I have a picture box with the following code:

Private Sub Image1_Click()

FileToOpen = Application.GetOpenFilename( _
"All Files (*.jpg),*.jpg,(*.bmp),*.bmp")
If FileToOpen < False Then
Worksheets("Sheet1").OLEObjects("Image1").Object.P icture _
= LoadPicture(FileToOpen)
End If

End Sub

The file contains four sheets, and has a file size of 224 KB. When I insert
a photo with a file size of 129 KB into the photobox and save the Excel file,
the Excel file size balloons to 4.00 MB. If I insert a second photo, it goes
up over 9 MB.

Anybody know what is causing this, and how can I fix it?

Thanks!