6String beat me in, but I came up with the following:
Sub JPRomano()
Dim Evalue As String
Dim SplArray() As String
Dim LastRow As Long
LastRow = ActiveSheet.Cells(Rows.Count, "B").End(xlUp).Row
For j = 1 To LastRow
Evalue = ""
SplArray = Split(Range("B" & j).Value & "|", "|")
For i = LBound(SplArray) To UBound(SplArray) - 1
If InStr(1, Range("C" & j).Value, SplArray(i)) = 0 And InStr(1, Range("D" & j).Value, SplArray(i)) = 0 Then
Evalue = Evalue & "|" & SplArray(i)
End If
Next i
Range("E" & j).Value = Mid(Evalue, 13, Len(Evalue) - 1)
Next j
End Sub
If his works, it's probably better - mine doesn't add the "Topic" count to column E.
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