Private Sub Worksheet_Change(ByVal Target As Range)
    Application.EnableEvents = False
    On Error Resume Next
    a = Target.Validation.Formula1
    If a = "=dm" Then
        b = Application.Match(Target.Value, Range("dm"), 0)
        c = Range("dm")(b).Value
        d = Len(c)
        For e = 1 To d
            With Range("dm")(b).Characters(Start:=e, Length:=1).Font
                f = .Superscript
                g = .Subscript
            End With
            With ActiveCell.Characters(Start:=e, Length:=1).Font
                .Superscript = f
                .Subscript = g
            End With
        Next
    End If
    Application.EnableEvents = True
End Sub