DynamicLinkManager is the component that goes looking for After Effects when you ask Premiere to open/launch/embed an AE composition. For whatever reason, it's not finding your installed copy. (Do you have multiple copies of AE installed..?)
You neglected to mention whether you're on mac or win, so I'm not sure how to advise you on fixing it without that piece of info. But loosely, DynamicLinkManager can try to find an install copy via a couple of ways:
1) the installer data on your system (which clearly isn't working)
2) it can look for a shortcut / alias to the destination app's executable (in this case, AE)
3) (probably the easiest thing to attempt:) make sure that the AE composition extension is properly associated in the OS to open with AE CS5, ie open this file type with AE as default.
Sorry, I am on Windows (7)...yes! I do have multiple copies of AE on my machine and CS4 was my default program for AEP extensions. I will change it and see if it works. Thanks.
I have reinstalled the suite and made sure that AEP extensions are associated with After Effects, but I still have the same problem. Do you have any other suggestions? Thanks.
Well, you can fake it out, but bear in mind it's possible that you might encounter similar failures with other Dynamic Link situations, ie rendering out to AME, etc.
Locate your CS5 copy of AE, and create a shortcut to the executable. Make sure to name it "AfterFX.lnk". Then place it in the same directory as DynamicLinkManager.exe, which should be somewhere in c:\program files(x86)\adobe\common\dynamiclink\ (that might not be the exact location, I'm rattling that off from memory - do a search on your install drive for the name if that's not correct).
I unistalled AE CS4 (it was the only part of the CS4 suite I had installed) and the problem occured once more, but I can not get it to do it again. It appears that there may have been a conflict. I will report back if the problem persist. Thank you for your time.