1 Lucky Texan is right again! I've just been through this with a '98 EJ22 someone had transplanted into my '98 Legacy Outback a couple of days ago. I don't know what the arrow on the crank pulley is for- but do not use that as your alignment mark! Look for the grooved line on the back flange of the crankshaft pulley and use that. When I pulled my belt & realigned the crankshaft pulley to the correct mark- after putting it all back together, the engine,(which had not been started for 14 or 15 months fired up immediately on the first try! Another point of reference: when you have the two camshaft sprockets and crankshaft sprocket all properly aligned (at 12:00 straight up) before installing the belt, you will notice that if you turn the arrow on the Right camshaft sprocket to the notch in the inner timing cover, the #1 piston will be at TDC on the ignition stroke. Do not leave the Right camshaft in his position, however! Align the little line on the rim of the camshaft sprocket with the little notch on the inner timing belt cover. Same on the left side. Be sure to use the grooved line and not the arrows to align the camshaft sprockets!
