I've been doing some tests the past couple of days using the file you provided from your Win98 machine.
On a Win98 machine I installed Xara Xtreme 2.0f (internal file version 3.0.0.4480). Your file opens with the tracking intact as shown in your Before image.
On a WinXP machine using Xtreme 2.0f the file opens with the tracking off as shown in your After image.
On a Vista machine using Xtreme 2.0f and all subsequent versions of Xtreme the file opens with the original tracking as shown in the Before image.
The issue is not with Xtreme but with the way Windows XP renders fonts. I have searched Microsoft Technet and google search results for fonts/font problems in Windows XP. So far no resolution but some similar issues have been reported since XP SP1 was released.
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