Excel 2002, SP2; Windows XP, SP2

I'm trying to include a column of hyperlinks to image TIFF files located
two subfolder levels below the spreadsheet location. Once I enter the
first, it opens OK. As I add them subsequent links, all continue to open
that first image file. However, if I go to the folder levels above the one
the images are located in and try to link to other image files in those
higher level folders, it seems to work OK. Once I link to an image file two
levels down, even if I clear the contents, close the spreadsheet and close
Excel, then reopen and try again to link to a different image at that
folder level, it reopens the one I had linked to before shutting down.

Any solutions?

Thanks!
Optiker