One solution suggested was to use $ signs. I found that this keeps the cell reference absolute (so if I drag the formula left-right or up-down then the same cell is linked to), but this does not stop the issue of relative workbook references... so if I move a workbook with link ='C:\Documents and Settings\My Documents\[Test1.xlsx]Sheet1'!$A$3, it still assumes that Test1.xlsx has moved alongside the workbook which is linking to it! So the link may become ='C:\Documents and Settings\My Documents\Excel Work\[Test1.xlsx]Sheet1'!$A$3