On the inside of the bracelet you should see that some of the links have arrow markings and if you look across to the opposite edge of the bracelet you'll see a small hole:
http://img185.imageshack.us/img185/2173/strapsm4.jpg
If you take a fine-pointed tool (a precision screwdriver, for example), insert it into that hole and apply firm pressure in the direction of the arrow, the "pin" will slide out. Once you've got the pin out you can't go far wrong.
Sam, July 2008