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http://msdn.microsoft.com/library/en-us ... _a_dll.asp
Citer:
The directory where the executable module for the current process is located.
The current directory.
The Windows system directory. The GetSystemDirectory function retrieves the path of this directory.
The Windows directory. The GetWindowsDirectory function retrieves the path of this directory.
The directories listed in the PATH environment variable.
Note The LIBPATH environment variable is not used.