Hyperlink not working in 2003 for JPG & PNG files

[Andy Sarno]

I upgraded from Excel 2002 to Office 2003.
All of the 2002 hyperlinks continue to work perfectly when the work sheets
open.

If I create a new hyperlink, I open the "Insert Hyperlink" window and enter;
C:\Documents and Settings\Andrew\Andrew's Documents\My Personal Stuff\Check
Copies\3831-1.png and this works perfectly until I save the file and close it.

When I reopen the file, the address got changed to the following;
Check%20Copies/3831-1.png which produces nothing, not even an error.
I only have this problem with JPG or PNG files.
DOC, XLS or PDF do not have this problem

Thank you,
Andy