....
For Each PictureFilename In FileList
    i = i + 1
    If i >2 then
        'do next two pictures but how to handle the next two?
    Else
        Set Photo = PicWorksheet.Shapes.AddPicture(CStr(PictureFilename), msoFalse, msoCTrue, 1, 1, -1, -1)
        Set pic = Nothing
        Set pic = Photo
        colPictures.Add pic
    End If
Next