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Didn't the McAfee documentation on the 5.0.4 agent state that XP (& 2003) are no longer supported?
I recommend downgrading the agent on that box.
Thanks for the hint Dutchman39.
According to McAfee KnowledgeBase - Supported platforms, environments, and operating systems for McAfee Agent and Common Management A… the version 5.0.3 is the last supported.
A pity McAfee uses in many places a vague 5.0.X definition for Windows XP.