Recent experimental data by Mizoguchi and Ohta are analyzed under the assumption of fast equilibrium between the locally excited (LE), radical-ion-pair (RIP), and exciplex states. In the absence of the equilibrium, no magnetic field effect on the LE fluorescence would be observed. Owing to the equilibrium, the relative electric-field-induced changes of the quantum yields of the LE and exciplex emissions as functions of the magnetic field are linearly connected to each other. The electric field shifts the equilibrium from the LE state toward the RIP state. Predictions are made for the magnetic field effect on the fluorescence kinetics.