Just ran a quick test.

1) Moving the textbox to the top of the tab order worked if I wanted to tab out of the box, however it resulted in a somewhat unsatisfactory user experience, because the cursor then wandered off into an unex[ected part of the form!

2) After Update (no LostFocus on an Excel control :-( ) worked fine. When I select the Top N option I can now (after restoring the tab order) immediately go to the text field. No need to worry about whether the <end of control> processing works, because the option is set. However, if I mouse directly to the text box, the Afterpdate event ocurs even when the Exit event doesn't.

Solution:

Avoid Exit events in frames.

Thanks for the pointer!

Tony