you uploaded a file with a .xlsx extension. that file can only come from excel 2007 or later. was that file created on another PC, or given to you by someone???

the following formula will show an "epmty" cell, using 2003...

=IF(ISERROR(MID(INDEX($C$25:$C$48,MATCH("PREC",I$25:I$48,0)),2,2)),"",MID(INDEX($C$25:$C$48,MATCH("PREC",I$25:I$48,0)),2,2))