OST or Offline Storage Files represent the user's mailbox data in offline mode on the local machine upon registration with Exchange Server using Microsoft Outlook. It is automatically created on the first use of Microsoft Outlook upon connectivity with the server. Once the file is created, the data is synchronized with the email server so that it is available offline as well in case of disconnectivity from the email server.
XLSB file format specifies the Excel Binary File Format, which is a collection of records and structures that specify Excel workbook content. The content can include unstructured or semi-structured tables of numbers, text, or both numbers and text, formulas, external data connections, charts and images. Unlike XLSX (which is based on Open XML file format), the XLSB represents binary Excel workbook file.
You can also convert OST into many other file formats. Please see the complete list below.