Online Access for Loans Up to $5 Million Per Transaction via
14 Types of Commercial and International Credit Products Planned

New York, N.Y. and Hartford, Conn., April 7, 2000 - Business Wire - e-STEEL Corporation and First International Bank, a subsidiary of First International Bancorp, Inc. (NASDAQ:FNCE), announced today that they have agreed to make a wide range of credit products available to members of the e-STEEL Exchange (www.e-steel.com). Under the agreement, First International Bank will make and service 14 types of commercial and international loans, comprising the company's e-CreditMenu(sm). The bank will fund loan amounts up to $5 million per transaction on the e-STEEL Exchange.

The new relationship will significantly facilitate the financing and settlement of online transactions between companies involved in the purchase and sale of steel and related products and services, as well as provide other credit products of value to e-STEEL members.

"Credit availability and financing are important services that give our members a convenient, fast way to maximize their global reach, and more efficiently close business online," said Michael S. Levin, e-STEEL chairman, CEO and founder. "Our mission is to facilitate the most efficient commerce solutions throughout the global steel industry. Working with First International, the U.S. Ex-Im Bank’s transaction leader, is an important step in our expansion of high-value services to better serve the rapidly growing e-STEEL community throughout the world."

The bank's e-CreditMenu product offerings range from basic payment guarantees, working capital lines and equipment loans, to sophisticated international trade, barter and energy financing programs. The e-CreditMenu provides for significantly greater credit availability than the $100,000 maximum "credit card" levels typifying the online business loan market today.

"We believe e-STEEL represents the leading edge of how the industrial B2B sector, including small and medium size companies that are First International’s core market, will transact business in the 21^st century," said Brett N. Silvers, First International Bank’s Chairman and CEO. "The link we forged today between e-STEEL and our comprehensive menu of credit products, universal credit scoring system, and technological delivery capabilities will benefit steel industry participants throughout the world.

Loans appearing in the e-CreditMenu will be underwritten by First International Bank in accordance with Riscope(sm), the Bank's proprietary commercial credit scoring system, which is universally applicable to borrowers located in the U.S. and most foreign countries and assures an efficient and rapid credit approval process. The bank’s credit underwriting and loan documentation processes will be supported by its ThruCredit® system.

About e-STEEL

New York City-based e-STEEL Corporation (www.e-steel.com) is a leading online neutral marketplace for prime and secondary products serving the $700 billion global steel industry. Its electronic commerce solution web site unites buyers and sellers, and provides an array of resources for sales and purchasing professionals throughout the steel value chain. e-STEEL provides an easy-to-use, secure web site where both steel buyers and sellers can initiate, specifically target, negotiate in real time, and conclude transactions online.

Founded in September 1998, e-STEEL has 130 employees and offices in New York, Chicago, Pittsburgh, Atlanta, Tokyo, Brussels and Singapore. Since launching its marketplace in September 1999, 2000 companies have become members of the e-STEEL Exchange, representing all of the key segments of the steel value chain from 70 countries.

e-STEEL is backed by a blue-chip group of strategic investors including Goldman, Sachs & Co., Amerindo Investment Advisors, Bessemer Venture Partners, Dofasco Inc., DuPont, GE Capital, Generation Partners, Greylock, Kleiner Perkins Caufield & Byers, MSD Capital, Mitsui & Company U.S.A., Mitsubishi International and MC Capital Inc., subsidiaries of Mitsubishi Corp., U.S. Steel Corporation, and Vulcan Ventures Inc.

About First International Bank and First International Bancorp, Inc.

Hartford-based First International Bank (www.upscapital.com) and First International Bancorp, Inc. specialize in providing innovative credit, trade and financial solutions to small and medium size industrial companies located in the United States and international emerging markets. The Company is the nation’s most active combined user of loan guarantee programs made available by the U.S. Small Business Administration, U.S. Department of Agriculture and U.S. Export-Import Bank. During 1999, the Company originated $551 million in loans primarily within its industrial niche, bringing the managed portfolio including loans on-balance sheet and serviced for investors to $1.076 billion.