It looks like you need to build the template that it's looking for. When did you first have this issue? Was it after going from CC 2015.2 to CC 2015.3? IF so, that's because CC 2015.3 is basically CC 2016 - inasmuch as it is a whole brand new version that can be installed alongside CC 2015 and often needs plugins, scripts, etc. copied over.
Thank you! for your reply.
The issue occurred in the very first attempt. No updates are installed and the current AE version is CC2015.3.
I have selected H.264 template from the following:
This is working, but i will appreciate if i will get solution for this issue. Which will remove overhead of selection of the above property.
I am not experienced with AeRender, but keep in mind that you don't have H.264 codecs in Ae as of CC2014. so you can't create a template or preset based on that codec. could it be that you opened a project file from CC 12.2 or CS6?