I created a link using the "create hyperlink" button. This links to a
directory on my drive. I test the link and it works. The instant I save the
file, the link breaks and no longer works. Editing the link shows that excel
has changed the link into something cryptic. It doesn't even point to the
right DRIVE anymore.

Can anyone tell me what I am doing wrong?

Thanks!

You didn't mention which version of Excel.
It could help if you showed us what the hyperlink was and what it was
changed to.
Does it help if you set File / Properties / General / Hyperlink Base to
\\NonexistentServer\Directory
?

Bill Manville
MVP - Microsoft Excel, Oxford, England
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