You cannot construct a cell reference in this way. See Help for the
INDIRECT() function.

Jerry

AMDGUY [MCP] wrote:

='I:\Shared\N.C.F\&text(A2-365,"YYYY")\[CAF-JAN.xls]MACH'!$C$40

Gives me #ref!

I:\Shared\N.C.F\2004 has previous years CAF-JAN. Every year this changes.
Want it to automaticly Take date value from A2 - 1 year and put it in
the path for the CAF-Jan.xls file.