Launch Adobe Media Encoder
Import the file to compress to Blu-ray
Click on (Yellow Settings) Choose the Export Settings and choose H.264 Blu-ray
Choose to Export Video and Export Audio
Click on the Video Tab
Bitrate settings use the default settings shown here.
You can see Estimated File in the lower left of the Export Settings dialog box
Can also choose the inpoint and outpoint of the file to compress when >Source Range > Custom is selected
Choose Output File and navigate to where to save the .m4v file
Choose the destination for the saved file and click "Save"
Click the Green triangle when ready to start the encode.