Tradeair.Com And First International Bank Partner To Offer Online Financing To The Aviation Parts Industry

Traders Gain Online Access To Loans Up To $5 Million Per Transaction Via TradeAir.com – A Forbes Top 200 "Best Of The Web" E-Commerce Site

MINNEAPOLIS, Minn., and HARTFORD, Conn., August 17, 2000—TradeAir.com, the fastest growing neutral online exchange for buying and selling surplus commercial aviation parts, and First International Bank, a subsidiary of First International Bancorp Inc. (NASDAQ: FNCE), have partnered to offer online financing to TradeAir.com users. Under the agreement, First International Bank will make 14 commercial and international credit products available to airlines, overhaul shops, OEMs, and other manufacturers and resellers of aircraft parts, up to US $5 million per transaction.

TradeAir.com and First International Bank will integrate these online financing options using ThruCredit(sm), the bank’s technological solution for financing industrial transactions online. Users will be able to choose among 14 credit products comprising First International’s e-CreditMenu(sm) to settle transactions using the TradeAir.com platform, and to meet their other business credit needs. Products in the e-CreditMenu range from basic payment guarantees, working capital lines, equipment loans and industrial mortgages to sophisticated international trade, barter and energy financing programs.

TradeAir.com CEO Bill Morales believes the new alliance will further streamline purchasing procedures for the aviation industry. "We are very pleased to empower TradeAir.com users with First International’s online financing solution for consummating deals online and doing business more efficiently," stated Morales.

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 worldwide and facilitates an efficient and rapid credit approval process.

According to Brett N. Silvers, First International Bank's chairman and CEO, "The commercial aviation industry remains fiercely competitive, and demand for a fast, efficient supply chain is greater than ever before. We are pleased to team up with TradeAir.com to deliver a wide range of flexible financing options to buyers and sellers on their site in order to facilitate transactions throughout the global commercial aviation industry."

First International Bank has proven expertise in the commercial and international trade financing domains. In May 2000, the U.S. Department of Commerce honored First International for its accomplishments in promoting U.S. exports, conferring the President’s "E" Award for Export Service. Since 1997, the company has been the largest underwriter of U.S. Export-Import Bank supported loans, based on number of transactions.

With TradeAir.com, First International Bank has established 13 alliances with Internet B2B marketplaces where participants engage in global industrial transactions.

TradeAir.com (www.TradeAir.com) is the aerospace industry’s leading Internet market for the buying and selling of surplus commercial aviation parts. It is the only industry e-commerce site to offer real-time trading information for commercial aircraft parts buyers, sellers, airlines, OEMs, and overhaul shops. Customers include a growing number of the major aerospace manufacturers, including BFGoodrich and Bridgestone Aerospace Tire. Former Marine aviator and industry entrepreneur, Bill Morales, founded TradeAir.com in 1999.

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 28 locations worldwide. U.S. offices are in Boston, Cleveland, Detroit, Hartford, Los Angeles, Miami, Morristown, Philadelphia, Pittsburgh, Providence, 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:

TradeAir.com
Barry Wightman
(612) 745-4510
bmw@tradeair.com

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