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 $-0.13pm0.01c$. 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.
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