Truncating a cell

I want to be able to reference a cell that is
formatted with a four digit year into another cell, but have the destination cell truncate the value so only the last two digits of the year show.

For example, cell A1 is 2008, and I?m referencing that value in cell E47. I only want 08 to appear in cell E47. Then if I change cell A1 to 2009, I want cell E47 to show 09.

Is that possible, and if so can you rescue me?
I haven?t been able to find anyone who can do this, and I am far from an Excel user.

Thanks so much in advance.