In mode 2, if N is loaded as the count value, then after (N − 1) cycles, the output becomes low for
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Sign in to submit a reportIn Mode 2 (rate generator), after N counts the output produces a LOW pulse lasting exactly one input clock period, then automatically reloads and repeats. Thus the LOW interval is one clock cycle.

8253/8254 Mode 2 → one-clock LOW pulse every N clocks.
Assuming LOW lasts N−1 clocks because the output is described after N−1 cycles.
Do not confuse Mode 2 with Mode 3 square-wave generator.