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That's what it should be if it was created by the P3Dv1 installer. It appears that P3Dv2 was never installed on this system, or was uninstalled. Since the path clearly leads to P3Dv3, I wonder it's a side-effect of the P3Dv3 installer under certain circumstances.Um, shouldn't that be:
Path to PV1=L:\LockheedMartin\Prepar3D