diff --git a/AssemblyVersion.cs b/AssemblyVersion.cs
index ba4d76c..d57d7e3 100644
--- a/AssemblyVersion.cs
+++ b/AssemblyVersion.cs
@@ -16,5 +16,5 @@ using System.Reflection;
 //
 // You can specify all the values or you can default the Revision and Build Numbers 
 // by using the '*' as shown below:
-[assembly: AssemblyVersion("3.0.1.419")]
-[assembly: AssemblyFileVersion("3.0.1.419")]
+[assembly: AssemblyVersion("3.0.1.420")]
+[assembly: AssemblyFileVersion("3.0.1.420")]
diff --git a/Core/Formatter.cs b/Core/Formatter.cs
index 8651720..9878a5c 100644
--- a/Core/Formatter.cs
+++ b/Core/Formatter.cs
@@ -232,7 +232,14 @@ namespace ScrewTurn.Wiki {
 			match = ExtendedUpRegex.Match(sb.ToString());
 			while(match.Success) {
 				if(!IsNoWikied(match.Index, noWikiBegin, noWikiEnd, out end)) {
-					EncodeFilename(sb, match.Index + match.Length);
+					// Encode filename only if it's used inside a link,
+					// i.e. check if {UP} is used just after a '['
+					// This works because links are processed afterwards
+					string sbString = sb.ToString();
+					if(match.Index > 0 && sbString[match.Index - 1] == '[') {
+						EncodeFilename(sb, match.Index + match.Length);
+					}
+
 					sb.Remove(match.Index, match.Length);
                     string prov = match.Groups[1].Value.StartsWith(":") ? match.Value.Substring(4, match.Value.Length - 5) : match.Value.Substring(3, match.Value.Length - 4);
 					string page = null;