Excel 2000 cannot open files from hyperlinks

“‘Filename’ Could Not Be Found” Error Message When You Click a Hyperlink in a Document That You Opened in an Office 2000 Program

……

This problem may occur with a hyperlinked document and if all the following conditions are true:

The document was created in a later version of Office (for example, Office XP).
The document was saved to a lower-level folder than the document that contains the hyperlink
……

http://support.microsoft.com/kb/823027

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