Become a MacRumors Supporter for $50/year with no ads, ability to filter front page stories, and private forums.
The issue was 100% solved as soon as I disabled my Microsoft Exchange contacts from the Apple Contacts app! As soon as I unchecked the "Enable this account" box under my Exchange account the photos showed up... Which I might add is very strange because my other Macs have the Exchange contacts enabled and I can see all of the photos.

I have to say that Outlook at Apple have a huge conflict when it comes to address book management. I had a massive issue with the iCloud contacts being synced when I had both my work email and my iCloud email/contacts loaded in the Outlook mail app. I love Outlook for work and I would prefer to use only one app for my mail. Well Microsoft screwed that up and I had some enormous issues with my contacts. I had to completely start fresh and it was a disaster.

Needless to say I now use two separate mail apps on my Macs and my iPhone to access my work email and my personal email. Huge pain in the ass.
 
Register on MacRumors! This sidebar will go away, and you'll see fewer ads.