Looks ok when I tested your formula here. It could be data inconsistencies
throwing correct matching off, eg: extraneous white spaces here and there.

Try it with TRIM wrapped for more robust matching, array-entered:
=INDEX([Koda.xls]Sheet1!$O$2:$O$300,
MATCH(1,(TRIM([Koda.xls]Sheet1!$N$2:$N$300)=TRIM(Q11))*
(TRIM([Koda.xls]Sheet1!$F$2:$F$300)="y"),0))
--
Max
Singapore
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---
"Jan" wrote:
Hi Max,

I entered the array formula on List1 as suggested and it returns #N/A in all
cells. I've separated formula below to make it easier to read. Any other
thoughts?

{=INDEX('[Koda.xls]Sheet1'!$O$2:$O$300,
MATCH(1,('[Koda.xls]Sheet1'!$N$2:$N$300=Q11)*
('[Koda.xls]Sheet1'!$F$2:$F$300="y"),0))}

TIA