Hyperlinks sometimes disappear in Word 2003!

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Here is a tricky one:

I use mail merge (from excel) in word 2003 (Outlook and word as mail editor)
to distribute a weekly newsletter to around 400 different persons. Most of
the time everything works fine, but sometime the hyperlinks (static) are
eliminated in some of the emails. Today the first 170 mails were OK, while
the remaining 230 were sent without active hyperlinks.

Does anyone have any suggestions?

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