Can't build NETMF 4.3 FOR STM32 with VS2012 MDK4.54

Hi,I download NETMF PK4.3 from https://netmf.codeplex.com/releases/view/118283
and compile the source with MDK4.54 and vs2012 on windows7
the source local in c:\PK43, mdk4.54 installed in c:\keil,
use command in Developer Command Prompt for VS2012:
cd c:\pk43
setenv_base 4.54 c:\keil\arm
setenv_vs.cmd 11
cd Solutions\STM32Stamp
msbuild /t:build /p:flavor=release;memory=flash

I received two errors:
E:\MicroFrameworkPK_v4_3\MicroFrameworkPK_v4_3\Framework\Tools\CreateCLRDefines.proj(12,5): error : value can’t be null。
E:\MicroFrameworkPK_v4_3\MicroFrameworkPK_v4_3\Framework\Tools\CreateCLRDefines.proj(12,5): error :ParameterName: path
thanks

use setenv_mdk 4.54 c:\keil\arm
0 error
success
thanks