Argon clusters show metastable decay with ejection of several monomers when they are photoionized at energies where, in addition to ionization, excitonic states can be populated. When photoions are detected in coincidence with threshold photoelectrons (TPEPICO) resonancelike peak Shapes in the signal as a function of photon energy for both the metastable and:the spontaneous fragmentation channel are observed. Contributions of different excitonic states to the signal can be resolved and their dependence on cluster size is studied. Several possible excitation processes are being discussed.