(texmfstart) texexec --pdfarrange --paper=a5a4 --print=up test.pdf
The option --paper should become --papersize. The shortcutted form --paper resolves to --paperoffset nowadays.
Shouldn't it be --paperformat? From the texexec manpage: --paperformat=KEY For typesetting multiple pages on a single piece of paper. KEY has the form a4a3 (for printing A4 pages on A3 paper), a5a4 (for printing A5 pages on A4 paper), or in general aMaN. The actual layout of the pages is specified with the --printformat option. Let me know if I have it wrong and I'll correct the manpage (I've been feeding the manpages to tex-live). -Sanjoy `Not all those who wander are lost.' (J.R.R. Tolkien)