CPY Cpi Corp. Common Stock

RCG Starboard Advisors, LLC, a subsidiary of Ramius LLC (collectively, �Ramius�), today issued the statement below concerning the continuing campaign of false and misleading statements by CPI Corp. (NYSE:CPY) and its Chairman, David Meyer, in support of the election of management�s slate of director nominees at the July 8, 2009 Annual Meeting. Ramius, which owns approximately 23% of CPY�s outstanding common stock, is seeking the election of two nominees to the six member Board of Directors at the Annual Meeting: Peter A. Feld, a Ramius executive who is a current CPY Director, and Joseph C. Izganics, a former senior executive at Home Depot.

�It has become increasingly clear to us that CPY and its management, including Chairman of the Board David Meyer, will say anything in order to win the director contest at next Wednesday�s Annual Meeting. Shareholders have told us that Mr. Meyer, among other things, has told them that the Ramius nominees are seeking to oust current management and that Ramius is seeking to force the sale of CPY. These statements, which come on the heels of CPY�s demonstrably false statement that a Ramius representative on the Board had voted to approve Mr. Meyer�s 2007 compensation, are simply, categorically false.

�We urge any shareholder who has any question about any statements made by CPY or Ramius or would like to discuss the situation at CPY to call Peter Feld at (212) 201-4878.�

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