The 'Generate Schema Script' crashes Toad when creating a Private Synonym name. (4268590)

When generating a schema script, the following error appears:

"Cannot create file "\\.\CON". The system cannot find the file specified"

This can be seen from the following steps:

1.  Go to Database | Export | Generate Schema Script.
2. Tick only the schema with a private synonym from the source and output tab.
3. Tick 'Create Individual object DDL Files' and enter the path for the top-level-directory.
4. Select the 'Object Types' tab
5. Tick only the private synonyms (leaving the rest unticked)
6. Click on 'Generate'.  

After a while the error message will appear.