Did you check the physical dimensions of the inserted image? It may be that some re-scaling is occuring during the transfer process and the image is being distorted as a result. The dpi is irrelevant here; it's the pixel counts that matter for the nominal aspect ratio. If the physical dimensions of the inserted image retain the 4:3 aspect ratio you require, the issue may be with PowerPoint itself.
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Cheers,
Paul Edstein
[Fmr MS MVP - Word]
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