Graham posts here on APUG regularly under "grahamp".
If you look your lens up there, you will see that it is described this way (be sure to read the "Black Series Lenses" section) and as a "long focus design" and not as a "telephoto". As I understand that, this means that the lens elements are necessarily a fair distance from the focal plane.
This is an excellent portrait lens, one of my favorites. You do have to exercise due caution when handling the lens, considering that the shutter is exposed, but use a rear lens cap when the lens is not in use and you'll be OK.
It is a fairly unique design. To my knowledge the only other common cases where you find shutters outside the lens elements are large format convertible lenses where the front or rear element is removed to change the focal length.
The 135mm exposed shutter is perfectly normal. But it does pay to keep it in a clean environment.