.NET supports formatting strings. Each {x} token represents a value to be replaced and formatted. For example:
String.Format("My name is {0}", "Peter")
results in "My name is Peter"
You can extend how each token behaves by putting formatting information after the the token indexer:
String.Format("Today is {0,mm/DD/yyyy}", Date.Today)
results in "Today is 01/06/2006" (that formatting string may not be exactly correct, just to give you the idea)
In your example, I don't know off hand what 22 does. Look up formatting on MSDN and you'll find many pages about building formatting strings for dates, numbers, etc.
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Peter