Peroxidase did not penetrate into the capsule of cataractous lenses with or without pseudo‐exfoliation (PE). Neither did this tracer penetrate into the PE material itself, indicating that the PE fibrils are embedded in a ground substance which is impenetrable to peroxidase. Staining with alcian blue and ruthenium red showed that this ground substance is structurally heterogeneous. Acid mucopolysaccharides and/or glycoproteins are probably present. The fibrils are coated by a material with affinity to ruthenium red. This applies also to the fibrils of the amorphous layer. Their diameter is only about 1/3 of the fibrils of the PE material on the lens surface. Rounded membrane‐covered bodies are present, partly in groups, in the PE material. Morphologically, they resemble the mucopolysaccharide‐containing lysosomal vacuoles found in systemic mucopolysaccharidoses. Observations supporting the conception of similarities between PE material and amyloid are pointed out. The pathogenesis of the PE material is discussed.