Thanks for the reply. I applied some yellow chalk to the cam sprocket index marks to make them stand out before snapping a few pics.

Another thing I noticed on the new Conti TB is that when looked at sideways, there are sections where one of the layers shows through, a dark deep red/brown color. On one side, you can see it about 75%, on the other it's around 50%. At high magnification, it clearly is some sort of belt with a twist in it. Perhaps it wasn't centered in the mold when the final coating was applied.

Is this a sign of a defective belt? I'm curious what the Volvo belts look like. I always seem to spot things like this . . . . but they're not always faults!
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1998 V70 T5 138Kmi; Previous car: 1985 SAAB 900T, 254kmi