How specify relative assembly reference using Project Upgrade Utility


I have used project upgrade utility for upgrading my solution (10 projects, 200 references over all). I use team foundation server and I have copied all assemblies into a folder under the project solution root. Running the project upgrade utility with specific folder, alle projects are updated but the <HintPath> in the project files contains the full path including drive letter.


How I can force that relative path are saved to the project files?

If do so manually for a reference, <HintPath> is saved relative:


Thanky you for any help.