Where are my WLM Storage folders kept?

I know where is my WLM storage. When I installed WLM I changed the default location to the location of my choice.

Everything seems fine. For years now WLM starts and displays the folders and it contents properly.

Recently I wanted to do some operations on files in WLM storage using Windows Explorer and I get stumped.

Under Windows Explorer the folders structure under "Storage folders" is much different from the structure displayed under "Storage folder" in WLM.

Above are screenshots of both folders.

Not believing my eyes I've decided to change WLM storage location thinking that during copying files to new location the folders will be shown again. No luck.

In the new location under Windows Explorer the folders structure under "Storage folders"  is the same as it was in old location and does not reflect the structure displayed under "Storage folder" in WLM.

Hence my question:

How WLM knows what is the Storage folders structure and where those folders are physically located on my hard drive?

 Thanks,

/jas