This document discusses options for deploying COBOL applications to managed code environments like .NET and JVM. It covers benefits like improved performance, reuse of existing frameworks, and easier debugging across languages. New features in Visual COBOL 2.2 like support for additional app servers and databases are also highlighted. The presentation demonstrates file handling, exception handling, and database access in managed code. It recommends a gradual modernization approach while being aware of potential skill gaps and unsupported features.