It may depend on your Excel version (which you didn't mention - it
always helps to know). However, I *think* that unless you have
specified a Hyperlink Base in File Properties, hyperlinks to files in
the same folder will be relative in Excel 2002 and later.

So moving the workbook containing the links and the files to which the
links point from one folder to another should preserve the integrity of
the links in those circumstances. It should be reasonably easy to try
a test in your environment to confirm that.

Bill Manville
MVP - Microsoft Excel, Oxford, England
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