Larry,

Come to think of it, your photo does not show any lower cowling air exit
stiffener.  It could be that the cowling becomes quite distorted in cruise
and descends almost to the level of the exhaust pipe tip or provides a
twitsting airflow that makes it appear so.  This could be a good thing since
there is a freer flow of exit air.  Hmmmm.

Scott Krueger
N92EX