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ASA 5505 EFM Connection

We currently have a client who is getting EFM installed which will have a Hatteras box that does no routing.  They currently have a Cisco ASA5505 that we would like to use.  The ISP has provided us with a WAN side IP, 76.161.241.X, and a set of LAN side IP's, 98.140.192.X/29, which are our public IP's we will use for mail, etc.  The ASA5505 currently just has the base license on it.

My questions are:

1. Can the ASA 5505 be configured for this scenario or do we need a router (possibly an 881) in between the Hatteras and ASA5505?

2. If the ASA5505 can be used by itself, how do I configure the External interface/routing with the WAN IP and LAN IP provided with our internal addresses.

3. Are there any advantages/disadvantages to using ASA by itself vs. using an 881 or other router in between?

Thanks for any input.

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