Sub drawCircles()
    Dim pCircle As Shape
    Dim pPoly As Shape
    Dim pNodes As ShapeNodes
    Dim pSheet As Worksheet
    Dim kNode As Long, xOff As Double, yOff As Double
    Dim dX As Double, dY As Double, pointDist As Double
    Dim Xc As Double, Yc As Double, curDist As Double
    Set pSheet = ActiveSheet
    Set pPoly = pSheet.Shapes("Полилиния 2")
    Set pCircle = pSheet.Shapes("Овал 16")
    xOff = -0.5 * pCircle.Width
    yOff = -0.5 * pCircle.Height
    curDist = 0#
    Set pNodes = pPoly.Nodes
    For kNode = 1 To pNodes.Count - 1
        dX = pNodes(kNode + 1).Points(1, 1) - pNodes(kNode).Points(1, 1)
        dY = pNodes(kNode + 1).Points(1, 2) - pNodes(kNode).Points(1, 2)
        pointDist = Math.Sqr(dX ^ 2 + dY ^ 2)
        dX = dX / pointDist
        dY = dY / pointDist
        Do Until curDist > pointDist
            Xc = pNodes(kNode).Points(1, 1) + curDist * dX + xOff
            Yc = pNodes(kNode).Points(1, 2) + curDist * dY + yOff
            'pSheet.Shapes.AddShape msoShapeOval, Xc, Yc, pCircle.Width, pCircle.Height
            With [Овал 16].Duplicate
                .Top = Yc
                .Left = Xc
            End With
            curDist = curDist + 50
        Loop
        curDist = curDist - pointDist
    Next
End Sub