  We present an analysis of XMM-Newton spectra of the low-redshift quasar IRAS
13349+2438. The RGS spectrum shows a large number of absorption lines from two
zones of warm absorption, with velocities of $\sim$-600 km s$^{-1}$, as noted
by previous authors. Additionally, we find robust evidence from multiple
Ly{\alpha} absorption lines for a previously undiscovered ultra-fast zone of
absorption, with an outflow velocity of $-0.13\pm0.01c$. The warm absorbers and
ultra-fast outflow have similar mass outflow rates, around 40% of the Eddington
accretion rate, but the kinetic power is dominated by the high velocity gas,
which has a power of $\sim$4% of the Eddington luminosity.
