Originally Posted by Cosmo

This is the generally desired result, as any link would normally be expected to relate to the content on the specific slide, regardless of it's position in the presentation, so PowerPoint retains the link to the same content when it is repositioned (and if it didn't, it would be a nightmare when a change needed to be made to a large document). The only way I can see that would work would be to use a VBA Macro for your hyperlink.