Benihana Completes Private Placement of First Installment of $20,000,000 Convertible Preferred Stock.

MIAMI -- Benihana Inc. (NASDAQ: BNHNA and BNHN), today announced that it had completed the funding of the first tranche of its previously announced sale of $20,000,000 aggregate principal amount of Convertible Preferred Stock (the "Preferred Stock") to BFC Financial Corporation (NASDAQ/BFCF) in a private placement.

The Preferred Stock is convertible into Common Shares of Benihana at a conversion price of $19.00 per share, will carry a cash dividend of 5.0%, and issued shares will vote on an "as if converted" basis on all matters put to a vote of the holders of Common Shares. In addition, under certain circumstances, the approval of the holders of a majority of the Preferred Stock will be required for certain events outside the ordinary course of business.

Benihana issued $10,000,000 in principal amount of the Preferred Stock at the closing and will issue the balance of the Preferred Stock from time to time during the two year period commencing on the first anniversary of the closing. Subsequent closings are subject to customary closing conditions.

Morgan Joseph & Co. Inc. acted as financial adviser to Benihana in connection with the transaction.

About Benihana

Benihana, now in its 40th year and one of the nation's largest chains of Asian restaurants, currently operates 69 restaurants nationwide, including 56 Benihana teppanyaki restaurants, five Haru sushi restaurants, seven RA Sushi Bar Restaurants and one Doraku restaurant. In addition, a total of 23 franchised Benihana teppanyaki restaurants are now open or under development in the U.S. and Latin America.

About BFC Financial Corporation

BFC (NASDAQ: BFCF) is a growing and diversified holding company that invests in and acquires companies in different industries. BFC currently maintains controlling interests in various businesses, including BankAtlantic Bancorp (NYSE: BBX) and its subsidiaries, BankAtlantic and Ryan Beck & Co.; and Levitt Corporation (NYSE: LEV) and its subsidiaries including Levitt and Sons(TM) and Core Communities. BFC's direct and indirect diverse ownership interests span a variety of business sectors, including consumer and commercial banking; brokerage and investment banking services; the development of single and multi-family homes, development of master-planned suburban communities; and the development, marketing and sales of vacation resorts on a time-share, vacation club model.

Statements in this press release concerning the Company's business outlook or future economic performance, anticipated profitability, revenues, expenses or other financial items, together with other statements that are not historical facts, are "forward-looking statements" as that term is defined under Federal Securities Laws. "Forward-looking statements" are subject to risks, uncertainties and other factors which could cause actual results to differ materially from those stated in such statements. Such risks, uncertainties and factors include, but are not limited to, that the contemplated transaction will not be consummated or will be consummated on different terms than those described, that the funds won't be utilized as anticipated, that the expected growth will not be achieved or not be profitable, as well as other risks detailed in the Company's filings with the Securities and Exchange Commission. The Company disclaims any obligations to update any forward-looking statement as a result of developments occurring after the date of this press release.