Press Release

NORTHERN BORDER PARTNERS, L.P. REPORTS FIRST QUARTER NET INCOME PER UNIT AND DECLARES FIRST QUARTER DISTRIBUTION

OMAHA, Neb. -- Northern Border Partners, L.P. (NYSE: NBP) reported today first quarter 2000 net income per unit of $0.59, or $18.0 million in total compared to $0.72 per unit in 1999 or $21.6 million in total. Delivered volumes increased in the first quarter 2000 over the comparable quarter in 1999, to 212,647 million cubic feet (MMcf) from 202,851 MMcf. Operating cash flow remained strong for the current period and increased from $36.8 million for the first quarter of 1999 to $37.4 million for the first quarter of 2000.

Several factors contributed to the change in net income. First, net income in the first quarter of 1999 included $1.5 million of other non-operating income. Lower earnings in the first quarter of 2000 from Northern Border Pipeline Company were the result of return on a lower rate base. The pipeline company's rate base is reduced by the recovery of depreciation and amortization through its rates. Finally, increased borrowing related to the Bighorn Gas Gathering acquisition and ongoing capital expansion requirements in the first quarter of 2000 resulted in higher interest expense.

"With the Federal Energy Regulatory Commission's approval of Project 2000 in March, we are now engaged in project planning for the construction of approximately 34 miles of new 30-inch diameter pipeline and one compressor station. When completed, Project 2000 will add over $90 million to our regulated rate base," said Larry DeRoin, chairman and CEO of Northern Border Partners, L.P. "We expect the development of the Bighorn gathering system to begin contributing positively to earnings in 2001. In addition, we are actively pursuing our strategy of growth through targeted acquisitions and development projects related to our existing businesses to provide additional cash flow sources."

The Partnership Policy Committee of Northern Border Partners, L.P. declared today the Partnership's quarterly cash distribution of $0.65 per unit for the first quarter of 2000. The indicated annual rate is $2.60 per unit. The first quarter distribution is payable May 15, 2000 to unitholders of record as of April 28, 2000.

Northern Border Partners, L.P. owns a 70 percent general partner interest in Northern Border Pipeline Company, which owns and operates a 1,214-mile interstate pipeline system that transports approximately 23 percent of all Canadian natural gas imports into the United States. In addition, the Partnership owns the Black Mesa Pipeline, a 273-mile, coal-water slurry pipeline from Kayenta, Arizona to the Mohave Power Station in Laughlin, Nev. and an equity investment in Bighorn Gas Gathering, L.L.C., a gathering system located in the Powder River Basin in Campbell and Sheridan Counties, Wyo.

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934. Although Northern Border Partners, L.P. believes that its expectations are based on reasonable assumptions, it can give no assurance that such expectations will be achieved. Important factors that could cause actual results to differ materially from those in the forward-looking statements include delays in procuring personnel, materials and supplies for construction; timely procurement of right-of way easements; competition for gathering services on the Bighorn system; competitive conditions in the marketplace and actions by regulatory agencies.

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Please see attached tables for additional financial information.

For additional information please contact:

Beth Jensen

(402) 398-7806