You may have to create a new hyperlinked list for each project.
Chip Pearson has code here to do that...
http://www.cpearson.com/excel/FolderTree.aspx
-or-
You may want to consider the "List Files" Excel add-in free trial
which you can download from the my website.
--
Jim Cone
San Francisco, USA
http://www.realezsites.com/bus/primitivesoftware
(Excel Add-ins / Excel Programming)

..

"Jim E."
wrote in message
I have an excel workbook I use as a template for projects. It has several
hundred hyperlinks to files contained in 4 directories. When I set up a new
project I copy the workbook and the directories to a new location. Some of
the hyperlinks update to the new location but most do not. How do I ensure
they all update to the new location?