and the concentration of the aromatic solvent. The results indicate that the 1:1 exciplex formation corresponds with an exothermic reaction with an unfavourable entropy factor. Both Δ S and Δ H do not depend on the size of the alkyl substituents of the amino group, i.e. the stability of X remains constant, when both substituents are larger than a methyl group. When methyl groups are chosen as substituents on the amino group in the DAAAB molecule, the stability of species X is diminished. This is explained by a less effective interaction between the accumulated electronic charge in the benzene ring in DAAAB and the small polarizability of a methyl group. The lifetime of the exciplex is demonstrated to be temperature independent, whereas the lifetime of X is shown to be governed by two different thermally activated processes.