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Here is a gif of the whole thing.

[Here is a gif of the whole thing.][2]

Why are you speaking to me like I've never used a computer?

This is the top google result for: Downgrade premiere file. Not everyone reading this thread is a regular on StackExchange or Stackoverflow and might just want to get back to editing. Not Programming!

I made a small JavaFx app that should automate everything in Option 1. You can download it for a Mac/Windows computer with Java(!) installed. Over here.

EDIT 2018: This tool mentioned in an answer below mine seems great! http://joshcluderay.com/downgrade-premiere-project-converter/

If you would prefer a local open source version, I also made a small JavaFx app that should automate everything in Option 1. You can download it for a Mac/Windows computer with Java(!) installed. Over here.