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Message: [QUOTE="GHawkins, post: 13385515"] We are using Excel 2007 SP1. I am working with an Excel file (.xlsm, it contains macros) that links to cells in another workbook that is in 2003 format. The master .xlsm workbook creates a new .xlsm file each week (manually started via a button). I don't think this is important, just sharing the information. After the workbook is created, the cells look like this: ='\\server\folder\[workbook.xls]Tab Name'!A1 HOWEVER, after the new workbook is closed and reopened, the hyperlinks change and look like this: ='local drive\folder\[workbook.xls]Tab name'!A1 We do NOT want the link to update to the local drive. I made the "Update Links on Save" setting so that the box is un-checked, but either way it is set, the link changes. This is happening for multiple people. I thought maybe it was a problem with .xlsm files or something.....but i can't seem to find anything related to issues with this functionality in Office 2007. [/QUOTE]