How to created hyperlinks in VBA:-

Sub Create_HyperLinks()

Dim i1 As Integer
Dim sA, sB As String

For i1 = 2 To Cells.SpecialCells(xlCellTypeLastCell).Row
If LenB(Trim$(Cells(i1, 3).Value)) <> 0 Then
sA = Trim$(Cells(i1, 1).Value)
sB = Trim$(Cells(i1, 2).Value)
sA = "Compared_" & sA & "_" & sB & ".xls"
Sheets(1).Range("C" & i1).Hyperlinks.Add Cells(i1, 3), "CompareReports\" & sA
End If
Next i1

End Sub