NX Failed to connect to Excel events

The following error occurs when try to start Excel from NX (e.g. Tools->Spreadsheet in Modeling):

The following errors can be found in the NX syslog file:

SPREADSHEET ERROR: D:\workdir\Patches\NX2406_Series\wntx64\vc_projects\ExcelITF\SPRDCreate.cpp/615:starting excel failed with code -2146827284
SPREADSHEET ERROR: D:\workdir\Patches\NX2406_Series\wntx64\vc_projects\ExcelITF\SPRDCreate.cpp/620:starting excel failed with code -2146827284excel startup error description: Cannot run the macro 'UGSetEventSink'. The macro may not be available in this workbook or all macros may be disabled.
EXCELITF: terminating Excel process 32632

The error may occur when Add-ins are disabled in Trust Center*, e.g.:

* Trust Center can be started within Excel using File->Options->Trust Center.

The issue can be avoided by adding the directory where the Add-in SPLM.ExcelAddin is located to the Trusted Locations in Trust Center: