The fundamental aspects of exciton dynamics in double-wall cylindrical aggregates of cyanine dyes are studied by means of frequency resolved femtosecond pump-probe spectroscopy. The collective excitations of the aggregates, resulting from intermolecular dipole-dipole interactions have the characteristic property -the localization of the lowest lying exciton states. The experimentally observed outer-to-inner tubule excitonic energy transfer dynamics and the internal energy relaxation at low temperatures reveal a non-equilibrium population of the excitonic subsystem. The analysis of measured dynamics reveals very fast picosecond timescale energy relaxation to the optically active energy states.1 Introduction Molecular aggregates of organic dyes are attention-grabbing supra-molecular structures with a unique linear and non-linear optical response as well as intriguing optical energy transport properties. They are of fundamental interest as model materials to study the nature of excitons in systems of reduced dimensionality. Self-assembled cyanine dye J-aggregates were first reported by Jelley [1] and Scheibe [2] in the mid thirties of the last century. The characteristic feature of J-aggregates is a narrow excitonic absorption band which is red-shifted with respect to the absorption of monomers and originates from an important interaction between the transition dipoles of neighbouring chromophores. During the last decades J-aggregates were extensively studied [3,4]. Their large absorption cross-section in certain spectral region led to applications in the photographic industry [5] and potential use in the field of optoelectronics [3,6]. Since natural light harvesting antennas are based on molecular aggregates, synthetic J-aggregates are considered as prospective building blocks for artificial light harvesting systems [7][8][9].Self-aggregation of various cyanine and porphyrin dyes leads to a large variety of morphologies of J-aggregates ranging form quasi linear molecular chains [3,4] and molecular rings [9, 10] to single-, double-and multi-wall tubules [7,[11][12][13]. In this paper we focus on the exciton dynamics of double-wall tubular aggregates of the 3,3-bis(2-sulfopropyl)-5,5,6,6-tetrachloro-1,1-dioctylbenzimidacarbocyanine dye (C8S3) (chemical structure is shown in Fig. 1). Cryo-TEM experiments reveal a double wall tubular morphology of C8S3 aggregates with diameters of (15.6±0.5) and (10.8±0.5) nm for the outer and inner tubules respectively [12]. The collective excitations of the aggregates, resulting from the dipole-dipole interactions between the transition dipole moments of neighbouring chromophores are described using a Frenkel exciton model [12,14]. The model features two excitonic absorption bands for each tubule (inner and outer) of the aggregate. The two bands are caused by transitions polarized parallel and perpendicular to the aggregate's main axis.