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To compress and reduce the size of a Microsoft PowerPoint file, start by clicking on any image in the presentation and using the Picture Tools Format menu to select "Compress Pictures." Keep the top two boxes checked and choose "Use default resolution," then press OK to lower the image resolution and decrease file size. Next, go to the File menu, select "Save As," and choose "Save Options." In the Advanced options, tick "Discard editing data" and change the Default resolution to a lower setting. Finally, save the presentation as a new file to create a separate, smaller PowerPoint presentation.