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To apply a template to an existing PowerPoint presentation, first open the presentation you want to use as a template. Click on the File tab and select "Save As." Choose "PowerPoint Template" from the "Save as type" list and save it. Next, open your existing presentation, go to the Design tab, and click on the themes gallery to expand it. Select "Browse for Themes" at the bottom, navigate to the saved template, select it, and click the "Apply" button. This will update all your slides with the new design and formatting from the chosen template.