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To compress and reduce the size of a Microsoft PowerPoint file, first click on any image in your presentation and use the Picture Tools Format menu to select "Compress Pictures." Keep the top two boxes checked and choose the default resolution, then click OK. Next, go to the File Save As menu, select Save Options, and in the Advanced section, tick "Discard editing data." Change the Default resolution to a lower setting to save more space. Finally, save the presentation as a new file to create a separate version that uses less storage.