Have you tried putting the game files in a folder that's easier for Exult to locate? I make totally sure that you didn't misspell anything or made a mistake while naming your folders.
Exult should be able to find the files properly, if it can't, which seems to be the problem here, it could be an error you made or Exult is acting faulty.
Also, I don't think there's supposed to be two \\ in the music section.
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