Sub Test2()
Dim olApp As Outlook.Application
Dim olNamespace As Outlook.Namespace
Dim olItem As MailItem
Dim rngOut As Range
Dim olInbox As Outlook.MAPIFolder
Set olApp = New Outlook.Application
Set olNamespace = olApp.GetNamespace("MAPI")
Set rngOut = Cells(1, 1)
Set olInbox = olNamespace.GetDefaultFolder(olFolderInbox)
For Each olItem In olInbox.Items
rngOut = olItem.Subject
Set rngOut = rngOut.Offset(1, 0)
Next
Set rngOut = Nothing
Set olInbox = Nothing
Set olNamespace = Nothing
Set olApp = Nothing
End Sub