since adobe reader 10.1.2 urls don't work in pdf files to folders.
not ok > adobe reader 10.1.2 could not open the file '/C/WINDOWS'
ok > with deactivated protected mode
no problems with 9.5.0 or 10.1.1 with activated protected mode
is that known? any other workaround?
I also have Reader 10.1.2 installed on my machine and I also cannot open a link in the PDF, that will eventually call an exe file. I don't think that there would be different behaviour on your machine. So, I think, now this is the expected behaviour Reader 10.1.2 onwards.