I just tried the same thing in xl2003 and it worked fine for me.

If you start a brand new worksheet in a brand new workbook, does it work?

ChadBellan wrote:

Using Excel 2003, I have placed a hyperlink in a cell. No matter what I do I
can't conditionally format the hyperlink text. I have even set the
condition: Formula is true. Which means that as soon as I press ok, the
formatting should occur immediately. This works for any other cell, other
than those that contain a hyperlink.

Please help.

Chad

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Dave Peterson