Sub M_snb()
   sn = Cells(1).CurrentRegion
   
   For j = 1 To UBound(sn)
      sp = Split(Join(Application.Index(sn, j), ";"), ";")
      ReDim st(UBound(sp) \ 4)

      For jj = 0 To UBound(sp)
        st(jj Mod (UBound(st) + 1)) = st(jj Mod (UBound(st) + 1)) & "\" & sp(jj)
      Next

      MsgBox Join(st, "|")
   Next
End Sub