How do I change the default output folder of media encoder relative to the source file

Currently, AME creates a folder NEXT TO the .aep file with renders inside. (This is my "01 Project" folder)

Is it possible to set media encoder to, by default:

1. Go to parent folder of .aep file.

2. Place render in an "04 Renders" folder

I used to do stuff like this with MS DOS, surely it's possible.