The values in A1 and A2 need to be in "". Apologies for not making that clear last night. I'm not sure there's any other way to do it.
<TABLE style="WIDTH: 180pt; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0 width=239><COLGROUP><COL style="WIDTH: 11pt; mso-width-source: userset; mso-width-alt: 512" width=14><COL style="WIDTH: 169pt; mso-width-source: userset; mso-width-alt: 8228" width=225><TBODY><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; WIDTH: 11pt; HEIGHT: 15pt; BORDER-TOP: windowtext 0.5pt solid; BORDER-RIGHT: windowtext 0.5pt solid" class=xl66 height=20 width=14></TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext; BACKGROUND-COLOR: transparent; WIDTH: 169pt; BORDER-TOP: windowtext 0.5pt solid; BORDER-RIGHT: windowtext 0.5pt solid" class=xl68 width=225>
A
</TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; HEIGHT: 15pt; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl66 height=20 align=right>
1</TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext; BACKGROUND-COLOR: transparent; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl65>
"c:\test.xls"</TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; HEIGHT: 15pt; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl66 height=20 align=right>
2</TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext; BACKGROUND-COLOR: transparent; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl66>
"test"</TD></TR><TR style="HEIGHT: 15pt" height=20><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; HEIGHT: 15pt; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl66 height=20 align=right>
3</TD><TD style="BORDER-BOTTOM: windowtext 0.5pt solid; BORDER-LEFT: windowtext; BACKGROUND-COLOR: transparent; BORDER-TOP: windowtext; BORDER-RIGHT: windowtext 0.5pt solid" class=xl67>
=HYPERLINK("c:\test.xls","test")</TD></TR></TBODY></TABLE>
For web links for might need to use Char(34) [chr(34) in vba] to place the " " around the link.