Error message and the hyperlink control is not rendered if the ImageUrl property is set in Visual Studio 2005 or Visual Studio 2008 after you install .NET Framework 2.0 SP2 or .NET Framework 3.5 SP1:"Object reference not set to an instance of an object"
You have .NET Framework 3.5 Service Pack 1 or .NET Framework 2.0 Service Pack 2 installed.
In Microsoft Visual Studio 2005 IDE or in Microsoft Visual Studio 2008 IDE, you specified the ImageUrl property for a hyperlink control.
In this scenario, when you change IDE to the Design view, the hyperlink control is not rendered. Instead, a gray box appears, and you receive the following error message:
Error Rendering Control - An unhandled exception has occurred Object reference not set to an instance of an object.
Hotfix Replacement Information
The hotfix that corresponds to KB968392 has been superseded with the hotfix KB981201, which contains all fixes that were previously included in KB968392. You should use the hotfix KB981201 to fix the issues described in KB968392. For more information, click the following article number to view the article in the Microsoft Knowledge Base:
981201 A hotfix is available for ASP.NET 2.0 that enables support for extended protection
Microsoft has confirmed that this is a problem in the Microsoft products that are listed in the "Applies to" section.