Print Excel file containing photos in a mailmerged document

I have an excel file with RowA1 to RowA5 (serial, name, designation, join_date,photo) as labels. The column “Photo” – contains filenames(eg:AAA1.jpg) of the photographs stored in a different directory (eg:d:\photos\AAA1.jpg)

When I mailmerge the file into a word document, I do not get the picture in the merged document.

Can you please help?