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Firstly I don't use the seperate Premier media encoder tool - I export direct from Premier as its faster.
Use H.264 as output.
I generally then use 'Match Source - High bitrate' from the preset.
Now the the important bit to get the file size down, On the 'Video' tab, look for 'target bitrate and max bitrate'. Reduce these right down (3-6) to get a smaller file size. Going to low will give a poor quality pic.
This setting alone will change the file sizes no end.
On another note, fuck knows what Adobe did, but the latest version of Prem CC (2015?) actually renders slower than 2014 if you have a multicore processor.
I still use the 2014 version as it uses all 8 of my cores and almost maxes them out on mp4 export.
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