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On the Label or Dimension toolbar, click Balloon
.
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On the ribbon, set the options you want. In the Balloon Text box, type the text that you want to appear in the balloon.
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To place a balloon with a leader, click where you want to place the graphic end of the leader. The graphic end can be on an element or a point in free space.
Click where you want to place the notation end of the leader.
To place a balloon without a leader, clear Leader 
and click the element to which to attach the balloon. You can also click a point in free space.