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In inetmgr, locate the Default Web Site node (or other web site, under which the service will be available)
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Add new application using the context menu Add application...:
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Set Alias to epapi (this will be the <EPAPIVDIR> in further text)
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Set Application pool to EPAPIService (pick from list using Select...)
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Set the physical path to the actual location of <EPAPIDIR>
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