Addendum too long for a comment
I can confirm there is no better solution than Andrew Smith's if we use the operators +-*/.^
There is only one solution using 3 operators. There are two using 4:
123 +45 - 67 + 8 - 9
123 + 4- 5 + 67 - 89
There are 215 possibilities total and the number of solutions for the number of operators breaks down as follows:
Operators Solutions
0 0
1 0
2 0
3 1
4 2
5 9
6 57
7 104
8 42
We could throw in some more operators though I doubt they would help. I didn't try parentheses, floors, mod, sqrt, etc. If anyone wants a go, though, here's some (unoptimized) VBA that will brute force the basic operators in Excel:
Sub doTheMath()
Const op As String = " +-*/.^"
Dim s As String
Dim a, b, c, d, e, f, g, h
Dim i, j
Dim v
'Loop all possibilities
i = 2
j = 1
For a = 1 To Len(op): For b = 1 To Len(op): For c = 1 To Len(op): For d = 1 To Len(op)
For e = 1 To Len(op): For f = 1 To Len(op): For g = 1 To Len(op): For h = 1 To Len(op)
s = 1 & Mid(op, a, 1) & 2 & Mid(op, b, 1) & 3 & Mid(op, c, 1) & 4 & Mid(op, d, 1) & 5 & _
Mid(op, e, 1) & 6 & Mid(op, f, 1) & 7 & Mid(op, g, 1) & 8 & Mid(op, h, 1) & 9
v = Application.Evaluate(Replace(s, " ", ""))
If CStr(v) = CStr(100) Then
Cells(i, 1).Value = s
Cells(i, 2).Value = v
i = i + 1
End If
j = j + 1
If j > 1000000 Then
ThisWorkbook.Save
j = 1
End If
Next: Next: Next: Next: Next: Next: Next: Next
End Sub