My old friend Greg Maxey is about to launch a version of a Many to One add-in for Windows which uses content controls to place the data. It includes an option to convert mail merge fields to content controls and will allow you to merge your data in a table to e-mail and include the graphics if you associate the file paths with the records. He is working on his web page, but that should take a few days to complete. It should be worth waiting.

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Graham Mayor - MS MVP (Word) (2002-2019)
Visit my web site for more programming tips and ready made processes www.gmayor.com