Sub Connect()
Dim sh As Shape
With ActiveSheet
.Shapes.AddShape(msoShapeOval, 200, 100, 100, 100).Name = "Oval_1"
.Shapes.AddShape(msoShapeOval, 200, 400, 100, 100).Name = "Oval_2"
Set sh = .Shapes.AddConnector(msoConnectorStraight, 150, 100, 150, 400)
sh.Line.EndArrowheadStyle = msoArrowheadTriangle
sh.ConnectorFormat.BeginConnect .Shapes("Oval_1"), 5
sh.ConnectorFormat.EndConnect .Shapes("Oval_2"), 1
End With
End Sub