Not sure if your year has this, but just down from the exhaust manifold is a 8" long secton of braided steel with flexible pipe under it. This area is prone to cracking and an exhaust leak. Mine is leaking now and hear the noise from both in and outside of the car.

Let us know once you find out

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1987 300TD 147,000 miles- Palomino leather interior, 1995 facelift and body cladding, E350 wheels, Rebuilt suspension and sport springs, rebuilt turbo, New Monarch injection pump and injectors....and the list goes on and on...