Hello Eugene,
Well clearly this image is badly overexposed. The true solution here is to re-shoot the portrait. This is basically usable only as a personal memento, in my opinion. But let's move forward anyway as a purely academic exercise for onlookers.
Alain makes a very keen point that you should note; establishing a black point (i.e. the darkest tone) is essential to re-index all other tones above it. That is, attempting to dial-down the luminosity while manitaining most of their relationships.
My own perspective here has been that the only practical recovery would involve not only this obvious luma adjustment but also great adjustments to the color (chroma). When an image is this badly exposed the color relationships can also being to disintegrate. This breakdown often begins to appear as funky color contrasts even after the luma as been adjusted. It's usually not possible to recover these chroma relationships.
Using some brief techniques I was able to recover the (relatively) pleasent monotone portrait of this lovely girl below.
To create this conversion I used the following technique.
Imported into Photoshop CS4 using the RAW converter. Yes, even though this is an 8-bit JPG file, the Adobe RAW converter is really a powerful tool for making many tonality adjustments. Here I used the RAW converter's "Auto" function to quickly make the luma adjustment, reaching a better black point and making some very modest highlight recovery.
Once the image was in CS4 I then used Nik Software's Silver Efex utility to make the final adjustments. Neutral conversion, Brightness: -27, Structure: +16. I also applied a dark vignette to constructively futher tone-down those distracting hot corners and place the image's visual center on the girl's face.
I hope my notes are useful. Take greater care with your metering in the future. Learn to get a feel for manually controlling exposure. Far, far too many new snappers today don't take time to learn how their camera responds to various lighting. They just set a program mode and then hope for the best (and blame the camera for the worst).