CheMatch.Com And First International Bank Launch Online Financing For Bulk Commodities E-Marketplace

HOUSTON, Tex. and HARTFORD, Conn., July 25, 2000—CheMatch.com, Inc. and First International Bank, a subsidiary of First International Bancorp Inc. (NASDAQ: FNCE), have agreed to make online financing available to buyers and sellers of commodity chemicals, plastics and fuel products via the CheMatch.com Global Trading Network. Under the agreement, the bank will make available 14 commercial and international credit products up to US $5 million per transaction on CheMatch.com.

Transactions taking place on CheMatch.com will be integrated with First International Bank’s online financing options using ThruCredit®, the bank’s technological solution for financing industrial transactions online.

The credit products, comprising First International’s e-CreditMenu(sm), will help CheMatch.com members facilitate the settlement of online transactions and meet their other business credit needs. Products in the e-CreditMenu range from basic payment guarantees and letters of credit to sophisticated commercial and international trade financing programs.

First International Bank will underwrite loans and other facilities appearing in the e-CreditMenu in accordance with Riscope(sm), the bank’s proprietary commercial credit scoring system. Riscope applies to most types of industrial companies around the world and facilitates
an efficient and rapid credit approval process.

Carl McCutcheon, chairman, president and CEO of CheMatch.com, stated that, "Financing and credit guarantees, like letters of credit, are important services that give our membership base a convenient, efficient way to maximize their global reach. One of CheMatch.com’s goals is to align CheMatch.com with key service providers like First International Bank and integrate their products into our online real-time trading and auction platforms."

According to Brett N. Silvers, First International Bank's chairman and CEO, "CheMatch.com has shown an impressive ability to execute, which makes the company an ideal strategic partner for us." Silvers added, "Our status as an award-winning global lender positions First International to support the rapidly increasing volume of products that producers, intermediaries and end-users will transact through CheMatch.com."

For the past three years, First International has been the largest underwriter of U.S. Export-Import Bank supported loans based on number of transactions. In May 2000, the bank won the President’s "E" Award for Export Service from the U.S. Department of Commerce.

About CheMatch.com

CheMatch.com is a business-to-business Internet-based marketplace for purchasers and sellers of commodity chemicals, plastics and fuel products. Our marketplace incorporates a real-time, interactive trading exchange where members can trade 24 hours a day, seven days a week. Strategic and financial investors include Battery Ventures, Bayer AG (NYSE:BAYZY - news; FSE:BAYG.F), Computer Sciences Corporation (NYSE:CSC - news), E.I. DuPont de Nemours and Company (NYSE:DD - news), General Electric Company (NYSE:GE - news), Millennium Chemicals (NYSE:MCH - news), H. Muehlstein & Co., Inc., Reed Elsevier, Sprout Group, Stolt-Nielsen S.A. (Nasdaq:STLTF - news; Nasdaq:STLBY - news; Oslo Stock Exchange:SNIB) and TownsendTarnell. Headquartered in Houston, CheMatch.com has international offices in Brussels, Hong Kong, Manchester (United Kingdom), Sao Paulo, Singapore, Tokyo and Zurich.

First International Bank (www.upscapital.com) – a world leader in the use of SBA, USDA and Export-Import Bank loans – provides innovative credit, trade and financial solutions for small and medium size industrial businesses. The company has more than 200 employees and representatives at 29 locations worldwide. U.S. offices are in Boston, Cleveland, Detroit, Hartford, Los Angeles, Miami, Morristown, Philadelphia, Pittsburgh, Providence, Richmond, Rochester, Springfield, St. Louis, and Washington, DC. International representatives are based in Argentina, Brazil, Central America, Egypt, India, Indonesia, Korea, Mexico, North Africa, the Philippines, Poland, South Africa, Turkey and West Africa. During 1999, the company originated $551 million in loans primarily within its industrial niche, and closed the year with a managed loan portfolio of $1.1 billion. Established in 1955, the bank is a subsidiary of publicly traded First International Bancorp Inc. (NASDAQ: FNCE), with headquarters in Hartford, Connecticut.

MEDIA CONTACT:

CheMatch.com
Clay Jeansonne
(713) 681-6832
cjeansonne@chematch.com

First International Bank:
Michele Zommer
(860) 241-4705
zommerm@firstinterbank.com