In MS Excel (ver. 2007 onwards) what does the ‘Name Manager’ feature do?

1
It changes the names of the rows and columns (eg. Column AA can be renamed to ‘Price’, or Row 16 to ‘Total’)
2
It changes names of worksheets based on certain conditions provided in the feature
3
It creates Named cell ranges, functions, constants or tables for reference in functions, formulas etc;
4
All of the above

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