1995 s500 timing off?

[chiwanga]

Working on a 95 s500 that I bought. I have spent several days on this car trying to figure out why it runs so poorly. It is only running on 2 cyl per bank. All the tune up stuff was new when I got the car. I'm getting spark and good fuel pressure. I just pulled the valve covers. The chain looks good and tight, I saw no real evidence of chain slippage, but when I turn the crank to 45 I can allign all the cam holes except for the right exhaust. Why would the timing be off?