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Default Very slow in opening Excel 97 file in Excel 2003

I have an Excel 97 file with some external links. Opening the file in Excel
97 is almost instantenous but when I open it with Excel 2003, it takes me 10
mins ! And I notice that during the 10 mins, the CPU utilization goes up to
100%, but the Excel file is very simple, no sophisticated calculations,
except a few VLOOKUP that references to data in another file.
The interesting thing is that I email the files to another person and that
person can launch the file in Excel 2003 from the email without any problem.
Could there be some differeneces in the setting that makes me using 10mins
to open the file ?