I'm not sure what I did today, but suddenly I've got a weird loud exhaust. But intermittent, not constant. I poked my head underneath briefly and didn't see any gaping holes so...

I'm flying out on a business trip early tmr so won't be able to try and figure it out until later.
Question: is the exhaust flap supposed to look like this?: Base 128i and that pic is with the engine off.