Exudative – Refers to the whitish fluid exuded from abnormal blood
                      vessels. Below you can see pictures taken of the back
of the eye.
Here is the outer region of the right eye.  The exudate is the white fluid.

Here is an example of right eye exudate between the optic nerve (stretched/pulled as in many FEVR cases) and the nasal, try or nose region.  The two pictures were taken 3 years apart and show new exudate which is an indication that FEVR in this eye is active.  In both pictures below and above you can see the red blood vessels.  Below the exudate, running along a line, is clearly coming from a blood vessel.  The white disk is the optic nerve.