XL97: "Reference Is not Valid" Error Clicking Hyperlink

In Microsoft Excel 97, when you click a hyperlink, you receive the following error message:

This error message displays if you click a hyperlink that is linked to any of the following objects in a Microsoft Excel workbook:

• A drawing object or AutoShape
• A chart sheet
• An embedded chart
• An embedded object, such as an embedded Microsoft Word document
• A Visual Basic module, class module, or UserForm
• A defined name that refers to any of the above listed objects

In Microsoft Excel 97, when you insert a hyperlink to a workbook, you can only link to individual cells, ranges of cells, and defined names that refer to individual cells or ranges, within worksheets and Microsoft Excel 4.0 macro sheets.

This behavior is by design of Microsoft Excel 97.