Some people have posted that changing the hyperlink base property helps.

File|properties|summary tab
change it something like:
c:\



Christopher wrote:

Hello all,

Maybe someone has seen this problem before.
I've used a hyperlink in an excel cell to refer to a file that is located on
a server.
An example: "//server/directory1/directory2/directory3/the file that is
linked.pdf"

When I then click on the hyperlink the "pdf-file" is opened. So, no problem
there.
When I save the sheet an re-open it the hyperlink is changed to:
"//../../../directory3/the%20file%20that%20is%20linked.pdf"
When I now click on the hyperlink the "pdf-file" can not be located anymore
and thus can not be opened.

The excel file is also located on the server.
The strange part now is that when I open the excel file on another computer
in the network and click on the hyperlink the link does work without a
problem.

All systems are running Windows 2000 with Office 2000.

Does anyone have an idea what is wrong here.

Thanks,
Christopher

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Dave Peterson