SamsamF - first could you outline why you need the INDIRECT references ?
The issue is down to use of ROW within ADDRESS, if you revert to ROWS(A$1:A5) rather than ROW you should find it would work (ROW returns Array whereas ROWS does not)
R1C1 notation would also work and syntax wise is a little more succinct:
use of EVEN requires Analysis ToolPak - you could revert to MOD for non-ATP dependant version of the same.
To reiterate though I see no reason for use of INDIRECT at this point given the info we have.
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