diff --git a/win32/Makefile.msc b/win32/Makefile.msc
index aaf2082..67b7731 100644
--- a/win32/Makefile.msc
+++ b/win32/Makefile.msc
@@ -40,7 +40,7 @@ OBJA =
 
 # targets
 all: $(STATICLIB) $(SHAREDLIB) $(IMPLIB) \
-     $example.exe minigzip.exe example_d.exe minigzip_d.exe
+     example.exe minigzip.exe example_d.exe minigzip_d.exe
 
 $(STATICLIB): $(OBJS) $(OBJA)
 	$(AR) $(ARFLAGS) -out:$@ $(OBJS) $(OBJA)