diff --git a/win32/Makefile.sub b/win32/Makefile.sub
index febff220ae..2eb6292390 100644
--- a/win32/Makefile.sub
+++ b/win32/Makefile.sub
@@ -982,6 +982,7 @@ s,@SOEXT@,dll,;t t
 s,@DLEXT@,so,;t t
 s,@LIBEXT@,lib,;t t
 s,@STRIP@,$(STRIP),;t t
+s,@ENCSTATIC@,$(ENCSTATIC),;t t
 s,@EXTSTATIC@,$(EXTSTATIC),;t t
 s,@setup@,Setup,;t t
 s,@MINIRUBY@,$(MINIRUBY),;t t