I thought maybe someone else would have a better answer, Wries, so I waited. But no one else has come up with a response yet, so I'll take a whack at it.

96 cells? That doesn't sound like very many; it isn't clear to me how that few cells could be slowing things down. How do you define "slow"? How much delay is there between <F9> and the end of the recalculation?

I'm also not convinced that INDIRECT is the probable cause. I used to use it quite a bit—I've found some better ways since, or ways at least that I think are better—and although I thought it would slow things down, I didn't usually find it so.

So what do you count as "slow"?