Frankly we think PSA got this one wrong. We're guessing they called it trimmed, but if you've handled a lot of T202's you know that often times the cuts aren't square. The key is when the panels are folded do the overlapping cuts match up. In this case if you fold the end panels in their angle cut edges perfectly match up to the angle cut edges of each side of the center panel. What we won't argue is that it is miscut as the angles are a little more noticeable than normal and also the bottom is cut so far off as to be missing border altogether for portions. There's also a somewhat typical vertical fold down the center of the middle panel. It's our experience that this weird cut, while extreme, is exactly how it came from the factory.