You sure it was in earlier versions -- right out of the box?

But you can add it to your favorite toolbar:
tools|Customize|commands tab|File category
scroll down the commands list looking for Set Print Area
and drag it to where you want it.

I thought I did that with earlier versions, too--but my memory ain't what it
used to be!

Mark W. Holiday wrote:

The "set print area" icon has been eliminated in Excel 2003. It was an
excellent feature and should be returned.

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Dave Peterson