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ARC Energy Trust (“the Trust” or “ARC”) is one of Canada’s largest conventional oil and gas royalty trusts and is Canada’s 13th largest independent oil and gas producer. As a royalty trust, we acquire and develop long-life, low-decline oil and gas properties in western Canada. Our unitholders receive a monthly cash distribution through the Trust’s royalty interest in cash generating oil and gas assets owned by ARC Resources Ltd.

Unitholder Information Notice of the Annual and Special Meeting

Since inception we have been consistent in our message and our mission: combine our excellent managerial and technical expertise to maximize value to our unitholders. We have done this through the acquisition and development of a portfolio of high quality, long-life assets. We have built a company of specialists who have the skills required to manage and exploit our asset base for the benefit of our unitholders.

The Annual and Special Meeting will be held on April 17, 2003 at 3:30 pm in the Belair Room at the Westin

The Trust has outperformed the Royalty Trust Index, the TSX Composite Index and the TSX Producers Index. We have provided our unitholders with a 21 per cent compound annual return (includes distribution reinvestment) since our inception in 1996. Our annual return in 2002 was 11.7 per cent and total returns since inception have averaged 13.4 per cent per year excluding distribution reinvestment. We remain committed to generating superior returns and long-term value.

reinvested, a unitholder can elect to make optional cash payment under the DRIP to acquire up to $3,000 of

Hotel, 320 – 4 Avenue S.W., Calgary, Alberta.

Distribution Reinvestment and Optional Cash Payment Program New ARC Energy Trust unitholders should be aware of the Distribution Reinvestment Plan (DRIP) under which a unitholder can elect to reinvest cash distributions into new ARC Energy Trust units. If distributions are

additional trust units per distribution date. All units purchased under the DRIP are made at prevailing market prices without any additional fees or commissions. For further details on the DRIP, please refer to our website, www.arcresources.com or contact Computershare.

Corporate Calendar

ARC Energy Trust units trade on the Toronto Stock Exchange under the symbol AET.UN along with its exchangeable shares under the symbol ARX.

2003 April 17

Annual Meeting

April 17

Announcement of 2003 Q2 Distribution Monthly Amounts

May 7

2003 Q1 Results

July 17

Announcement of 2003 Q3 Distribution Monthly Amounts

August 7

2003 Q2 Results

October 17

Announcement of 2003 Q4 Distribution Monthly Amounts

Photography shot on location at the Southern Alberta Institute of Technology (SAIT) Well Site Building. DESIGNED & PRODUCED BY BROWN COMMUNICATIONS GROUP

Front Cover: Al Roberts, Operations

PRINTED IN CANADA

2002  

Annual Report

2002  

Annual Report

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