Select the picture, click slide show > Custom Animation.
If you want it to fade in, click Add Effect > Entrance > Fade. (If you want
fade out, use Exit > Fade instead).
Do the same to the words if you want to fade them in.
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Shawn Toh (tohlz)
Microsoft MVP PowerPoint
Site Updated: March 23, 2007
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PowerPoint Heaven - The Power to Animate