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To extract the last name from a list of names using the "TEXTAFTER" function in Excel, start by entering the formula in the formula bar. The first argument is the cell containing the full name, followed by a comma. The second argument is the delimiter, which separates the names; in this case, it is a space (" "). Finally, specify the instance number to extract the last name by using '-1' as the value. After writing the formula, copy it down into the other cells to apply it to the full list of names.