When you Download an epub book from the Kobo site after purchase or from your Library, it is an ascm file (that you save in your PC anywhere you wish).
Double clicking this ascm file opens Adobe Digital Editions application and creates the DRM protected .epub file which is located automatically in:
C:\Users\yourname\My Documents\My Digital Editions\xxxx.epub
All this assumes you have Adobe Digital Editions (ADE) loaded on your PC.
Calibre can now manipulate that epub file onto the reader.
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