Presentations that contain layouts with a background images may cause an error when they are opened in PowerPoint 2003 after installing the update KB2464588. Now Microsoft released a hotfix KB2543241 for the issue. 

You can request for the hotfix and download it from the below link.

On extracting the downloaded hotfix you will find office2003-KB2543241-ENU.exe. Extract the office2003-KB2543241-ENU.exe again to get the powepoint.msp. You can install the update using Desktop Central Software Deployment.