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Default #VALUE! show up on "non-updated" links to another sheet

I have a sheet made from Excel 2000. It has links to other sheets. When I
open it in Excel 2003, it ask if I want to update from links. I choose don't
update and it's supposed to show an old value. What it shows though is
#VALUE!. If opened in Excel 2000 it's fine showing an old value. Can this be
fixed? Thanks.
 
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