MS Excel 5 events MS Excel 5 events are used to link to cells in MS Excel 5 spreadsheets. MS Excel 5 introduces the concept of “Workbooks”. As a result, you need to address the cells a little bit differently compared to MS Excel 4. The MS Excel 5 event was added to the DynRisk event set to allow this. Except for the change in cell addresses, the functionality of the two MS Excel events are the same.