Hyperlinks are not maintained when exporting from Excel to PDF

[m2guru]

Office XP Pro, Windows XP Pro, Acrobat 7 Pro

I've looked in every dialog box there is for Excel, Acrobat, Distiller,
AcrobatPDF Maker, no settings regarding maintaining hyperlinks.

I cannot get hyperlinks to work in the exported PDF document. Recreating
them by hand is not an option.

[m2guru]

I should add that I am attaching a hyperlink to an imported JPG image. It
works fine in Excel 2003 - I'm linking to a PDF document that is stored on
our webserver with a fully-qualified http:// URL. When I export to PDF, the
JPG thumbnails have no link, and when I choose (In Acrobat Pro 7) 'Advanced
-> Links -> Create from URLs in document' a dialog box comes up that says 'A
total of 0 links were added.'

[m2guru]

Further, if I place a hyperlink on TEXT (not an imported picture) the link
half-works when exporting to PDF, in other words, the link is displayed by
Acrobat as a hyperlink, the pointer changes to a finger when rolling over the
text, however clicking on the link does not bring up the link without
right-clicking and selecting 'Open in web browser.'