I am guessing you are building one of the example projects that is suppled with ARM Development Studio 5 within Eclipse IDE. I recall there is a problem with autogenerated makefiles not properly being quoted or escaped when they contain spaces. Check where your workspace and example project are located, and if they are in C:\Program Files\ then move them to a new location that does not contain a space.
[size="3"] I never set the directory "c:\Program". Why is there such an error? [/size]