Index: win32/shell32/folders/CControlPanelFolder.cpp
===================================================================
--- win32/shell32/folders/CControlPanelFolder.cpp	(revision 67010)
+++ win32/shell32/folders/CControlPanelFolder.cpp	(working copy)
@@ -190,10 +190,16 @@
         {
             DWORD nameLen = MAX_PATH;
             DWORD valueLen = MAX_PATH;
+            char buffer[MAX_PATH];
 
             if (RegEnumValueA(hkey, idx, name, &nameLen, NULL, NULL, (LPBYTE)&value, &valueLen) != ERROR_SUCCESS)
                 break;
 
+            if (ExpandEnvironmentStringsA(value, buffer, MAX_PATH))
+            {
+                strcpy(value, buffer);
+            }
+
             if (RegisterCPanelApp(value))
                 ++cnt;
         }