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I found the link explaining how to do it.
Here is what they say:
"Select the sequence or clip in the Timeline panel or Project panel.
(Optional) If exporting from the Timeline, set a timeline marker, numbered 0 on the frame you want used as the P2 icon for the exported.
If you do not set this marker, the first frame of the sequence will appear as the P2 icon by default.
Choose File > Export > Export To P2."
Problem is that: I don't get any "export to P2" at this place in my Premiere CS3.2
Shot in the dark here, but are you working in a P2 preset with P2 media?
Good point. I know i am right on preset for the project as I am using P2 since CS3 is released and updated to get perfectly well with mxf format. I already completed many project on that format. I mostly use 720PN 25fps (PAL system), but it is the first time, I am trying to do this export to P2. Premiere is lacking a good codec to export a high quality file without getting too huge in size. P2 format is perfect as a back up copy of my editied project for later work on it as there is no compression and size is reasonable.
Do you get the file/export/export to P2 option on your Premiere CS3 menu?
I don't have CS3, which is why it was a shot in the dark for me. I can't check.
I have that option. It is grayed-out when I'm not using P2 media or files, but it is there.
I also have not fathomed how to export to P2 even when I have P2 media in my Project . It is greyed out.
I have not persevered as I have not needed to Export to P2 but still curious in case I find the urge or reason to do so.