Avoid Mixing Orientations if You Want to Print Markup Balloons
The Problem:
I can't print the markup balloons from Word 2004. Usually it works, but not in this document.
The Solution:
No fix, just a workaround: print all revisions without using balloons. Choose Word 
Preferences, click the Track Changes item, uncheck the "Use balloons to display changes" box, and click the OK button. Then press 
+P to display the Print dialog box, select Microsoft Word in the Options list, select "Document showing markup" in the Print What drop-down list, and click the Print button.
This problem happens only when the document containing the markup balloons has sections that use different orientations (i.e., portrait and landscape). If you desperately want to be able to print the balloons, you'll need to avoid mixing the orientations.