I recently installed DHCP on my 2008R2 Server and now Backup Exec and WBAdmin/WSB is having System State issues. Essentially, after some research, I came across a handy tool called VSHADOW which has allowed me to output all the files (and their respective directories) to a text file.

And hooray, I think I found the problem:

* WRITER "Dhcp Jet Writer"
- WriterId   = {be9ac81e-3619-421f-920f-4c6fea9e93ad}
- InstanceId = {0ed0a8f4-19b0-414d-a3a8-d51d6f4ac8e0}
- Supports restore events = TRUE
- Writer restore conditions = VSS_WRE_IF_REPLACE_FAILS
- Restore method = VSS_RME_RESTORE_AT_REBOOT
- Requires reboot after restore = TRUE

- Excluded files:
- Component "Dhcp Jet Writer:\C:_Windows_system32_dhcp\dhcp"
   - Name: 'dhcp'
   - Logical Path: 'C:_Windows_system32_dhcp'
   - Full Path: '\C:_Windows_system32_dhcp\dhcp'

The logical path and Full Path for DHCP is completely wrong. However I can't find where I would change this path, I assume in the registry but I've had no luck finding the key !