|"Simple" is a relative term and may not be applicable in this case. |
In fact, depending on how many variables you have, you may not even be able to do it with a formula.
With your List 1 in A1:A5 and your List 2 in B1:B2, the following formula will give you the results you show in List 1 (final).
You can decide for yourself if it's "simple".
Place this in C1 and drag it down:
FIND(" ",$B$2)-1),A1,1))),A1&MID($B$2,FIND(" ",$B$2),256),A1&" ; N/A"))
You'll note that it needs a IF segment for each item in List 2. Imagine how long the formula will be for a "huge" List 2. Eventually you will hit the maximum number of characters allowed in a formula. The workaround for that is to put the results of portions of the formula in separate cells then reference those cells in your formula.
Seems to me that a VBA based solution would be a better idea.
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