Dear All!

I have an excel sheet that contains the file paths of the images and names of them, I want to use in a mail merge. So I use this field for the images:
{ INCLUDEPICTURE { MERGEFIELD "Pict" } \* MERGEFORMAT }
where "Pict" is the column name of my images in the excel sheet.
When I have the separate mail merges, so I can switch between them, the other dynamic texts from the same excel file, like "name" change well. The picture does not. OK, I press Ctr+A then F9. After that, the picture refreshes as well.
But after that, I want close the mail merge, and create one letter from them that contains all mail merges. So if I have 4 rows (4 names, 4 pictures...) in the excel, then I have four mail merges. So I want then in one. I press the appropriate button, and select all mail merges, and the Word generates a Letter that contains all mail merges. The texts like "name" are different in the document, but the pictures are not! Why? Only the first picture is shown in all the 4 cases. Why?
If I change the displayed picture to field code, so pressing Shift+F9, I see the correct INCLUDEPICTURE field with the correct file path. These file paths are different in the 4 cases, and are correct. But when I switch back to show the images not the field codes, only one image (the first) is shown in all 4 cases. Why?
I use Ctr+A then Ctr+Shift+F7 to update all the links manually in the document, but it does not help, nothing happens. So if something is not clear...

Start Mail Merge with Step by Step Wizard has 6 steps. After the 6th step, there is an option to Finish & Merge. Clicking on it and choose Edit Individual Documents, I selected All Merge records, then I pressed OK. The Letter containing all the 4 mail merges has created.
But all shows the same picture, not the individuals!

My excel has two columns: Name and Pict. Name contains names, Pict contains the file pathes of my images. One individual mail merge has one page, so the created Letter has 4 pages because I have 4 items in the excel. And in the Letter, the Name fields are different, but the Pict fields are the same. Clicking on the picture (or press Ctr+A) then press Shift+F9, it toggles to field codes. The field codes are correct, and looks like this:
{ INCLUDEPICTURE c:\images\image1.jpg \* MERGEFORMAT}
On the second page of the Letter, the picture's field code is nearly the same except it has image2.jpg instead of image1.jpg. The third picture has image3.jpg in its field code.
But all pages shows the first picture, not the individuals per pages. Why?

Can anybody help me? Or is it a bug? I tried Word 2010 and 2013 as well... with the same result. I tried English Word and other language Word....

Unbelievable what a damn softwer the Word is... What the hell?