reduce levels of nesting

{=IF(C12="","",IF(C12=$G$4,"",IF($G$5="Yes",IF(MIN(IF(ISNA(MATCH(MAX($E$9:INDEX(11:11,$G$2+4)),C$9:C11,0)),MAX($E$9:INDEX(11:11,$G$2+4))))=0,"",MIN(IF(ISNA(MATCH(MAX($E$9:INDEX(11:11,$G$2+4)),C$9:C11,0)),MAX($E$9:INDEX(11:11,$G$2+4))))),IF(MIN(IF(ISNA(MATCH(MAX($E$9:INDEX(12:12,$G$2+4)),C$9:C12,0)),MAX($E$9:INDEX(12:12,$G$2+4))))=0,"",MIN(IF(ISNA(MATCH(MAX($E$9:INDEX(12:12,$G$2+4)),C$9:C12,0)),MAX($E$9:INDEX(12:12,$G$2+4))))))))}

Though I use 2007, I'd like to be able to save it in xls format.

Should I just use multiple cells?

Any advice appreciated. Thanks!