Same error message and proceeding your message we also get the following.
Application: Microsoft.Dynamics.Nav.Client.exe
Framework Version: v4.0.30319
Description: The process was terminated due to an unhandled exception.
Exception Info: System.NullReferenceException
at Microsoft.Dynamics.Nav.Client.WinClientExcelExportService.FindMajorVersion(Microsoft.Win32.RegistryKey)
at Microsoft.Dynamics.Nav.Client.WinClientExcelExportService.<.ctor>b__8_0(Microsoft.Win32.RegistryKey)
at Microsoft.Dynamics.Nav.Client.WinClientExcelExportService.FindRegistryKey(Microsoft.Win32.RegistryHive, System.String, System.Action`1<Microsoft.Win32.RegistryKey>)
at Microsoft.Dynamics.Nav.Client.WinClientExcelExportService.FindFirstRegistryKey(System.String, System.Action`1<Microsoft.Win32.RegistryKey>)
at Microsoft.Dynamics.Nav.Client.WinClientExcelExportService..ctor(Microsoft.Dynamics.Framework.UI.UISession)
at Microsoft.Dynamics.Nav.Client.WinClient.NavWinFormsClientSession+<>c.<AddServices>b__22_6(Microsoft.Dynamics.Framework.UI.UISession)
at Microsoft.Dynamics.Framework.UI.ClientSessionCore.AddUIService(System.Func`2<Microsoft.Dynamics.Framework.UI.UISession,Microsoft.Dynamics.Framework.UI.IUIService>)
at Microsoft.Dynamics.Nav.Client.WinClient.NavWinFormsClientSession.AddServices()
at Microsoft.Dynamics.Framework.UI.ClientSessionCore.Prepare()
at Microsoft.Dynamics.Nav.Client.WinClient.StartWinFormsClient.SetupClientSession()
at Microsoft.Dynamics.Nav.Client.WinClient.StartWinFormsClient.RunCore()
at Microsoft.Dynamics.Nav.Client.WinClient.StartWinFormsClient.Run(Boolean)
at Microsoft.Dynamics.Nav.Client.Program.Main(System.String[])