How to open Excel without refreshing data

In Excel 2007, you should do the following:

In Excel Options, navigate to Trust Center > Trust Center Settings > External Content. You'll see the Security Settings for Data Connections and Workbook Links. Disable both.

Additionally, navigate to Formulas tab, click Manual under Calculation options, and then click OK. Restart Excel and you're done.

In Office 2010, go to the same External Content menu, and select Disable all Data Connections as well as Disable automatic update of workbook links.

You can also open the workbook in Protected View. In the open file dialog box, you can click on the down triangle next to the word "Open" and select "Open in Protected View".