Explanation
The hyperlink function allows you to create a working link with a formula. It takes two arguments: link_location and, optionally, friendly_name.
Working from the inside out, VLOOKUP looks up and retrieves a link value from column 2 of the named range "link_table" (B5:C8). The lookup value comes from column E, and VLOOKUP is configured for exact match.
The result is fed into HYPERLINK as link_location, and the text in column E is used for friendly_name.
HYPERLINK returns a working link.
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Related functions
HYPERLINK Function
The Excel HYPERLINK function returns a hyperlink to a given destination. You can use HYPERLINK to create a clickable hyperlink with a formula. The HYPERLINK function can build links to workbook locations, pages on the internet, or files on network servers....
VLOOKUP Function
The Excel VLOOKUP function is used to retrieve information from a table using a lookup value. The lookup values must appear in the first column of the table, and the information to retrieve is specified by column number. VLOOKUP supports approximate and exact matching...