diff --git a/src/formatters/vault.ts b/src/formatters/vault.ts
index 02d014c..0f45153 100644
--- a/src/formatters/vault.ts
+++ b/src/formatters/vault.ts
@@ -238,6 +238,17 @@ export function formatFileRead(response: FileReadResponse): string {
   // Content - handle both string and fragment array formats
   lines.push('');
 
+  if (content != null && typeof content !== 'string' && !Array.isArray(content)) {
+    // Unrecognized/binary structured passthrough — render a safe note
+    // instead of falling through to the _Formatter error_ fallback.
+    lines.push(header(2, 'Content'));
+    lines.push('');
+    lines.push('_(non-text content; use `raw: true` for the structured payload)_');
+    lines.push(divider());
+    lines.push(summaryFooter());
+    return joinLines(lines);
+  }
+
   if (Array.isArray(content)) {
     // Fragment-based response
     const fragments = content;
@@ -260,18 +271,17 @@ export function formatFileRead(response: FileReadResponse): string {
       lines.push(`... and ${fragments.length - 5} more fragments`);
     }
   } else {
-    // Simple string content
+    // Verbatim string content (ADR-203: content reads are faithful by
+    // default — the formatted default path must NOT truncate, or an agent
+    // cannot derive a byte-matching edit.window oldText without raw:true,
+    // which is the exact #133 friction this ADR retires). The data layer
+    // already bounds size to READ_PAGE_CHARS (or it's an explicit
+    // returnFullFile override), so emitting the full block is safe. No
+    // wrapping code fence: the body may itself contain ``` fences, and a
+    // wrapper would corrupt round-trip fidelity.
     lines.push(header(2, 'Content'));
     lines.push('');
-
-    const contentLines = content.split('\n');
-    const previewLines = contentLines.slice(0, 50);
-    lines.push('```markdown');
-    lines.push(previewLines.join('\n'));
-    if (contentLines.length > 50) {
-      lines.push(`\n... (${contentLines.length - 50} more lines)`);
-    }
-    lines.push('```');
+    lines.push(content);
   }
 
   if (pagination && pagination.paginated) {
diff --git a/tests/vault-read-fidelity.test.ts b/tests/vault-read-fidelity.test.ts
index bc3ceb5..cbb6f63 100644
--- a/tests/vault-read-fidelity.test.ts
+++ b/tests/vault-read-fidelity.test.ts
@@ -102,22 +102,33 @@ describe('vault.read fidelity & pagination (ADR-203)', () => {
     expect(r.fragmentMetadata).toBeDefined();
   });
 
-  test('formatter renders all shapes without the _Formatter error_ crash', () => {
-    // whole-file string shape
-    expect(() => formatFileRead({
-      path: 's.md', content: TRICKY,
-      metadata: { totalLines: 14, bytes: TRICKY.length },
-      pagination: { paginated: false, page: 1, pageLineStart: 1, pageLineEnd: 14, totalLines: 14, bytes: TRICKY.length, hasMore: false, nextPage: null },
-    } as any)).not.toThrow();
-    // paginated shape
+  test('formatted (non-raw) default output is byte-faithful — no truncation, no fence corruption', () => {
+    // The blocking #133 case: an agent reading the DEFAULT (raw:false)
+    // formatted output must be able to lift a byte-exact edit.window oldText.
     const out = formatFileRead({
+      path: 's.md', content: TRICKY,
+      metadata: { totalLines: TRICKY.split('\n').length, bytes: TRICKY.length },
+      pagination: { paginated: false, page: 1, pageLineStart: 1, pageLineEnd: TRICKY.split('\n').length, totalLines: TRICKY.split('\n').length, bytes: TRICKY.length, hasMore: false, nextPage: null },
+    } as any);
+    // Verbatim body present in full, including the inner ```python fence,
+    // the indented code line, and the trailing-space + tab line.
+    expect(out).toContain(TRICKY);
+    expect(out).toContain('    return x*2  # indented');
+    expect(out).toContain('\ttab-line   ');
+    expect(out).not.toMatch(/more lines\)/); // no truncation marker
+  });
+
+  test('formatter renders paginated + edge shapes without the _Formatter error_ crash', () => {
+    const out2 = formatFileRead({
       path: 'big.md', content: 'line 1 ...\nline 2 ...',
       metadata: { totalLines: 4000, bytes: 90000 },
       pagination: { paginated: true, page: 1, pageLineStart: 1, pageLineEnd: 1800, totalLines: 4000, bytes: 90000, hasMore: true, nextPage: "vault.read(path='big.md', page=2)" },
       warning: 'Large file …',
     } as any);
-    expect(out).toContain('Pagination');
-    expect(out).toContain('page=2');
-    expect(out).not.toContain('Formatter error');
+    expect(out2).toContain('Pagination');
+    expect(out2).toContain('page=2');
+    expect(out2).not.toContain('Formatter error');
+    // non-text passthrough must not crash
+    expect(() => formatFileRead({ path: 'x.bin', content: { binary: true } } as any)).not.toThrow();
   });
 });