Sorry I found answer in forums by Phillip Verdoni:
CS4 Premier installed on your computer. You can probably get out of this issue doing as follows:
Create a shortcut to the Premiere Pro executable file, rename the shortcut to Premiere, and move the shortcut to C:\Program Files\Common Files\Adobe\dynamiclink (If you installed Premiere Pro CS4 in a location other than the default of C:\Program Files\Adobe, then navigate to your custom installation location.).
1. Close all Adobe applications.
2. In Windows Explorer, navigate to X:\Program Files\Adobe\Adobe Premiere Pro CS4.
3. Right-click on Adobe Premiere Pro.exe (which might appear without the .exe extension) and choose Create Shortcut.
4. Rename the newly created shortcut to just Premiere.
Important: The name of the shortcut must be exactly Premiere with no other characters- sans extension.
5. Open a second Windows Explorer window, and navigate to C:\Program Files\Common Files\Adobe\dynamiclink.
6. Move the Premiere shortcut that you created into the dynamiclink folder.
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