Change this Key to:
[HKEY_CURRENT_USER\Softwar
e\Microsoft\Office\11.0\Excel\Options]
"RDPUsePrinterMF"=dword:00000001
Download this patch:
http://support.microsoft.com/kb/958146/
From the downloaded patch only install the excel.msp using the following command:
msiexec /p "\\server\share\EXCEL.msp"