I'd like to refer you to the reply I gave to Bettercy just a few posts below... Why on earth would you want to do something with a ten-year old bit of kit? It's not designed for that operating system, or the one before it, and the versions of Excel have moved on a little since then too. Ouch, just thinking of the useful improvements in Monarch since then - linked objects, Column(), PDF import, Context, user defined functions... Are you sure you don't want or need these? Who do you expect to support this process if you put it into production?
Why not use the newer/newest version?
1) The project it is needed for is rather simple (text conversion of some items in one report to .xls format). Newer Excel formats are not required.
2) Newer versions of Monarch/Modeler are much more expensive (Thousands$) and apparently do not support scripting/automation (except the server version which is tens of thousands$).
3) This project would not use any of the newer additional features.