There is a problem in trying to link to an embedded object based on a template, in that the link will only point to the object in the template, not to the object in the document created from it. Furthermore, if you try to create such a link in a file that hasn't been saved, a crucial part of the link - the filepath - will be missing. In this situation you would probably be better served by using a Word table instead of an embedded workbook.

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Cheers,
Paul Edstein
[Fmr MS MVP - Word]