The IF(Sheet2!E2:E110511=A2,Sheet2!F2:F110511) creates a reference something like:
E2=A2 --> F2
E3=A2 -->FALSE (because E2 is not equal to A2)
Thus, we get an array F values and FALSEs, say...
{"JAD";FALSE;"KAD";"NAD";FALSE;FALSE;...}
The surrounding MATCH match the value of B2 against the forgoing array reference. If B2 would be equal to KAD, we would get a match at the 3rd position.
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