Packaging or Creating exe file for Adobe Desktop applications is easy using Adobe Flash Builder 4 because it has inbuilt support for exe creation.
How to Create exe file for Adobe Flex Desktop or Windows Applications
Step1:
Select the project then Go to File menu and click Export then choose Release Build.
Step2
Select the Export to Native Installer then specify the exe file name
Step3:
Create the certificate for Adobe Air Application.
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Step4:
Click Next then You can see exe file is created in given path.
If you are facing any problem let me know via your comments.
