On inspiratory views, bronchiectasis is seen in the left lower lobe which is associated with volume loss (compare the position of the oblique fissures at the bases). There is also subtle hyperlucency of the left lower lobe, with associated small calibre vessels. This is suggestive of air trapping, which is confirmed on expiratory HRCT. Note also that there are small lobular areas of air trapping in the right lung.