Sub www()
Dim I&, ST$, NS&, PR&, PS&
For I = 1 To Range("A" & Rows.Count).End(xlUp).Row
ST = Cells(I, 1)
PS = InStr(ST, "_")
NS = InStr(ST, "^")
Do
If PS > 0 Then
PR = InStr(Mid(ST, PS), " ") - 1
If PR <= 0 Then PR = Len(ST) - PS + 1
Cells(I, 1) = Replace(Cells(I, 1), "_", "", 1, 1)
With Cells(I, 1).Characters(Start:=PS, Length:=PR).Font
.Subscript = True
End With
End If
If NS > 0 Then
PR = InStr(Mid(ST, NS), " ") - 1
If PR <= 0 Then PR = Len(ST) - NS + 1
Cells(I, 1) = Replace(ST, "^", " ", 1, 1)
With Cells(I, 1).Characters(Start:=NS, Length:=PR).Font
.Superscript = True
End With
End If
ST = Cells(I, 1)
PS = InStr(ST, "_")
NS = InStr(ST, "^")
If PS = 0 And NS = 0 Then Exit Do
Loop
Next
End Sub