Option Explicit
' Developed by Contextures Inc.
' www.contextures.com
Sub InsertComment()
Dim rngList As Range
Dim c As Range
Dim cmt As Comment
Dim strPic As String
On Error Resume Next
'change this to the range that contains the file names in your workbook
Set rngList = Range("A1:A5")
'change this to the folder path for your picture files
strPic = "C:\Data\"
If Right(strPic, 1) <> "\" Then
strPic = strPic & "\"
End If
For Each c In rngList
With c.Offset(0, 1)
Set cmt = .Comment
If cmt Is Nothing Then
Set cmt = .AddComment
End If
With cmt
.Text Text:=""
.Shape.Fill.UserPicture strPic & c.Value
.Visible = False
End With
End With
Next c
End Sub