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If you are upgrading the Microsoft Outlook 2003 to a later version, then you do not have to worry about the archive folders as they would be automatically imported to the new version and you will see all the mails and folders as they are on your Microsoft Outlook 2003

But I would still recommend a backup just in case. Try these steps to backup the .pst folders.
a) Open Outlook 2003
b) Click on File
c) Click on Data File Management
d) Click on Open Folder
e) Leave this folder open and close Outlook 2003.
f) Now copy all the contents from this folder to a folder on the desktop
g) Now you can safely begin upgrading your Microsoft Office

Here’s to Good Karma