The fundus shows yellowish-white, well-defined deposits around the macula in an elderly woman with gradual painless visual loss.
These are hard exudates -- the hallmark of diabetic maculopathy.
Composition: lipid and lipoprotein deposits that leak from damaged retinal capillaries and accumulate in the outer plexiform layer.
Appearance: bright yellow, waxy, well-defined edges; often arranged in a circinate (ring) pattern around foci of leaking microaneurysms.
Clinical significance: hard exudates at or near the fovea indicate clinically significant macular oedema (CSME) -- a sight-threatening complication of diabetic retinopathy. Large deposits can lead to subretinal fibrosis, one of the most devastating sequelae of diabetic maculopathy.
Distinguishing features:
- Soft exudates (cotton-wool spots): fluffy white, ill-defined -- nerve fibre layer infarcts in hypertension
- Flame haemorrhages: red streaks -- hypertensive retinopathy
- CRVO: "blood and thunder" fundus with haemorrhages in all 4 quadrants
\[\boxed{\text{Hard Exudates in Diabetic Retinopathy}}\]