Yes. Thank you for the advice. It turned out to be the AMM. My concern now is a clear water-like liquid being emitted from the exhaust pipe. Seems normal. I just happended to be checking out my brake lights when I unintentionally noticed this. I'm sure it is nothing to be concerned about.

And that water is why the specs for mounting the tailpipe call for it to be angles downward about 14 degrees (or, something to that effect).

If that water can't flow out, it rots the tial pipe right where it fits into the back of the rear muffler (resonnator)

Aloo is right. It's water. The byproducts of the catalytic converter are carbon dioxide and water.
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Warren Bain - '86 744Ti M46 >290Kmi, '99 V70Glt > 45K mi, '96 965 >100Kmi Wifemobile near Manassas Va.. Check the 700/900 FAQ via the 'features' pull down menu.

The clear liquid is water... You will see it sometimes when you first start you engine.
After the engine / exhaust system gets up to operating temp you will not see it.

That's right. The water is from the cat, one of its by products which include nitrogen and carbon dioxide. It can pour out quite alarmingly if the car is subjected to short journeys as the water builds up in the mufflers. One of my work colleagues was following me the other day and was convinced that my head gasket had gone until I explained. A 120 mile round trip dried the pipes out nicely!
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Enjoy Volvos and German Shepherds!