I'm not sure if this will work with your hyperlinks, but a few people have said
that this has resolved the problem for them:

File|Properties|Summary Tab|Hyperlink Base
change it to C:\
(something that's always available)

Miguel wrote:

I have Excel 2003 (11.8134.8132) SP2. In a cell I put a link to
"\\server\folder1\folder2\file.xls" and work well, after I save the file and
link changed to "../../folder2/file.xls" obviously the message is wrong, What
I have to do? thank you

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Dave Peterson