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I'm trying to install Exult for my first Ultima 7 playthrough but I can't get it to install. It says "no valid game installations found". I'm pretty sure I'm using the correct directory.

Any help?
The correct paths should look like this

\GOG Games\Ultima VII - Complete\ULTIMA7

\GOG Games\Ultima VII - Complete\SERPENT
If my memory serves me right...exult has to be installed directly to/on the C drive....C:

Check the exult install instructions. That solved my install issues years ago.