Mike Hollywood, you  wrote on Fri, 24 Mar 2006 19:33:08 -0500:

No! pst-files that has been created in Outlook 2003 can't be used in a
previous version. You need to create a new pst-file

File | New | Outlook Datafile

in Outlook's old format (Personal Folder (.pst) for Outlook 97-2002).
Then copy all addresses you need in this file. Now you are able to open
this pst-file in an earlier version of Outlook.

No. Microsoft neglected to add that useful feature to Outlook 2003.
You must first create a new PST file In "Outlook 97-2002" format, then drag
and drop what you want to transfer into that file.
Microsoft has now deftly eliminated any reason ever to use the export
function for transferring Outlook data.