On Windows version 6 and greater (Vista, Windows 7, Windows 2008, etc), application manifests are required for all executable files to ensure correct compatibility. The "version" attribute must be dynamically changed to match exult.exe's version.
http://msdn.microsoft.com/en-us/library/bb756929.aspx
http://msdn.microsoft.com/en-us/library/bb530410.aspx
Exult.exe should be compiled with an embedded XML manifest:
<?xml version="1.0" encoding="utf-8" ?>
<assembly xmlns="urn:schemas-microsoft-com:asm.v1" manifestVersion="1.0">
<assemblyIdentity version="1.0.0.0" processorArchitecture="X86" name="Exult" type="win32" />
<trustInfo xmlns="urn:schemas-microsoft-com:asm.v3">
<security>
<requestedPrivileges>
<requestedExecutionLevel level="asInvoker" />
</requestedPrivileges>
</security>
</trustInfo>
</assembly>
Both Exult.exe and Exult_Studio.exe have File Properties -> Details.
This in master since 94eeec20