Your advises are perfect:-) I`ve saved file in word 2003 format and know it seems that links work. But... I have one thing more to ask You. I have opened wodr file with prepared links and excel file. If I made changes in excel file these changes do not appear in Word automatically However I have 'Update Automatic Links at Open' enabled.

EDIT: My root Excel file is XLSM (with prepared form made in VBA). If I made simple XLSM file (without VBA things) changing data in word file is made automatically...