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Yes, you can connect to a new Modicon M340 CPU via Modbus. The Modbus port parameters are RS485, 19200 baud, 8 data bits, even parity, 1 stop bit. So you need a RS485 Modbus network (at 19200 baud) to connect to an M340 CPU with defaut parameters on Modbus port. Otherwise, you have to choose a different communication method (USB or Ethernet, for example) and configure the Modbus port parameters in the application.