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use the substitute function when you want to replace text based on its content not position the substitute function in excel replaces one or more instances of a given text string with the specified characters the syntax of the excel substitute function is as follows the first argument text the text or the reference to a cell containing text for which you want to substitute characters second argument old text the text you want to replace third argument new text the text you want to replace old text with the fourth argument instance num this is optional specifies which occurrence of old text you want to replace with new text if you specify instance num only that instance of old text is replaced otherwise every occurrence of old text in text is replaced to new text for example this formula replaces the letter f in fame to n and this formula replaces a and n in a3 to th e d substitute is case sensitive for example the p in a4 is in upper case but the function is using lowercase p and so it