Urges Stockholders Not to Vote Ramius's Gold Proxy Card

ST. LOUIS, July 2 /PRNewswire-FirstCall/ -- CPI Corp. (NYSE: CPY) today announced that it has mailed a letter to stockholders in connection with the Company's 2009 Annual Meeting of Stockholders to be held on July 8, 2009.

With CPI's 2009 Annual Meeting only days away, CPI urges stockholders to vote by telephone or Internet today according to the instructions on the WHITE proxy card. CPI stockholders should vote by telephone or Internet to ensure that their votes will be counted at the July 8th Annual Meeting.

CPI urges stockholders not to vote Ramius's gold proxy card. Even if stockholders have already voted Ramius's gold proxy card, they still have time to change their vote by voting on a WHITE proxy card following the telephone and internet instructions provided, as only the latest dated proxy card counts.

Below is the text of the letter that was sent from David Meyer, CPI's Chairman:

Dear Fellow Stockholder:

The CPI Annual Meeting to elect directors will be held next week. It is important that stockholders vote the WHITE proxy card today for your Board's nominees - James Abel, Paul Finkelstein, Michael Glazer, Michael Koeneke, David Meyer, and Turner White. Please cast your vote today by phone or the internet following the instructions on the enclosed voting instruction form.

The following are important factors to keep in mind in deciding to vote the WHITE proxy card for your Board's nominees:

• The two largest unaffiliated stockholders and other significant stockholders have pledged to vote their shares for CPI's director nominees.

• Three proxy advisory firms, Glass Lewis, Egan-Jones and PROXY Governance, have recommended stockholders not support the dissident slate of nominees.

• The CPI Board has a proven record of success turning around the Company and has established a clear path for growth in stockholder value.