I know you can use Conditional Formatting to allocate a colour for a cell
value but you are limited to 4 alternatives (ie the default cell color and
only 3 variations in Conditional Formatting).

How can I allocate a different color for 5 different cell values?

For example:
If cell value = 1 then cell color is green
If cell value = 2 then cell color is blue
If cell value = 3 then cell color is yellow
If cell value = 4 then cell color is red
If cell value = 5 then cell color is magenta

regards

PeterH