Dim rng As Range, Shp As Shape
    Set rng = Range("a1")
    Set com = rng.AddComment(" ")
    Set Shp = com.Shape
    Shp.Width = 200
    Shp.Height = 200
    Shp.Fill.UserPicture "C:\Users\Сергей\Downloads\PB-#1.gif"

Sub Макрос1()
    Range("E5").Select
    Selection.Copy
    Range("K11").Select
    ActiveSheet.Paste
End Sub

    Dim rng As Range, Shp As Shape, com
    Dim FilePath
    FilePath = Application.GetOpenFilename _
               (FileFilter:="Image Files (*.jpg;*.png;*.gif), *.jpg;*.png;*.gif", _
                MultiSelect:=False, Title:="File for comment")

    If FilePath <> False Then
        Set rng = Range("a1")
        rng.ClearComments
        Set com = rng.AddComment(" ")
        Set Shp = com.Shape
        Shp.Width = 200
        Shp.Height = 200
        Shp.Fill.UserPicture FilePath
    End If

Sub для_моих_странных_целей()
    Dim Sh As Worksheet, RangeX, RangeY, Rng As Range, cel As Range
    Set Sh = ActiveSheet
    Folder = "C:\mmm"
    RangeY = Sh.Range("A3:W3")
    RangeX = Sh.Range("C1:C17")
    Set Rng = Application.InputBox(Prompt:="выбираем диапазон внутри координат ", _
                    Title:="Выбор диапазона", Type:=8)
    With CreateObject("Scripting.FileSystemObject")
        For Each cel In Rng.Cells
            If cel.Row <= UBound(RangeX) And cel.Column <= UBound(RangeY, 2) Then
                X = RangeX(cel.Row, 1)
                Y = RangeY(1, cel.Column)
                Filename = X & "-" & Y & ".png"
                FilePath = .BuildPath(Folder, Filename)
                If .FileExists(FilePath) Then
                    cel.ClearComments
                    Set com = cel.AddComment(" ")
                    Set Shp = com.Shape
                    Shp.Width = 200
                    Shp.Height = 200
                    Shp.Fill.UserPicture FilePath
                End If
            End If
        Next
    End With
End Sub