* You need an installed version of Ultima 7 to run Exult with. The Ultima Collection already contains a pre-installed version of U7 (in the directory /ultima7 on the CD), but with older versions you may have to install the game yourself.
* Copy the installed Ultima7 folder to an appropriate folder - see 2.3. for suggestions.
* Now run exult (exult.exe in Windows) and quit it immediately.
* Edit the configuration file with a text editor (e.g. on Windows use Notepad) and enter the correct paths for the game folders - see 2.2.
* Run exult and enjoy the game

* Now run exult (exult.exe in Windows) and quit it immediately.
I can't find the exult.exe. Have I downloaded the wrong version? Where is it?