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To apply a new template to an existing PowerPoint presentation, first open the presentation you want to use as a template and go to the File tab, then click 'Save As.' In the dialog box, choose 'PowerPoint Template' from the 'Save as type' list and click 'Save.' Next, open your existing presentation, go to the Design tab, expand the themes gallery, and select 'Browse for Themes' at the bottom. Navigate to the location of your saved template, select it, and click the 'Apply' button. This will update all your slides to reflect the new design and formatting of the selected template.