Bronchiectasis. Bronchiectasis is a chronic condition where the walls of the bronchi are thickened from inflammation and infection. People with bronchiectasis have periodic flare-ups of breathing difficulties, called exacerbations.
To exceed is to go beyond expectations, or to go too far. If you exceed the speed limit, you might get a speeding ticket. Exceed and excess share the Latin root excedere meaning to go beyond.. An excess is too much of something, like the piles of candy after Halloween, and exceed means the action of going too far in a good or bad way.
The risk manager is interested in the estimation of 1-day 95% VaR threshold, i.e. $VaR_0.05$, and the expected shortfall if on the next trading day (Jan 4, 1988) the exceedance event would occur.