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Microsoft has released a security advisory for a vulnerability in some versions of PowerPoint, which has been exploited in the wild.
PowerPoint versions 2000, 2002, and 2003 are all vulnerable to attack by opening a malicious PPT file that exploits the vulnerability. Microsoft says that "limited and targeted attacks" have been seen in the wild. Office 2004 for Mac is also technically vulnerable, but an attack for it would have to be custom-written for the Mac.