AMENDMENT NO. 1 TO
             EXCHANGE OF STOCK AGREEMENT AND PLAN OF REORGANIZATION


         Amendment No. 1 dated as of September 5, 1996, to that certain Exchange
of Stock  Agreement and Plan of  Reorganization  dated July 16, 1996 (the "Stock
Exchange Agreement"),  by and between CEEE GROUP CORPORATION ("CEEE"),  ATLANTIC
INTERNATIONAL  CAPITAL, LTD.  ("Atlantic"),  and each of the stockholders of the
Corporation listed on the Amended and Restated Schedule I attached hereto (each,
a "Stockholder" and  collectively,  the  "Stockholders").  All capitalized terms
used herein without  definitions shall have the respective  meanings ascribed to
them in the Stock Exchange Agreement.

         WHEREAS, CEEE, Atlantic and the Stockholders desire to amend Schedule I
to the Stock  Exchange  Agreement to create a uniform share  exchange ratio with
respect to the  allocation of an aggregate of 18,183,759  shares to be issued to
the Stockholders  following an amendment to CEEE's  Certificate of Incorporation
to, among other things, increase the number of authorized shares.

         NOW, THEREFORE, in consideration of the above premises,  CEEE, Atlantic
and the  Stockholders  agree as  follows:

         1.  Schedule I of the Stock  Exchange  Agreement is hereby  amended and
restated in its  entirety as set forth in the  Amended and  Restated  Schedule I
attached hereto.

         2. All other  provisions of the Stock Exchange  Agreement  shall remain
unchanged.

         3. This Amendment No. 1 may be executed in any number of  counterparts,
each of which shall be an original, but such

<PAGE>
counterparts  shall  together  constitute one and the same  instrument.

         4. This  Amendment  No. 1 and the legal  relations  between the parties
hereto  shall be governed by and  construed in  accordance  with the laws of the
State of New York, without regard to principles of conflicts of law.

         5. This Amendment No. 1 to the Stock Exchange Agreement constitutes the
entire  amendment to the Stock  Exchange  Agreement  and shall not  constitute a
modification,  acceptance or waiver of any other provision of the Stock Exchange
Agreement or any rights or claims thereunder.

         6. As modified hereby,  the Stock Exchange  Agreement and its terms and
provisions  are  hereby  ratified  and  confirmed  for all  purposes  and in all
respects.

                                       -2-

<PAGE>
         IN WITNESS WHEREOF, the parties hereto have executed this Amendment No.
1 as of the day and year hereinabove first set forth.


                                        ATLANTIC INTERNATIONAL CAPITAL,
                                        LTD.


                                        By:/s/ Richard Iamunno
                                           -------------------------------------
                                           Richard Iamunno
                                           President


                                        CEEE GROUP CORPORATION


                                        By:Richard Iamunno
                                           -------------------------------------
                                           Name: Richard Iamunno
                                           Title: President


                                        /S/ NORMAN HOSKIN
                                        ----------------------------------------
                                            NORMAN HOSKIN


                                        THE KUNNI LEMMEL TRUST


                                        By: /S/ HILDEBERTO S. DEFRIAS
                                           -------------------------------------
                                                HILDEBERTO S. DEFRIAS
                                                TRUSTEE


                                        By:/S/ JOSEPH E. WAKEFIELD
                                           -------------------------
                                               JOSEPH E. WAKEFIELD
                                               Trustee


                                           /S/ RICHARD IAMUNNO
                                        ----------------------------------------
                                               RICHARD IAMUNNO


                                        THE AWIXA TRUST


                                        By:/S/ HILDEBERTO S. DEFRIAS
                                           -------------------------------------
                                               HILDEBERTO S. DEFRIAS
                                               Trustee


                                        By:/S/ JOSEPH E. WAKEFIELD
                                           -------------------------
                                               JOSEPH E. WAKEFIELD
                                               Trustee


                                        /S/ ROBERT L. FROME
                                        ----------------------------------------
                                            ROBERT L. FROME


                                        /S/ ROBERT H. FRIEDMAN
                                        ----------------------------------------
                                            ROBERT H. FRIEDMAN


                                        CENTERLINE ASSOCIATES


                                        By:/S/ JEANNE WILLIAMS
                                           -------------------------------------
                                               JEANNE WILLIAMS
                                               PRESIDENT
                                       -3-

<PAGE>

                                        /S/ EITHNE WILMOTT
                                        ----------------------------------------
                                            EITHNE WILMOTT


                                        /S/ EDWARD COWLE
                                        ----------------------------------------
                                            EDWARD COWLE


                                        /S/ DEWORTH WILLIAMS
                                        ----------------------------------------
                                            DEWORTH WILLIAMS


                                        /S/ JAMES DOUGHTERY
                                        ----------------------------------------
                                            JAMES DOUGHTERY


                                       -4-

<PAGE>
                         AMENDED AND RESTATED SCHEDULE I
<TABLE>
<CAPTION>



                                                                       Number of             Number of
                                                Number of              Exchange              Additional            Total Number
                                                Shares of            Shares to be           Shares to be           of Shares to
      Name of Stockholder                     Atlantic Held            Received               Received            be Received
---------------------------                 ----------------       ---------------          -------------        -----------------

<S>                                                <C>                <C>                    <C>                     <C>
Norman Hoskin                                      13.5                 945,000              2,454,808               3,399,808
2200 Corporate Blvd.
Suite 317
Boca Raton, FL 33431

THE KUNNI LEMMEL                                   30.0               2,100,000              5,455,128               7,555,128
TRUST
c/o Norman Hoskin
2200 Corporate Blvd.
Boca Raton, FL 33431

Richard Iamunno                                    13.5                 945,000              2,454,808               3,399,808
2200 Corporate Blvd.
Suite 317
Boca Raton, FL 33431

THE AWIXA TRUST                                    30.0               2,100,000              5,455,128               7,555,128
c/o Richard Iamunno
2200 Corporate Blvd.
Suite 317
Boca Raton, FL 33431

Robert Frome                                        1.23                 86,100                223,660                 309,760
505 Park Avenue
New York, NY 10022

Robert Friedman                                      .25                 17,500                 45,459                  62,959
505 Park Avenue
New York, NY 10022

Centerline                                          4.9                 343,000                891,004               1,234,004
Associates, Inc.
Jeanne Williams
850 E. Palm Ave
Boca Raton, FL 33432
</TABLE>


                                       -5-

<PAGE>

<TABLE>
<CAPTION>

                                                                     Number of             Number of
                                                Number of            Exchange              Additional            Total Number
                                                Shares of          Shares to be           Shares to be           of Shares to
      Name of Stockholder                     Atlantic Held          Received               Received            be Received
---------------------------                 ----------------     ---------------          -------------        -----------------

<S>                                                <C>           <C>                        <C>                <C>
Eithne Wilmott                                      .07               4,900                     12,729             17,629
1234 S. Military
Trail, #1812
Deerfield Beach, FL
33442

Edward Cowle                                       2.085            145,950                    379,131            525,081
708 3rd Avenue
New York, NY 10017

DeWorth Williams                                   2.085            145,950                    379,131            525,081
56 West 440 South
Salt Lake City, UT
84101

James Dougherty
629 Sea Pineway B2
West Palm Beach, FL
33415                                              2.38            166,600                     432,773            599,373
                                                                 ---------                  ----------         ----------

                                                                 7,000,000                  18,183,759         25,183,759
                                                                 =========                  ==========         ==========
</TABLE>



                                       -6-