Vulcan Capital Commits $40 Million to Plains All American Pipeline to Fund the Acquisition of Link Energy LLC's Crude Oil Business SEATTLE, March 31 /PRNewswire/ -- Vulcan Capital announced today that it has committed $40 millionto Plains All American Pipeline, L.P. as part of a $100 million private placement to help fund the acquisition of the North American crude oil and pipeline operations of Link Energy LLC (BULLETIN BOARD: LNKE) . This investment represents a first stepin the execution of Vulcan Capital's investment strategy in the Midstream Energy sector. The financing was jointly led by Vulcan Capital, the investment group of Paul G. Allen's Vulcan Inc., and Kayne Anderson Capital Advisors. "We believe that the management team at Plains All American is among the premiere management teams in the midstream sector, and we are pleased to have the opportunity to participate in the continued success of PAA," said David Capobianco of Vulcan Capital. "The next step in our investment strategy will either be to close the Plains Resources transaction or to continue financing growth and acquisition opportunities in the MLP sector." Vulcan Capital is currently in the process of completing the acquisition of Plains Resources Inc. (NYSE:PLX) pursuant to the merger agreement dated February 19, 2004. The closing of the merger is subject to approval by the shareholders of Plains Resources and other customary closing conditions. The company plans to hold a special meeting of shareholders as soon as practicable. Completion of the transaction is expected during the second quarter of 2004. About Vulcan Capital Vulcan Capital is the private investment group of Vulcan Inc., the project and investment management company foundedby Paul G. Allen in 1986 to manage his personal and professional endeavors. Vulcan Capital oversees a multibillion-dollar portfolio across diverse industry sectors and investment asset classes. Its investments range from early stage venture investmentsto public equity value investing, leveraged buyouts, acquisitions, and distressed situations. Visit Vulcan Capital online at capital.vulcan.com. About Plains All American Plains All American Pipeline, L.P. is engaged in the interstate and intrastate crude oil transportation, and crude oil gathering, marketing, terminalling and storage, as well as the marketing and storage of liquefied petroleum gas and other petroleum products, primarily in Texas, California, Oklahoma, Louisiana and the Canadian Provinces of Alberta and Saskatchewan. The Partnership's common units are traded on the New York Stock Exchange under the symbol "PAA." The Partnership is headquartered in Houston, Texas. For more information, press only: Michael Nank, 206-342-2000 DATASOURCE: Vulcan, Inc. CONTACT: Michael Nank of Vulcan, Inc., +1-206-342-2000, or Web site: http://www.capital.vulcan.com/

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