Typically, it separates a sheet name from a cell reference. For
example, the formula

=A1

refers to cell A1 on the same sheet as the formula, while

=Sheet2!A1

refers to cell A1 on sheet2, regardless of the sheet on which the
formula resides.


--
Cordially,
Chip Pearson
Microsoft MVP - Excel
Pearson Software Consulting, LLC
www.cpearson.com



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