Hi Paul,

As I mentioned, this issue could be caused by different reasons. I cannot
entirely understand the situation on your side. To find the root cause of
this problem, please help us clarify the situation on your side.

1. Please first check if the linked files in the Excel workbook are located
in the proper folders. If the linked files are NOT located in the proper
folders, this problem will occur whichever Excel version is installed on
this computer.

2. If the linked files are located in the proper folders and this problem
persists, as it described in KB813977, this is because Excel 2003 cannot
update links from a workbook that is saved in HTML file format if that
workbook is closed. Excel updates the links correctly only if the link
source file is already opened. This is a confirmed problem in Excel 2003.
I am sorry for the inconvenience it has caused.
I think you need not to downgrade to earlier Excel version. You can open
the HTML file that the workbook is linked to before you try to open the
workbook that contains the links to work around this issue.

If there is anything unclear, please feel free to let me know.

Regards,

Ada Pan

Microsoft Online Partner Support
Get Secure! - www.microsoft.com/security
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