3D animation compression

We have a 3D animation produced using 3D Max and wish to compress it so that it will have a file size below 40mb. The original file size is 350mb. We are looking for someone to compress this or for someone to write a guide so that we could follow and complete ourselves. Open to any suggestions of what software to use but would prefer the guide to apply to adobe premiere. the animation is approx 35secs at 640px by 480px, this animation includes sounds, however these are not the most important element to the animation. the quality of the video must be maintained as best as possible. the animation currently has been rendered to a quicktime file, however this file type is not essential for the outcome. the project will be viewed from a CD and so DVD compression will not do, the animation will autorun from the CD. We are a relatively new design consultancy but growing fast, the bidder will be looked on favourabley for future work of this nature.