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Default VLookup & Conditional Formatting together

Hello,

Is it possible to combine conditional formatting for cells which correspond
to a Vlookup table or do I need to set the formatting separetly? For
example, I have a Vlookup table with cells containing "Yes" and No" values.
If the answer is "No" I want the cell to be then formatted in Red and the
"Yes" cell in Green

Any help would be appreciated, thanks
--
Regards
Mike
 
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