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Charlotte Russe Holding, Inc. (Nasdaq: CHIC) announced today that RiskMetrics Group (formerly ISS) and Glass Lewis & Co., two leading independent proxy advisory firms, have recommended that their clients support all of Charlotte Russe�s director nominees at the Company�s 2009 Annual Meeting of Stockholders on April 28, 2009. Both RiskMetrics and Glass Lewis recommended that shareholders do not vote for the slate put forth by KarpReilly LLC (�KarpReilly�). KarpReilly subsequently announced that it has withdrawn its nominees to the Charlotte Russe Board.

Jennifer Salopek, Non-Executive Chairman of the Board said: �We are extremely pleased that KarpReilly has decided to withdraw its three nominees, allowing the Board and management to fully concentrate our efforts on transforming the Company while carrying out a competitive sale process. We are also gratified to have earned the support of two leading independent proxy advisory firms, who recently commended our progress and recommended that shareholders reelect all seven Charlotte Russe Directors.

�Over the past several months, our Board and new management team have taken significant steps to transform Charlotte Russe into a top-tier specialty retailer. We are committed to continuing this progress while proceeding with our sale process to ensure that we are taking all steps to maximize value for our shareholders.�

In recommending that shareholders reelect the Charlotte Russe Board, RiskMetrics Group said the following:

�We view that the board has taken appropriate action in light of deteriorating performance to review strategic alternatives and install a new management team with relevant industry experience. Further, preliminary results of these nascent efforts have exceeded company guidance and analyst expectations and received a strong positive reaction from the market. As such, we recommend shareholders vote on the WHITE card and vote FOR the election of all incumbent nominees.�

In its recommendation, Glass Lewis & Co. said the following:

�In our opinion, the new management team has taken positive steps to address the Company�s operating troubles and has shown progress in the most recent quarter.�

�Even if a strategic agreement is not completed, there appears to be a positive change taking place under the current leadership. Thus, we believe that the board and management should be, at a minimum, allowed the opportunity to complete the current sale process, or the opportunity to turn around the business in the absence of an attractive value in a potential sale of the Company.�

For additional information, please call MacKenzie Partners, Inc. toll free at (800) 322-2885.

IMPORTANT INFORMATION

Charlotte Russe Holding, Inc. filed a definitive proxy statement with the U.S. Securities and Exchange Commission on March 23, 2009 relating to Charlotte Russe's solicitation of proxies from the stockholders of Charlotte Russe with respect to the Charlotte Russe 2009 annual meeting of stockholders. Charlotte Russe and its directors and certain of its officers and other employees may be deemed to be participants in the solicitation of proxies for the 2009 annual meeting. The proxy statement contains detailed information regarding the names, affiliation and interests of individuals who may be deemed participants in the solicitation of proxies of Charlotte Russe's stockholders. Charlotte Russe has be filed a proxy statement and other relevant documents, including a white proxy card. CHARLOTTE RUSSE ADVISES SECURITY HOLDERS TO READ THE PROXY STATEMENT AND OTHER RELEVANT DOCUMENTS THAT HAVE BEEN AND WILL BE FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Charlotte Russe's proxy statement and other relevant documents may be obtained without charge from the SEC's website at www.sec.gov and from Charlotte Russe at www.charlotterusse.com. You may also obtain a free copy of Charlotte Russe�s definitive proxy statement by writing to the Corporate Secretary at 4645 Morena Boulevard, San Diego, California 92117.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Except for the historical information contained herein, this press release contains forward-looking statements. Such statements include, but are not limited to, the results of our process for evaluating strategic alternatives for the Company and expectations regarding future growth and benefits from the Company�s strategic plan. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or from any results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the risks that the Company will not receive indications of interest from potential purchasers or will not receive indications of interest that the Board considers acceptable and will not be able to execute its new strategic plan as intended, the Company will not open new Charlotte Russe stores or remodel existing stores in the numbers or on the schedule anticipated, general and regional economic conditions, industry trends, consumer demands and preferences, competition from other retailers and uncertainties generally associated with women�s apparel and accessory retailing. A description of these factors, as well as others that could affect the Company�s business, is set forth in the Company�s annual report on Form 10-K and quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission.

About Charlotte Russe

Charlotte Russe Holding, Inc. is a mall-based specialty retailer of fashionable, value-priced apparel and accessories targeting young women in their teens and twenties. As of March 28, 2009, the Company operated 496 stores in 45 states and Puerto Rico. For more information about the Company, please visit http://www.charlotterusse.com.

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