Performance issue opening Excel 2002 workbook in Excel 2003

[Jon Sherry]

Hi,
My finance department is having a problem with a large spreadsheet created
with Excel 2002. It's full of calculations and external links. The file
opens in a few seconds in Excel 2002, but takes as long as 2-3 minutes in
Excel 2003. The status at the bottom often gets stuck on
"Calculating Cells: 5%"

Any ideas on what's going on, or some procedures to follow to find the
problem?

Thanks,
-jb