Excel 2007 : Similar formulas but only one works....

I'm a bit stumped.
Two formulas as shown below being used in conditional formatting.

formula 2 works a dream.

Formula one when I try to enter it in conditional formatting is giving a formula error.

I can't see any difference, apart from accessing different cells, so why won't formula 1 work...is there something I can't see.

formula 1
MATCH($A1&"@"&$I1&"@TRUE",INDEX($AO$1:$AO$200&"@"&$AX$1:$AX$200&"@"&($BD$1:$BD$200>=0.2),0),0)

formula 2
MATCH($A1&"@"&$H1&"@TRUE",INDEX($AO$1:$AO$200&"@"&$AP$1:$AP$200&"@"&($AV$1:$AV$200>=0.2),0),0)

Thanks in advance for any help...
Rob

I can enter both as conditional formatting formulas just fine. You do start them with a = sign, right?