It is relatively easy to export all the annotations in your model to a text file for others to review. After the review is done, I assume you want the modified text to be automatically loaded back to your model. This is a little tricky because there is no built-in function to link the text in your text file to the annotations in your model, with absolutely correct one-to-one match.
The key is to make sure the one-to-one match. To do that, you need to first assign your annotations a unique ID.
You can give the Excel file for others to review and take the updated file back. Try not to mess up with the ID numbers.
error('No matching ID found in text file.');
If you don't want to leave those ID, run set(a,'UserData',) before save_system.
Use some caution, it should be able to solve your problem.