One of the more popular requests is for easier interoperability between Premiere Pro and SpeedGrade. Although a total “Dynamic Link” workflow is not available as of this release, the Lumetri effect in provides a way to import .look or LUTs from SpeedGrade directly into Premiere Pro. You can also choose from numerous presets in the Lumetri browser.
To apply a .look or LUT file, apply the Lumetri effect (in the Color Correction category) to the clip, group of clips, or Adjustment Layer. An OS “Select Look/LUT” dialog box launches. Select the .look or LUT, and then click Open. It is then applied to the clip or clips.
You can also choose from the Lumetri Looks browser in the Effects panel. Thumbnails show you what the look will be like. Apply the effect as you would any other effect.
For more on using the Lumetri effect, see this video tutorial by Andrew Devis.
Also, check out this video from reTooled.net for more information about this new feature here: http://www.retooled.net/?p=929