Hi there,
I just tryed this and it worked on a 404 character string (a valid
url).

Sub setlink()
Dim r1 As Range
Dim r2 As Range
Set r1 = Sheet1.Range("A1")
Set r2 = Sheet1.Range("A2")
Sheet1.Hyperlinks.Add r1, r2.Value
End Sub

Kind regards,

Bernie Russell