CPY Cpi Corp. Common Stock

Ramius Value and Opportunity Fund today received the following expression of support from Manley Asset Management, L.P., a well respected investment management firm:

� Dear Peter, � I am writing you to inform you that Manley Asset Management, L.P. supports the Ramius Board proposal for CPI Corp (Gold Proxy). � As long-term investors, we believe a more independent and balanced board with significant retail experience will best serve the company and its shareholders. � Currently, Manley Asset Management controls 237,000 shares of CPI Corp. � Please don�t hesitate to contact me with any questions or comments. � Sincerely, Lawrence Manley � J. Lawrence Manley, Jr., CFA Manley Asset Management, L.P. �

Commenting on the above letter, Peter Feld, a Managing Director at Ramius and a current board member of CPI stated, �We are pleased that Manley Asset Management has recognized the real issues we have brought to light during this election contest and has decided to fully support the Ramius candidates. My re-election and the election of Joe Izganics to the Board of CPI will provide the significant retail experience and truly independent shareholder representation we believe is needed on the CPI Board. We gratefully welcome Manley�s public support and the support of all shareholders who have already voted on the GOLD proxy card.�

About Ramius LLC

Ramius LLC is a registered investment advisor that manages assets in a variety of alternative investment strategies. Ramius LLC is headquartered in New York with offices located in London, Tokyo, Hong Kong, Munich, and Luxembourg.