Zalando SE: Release according to Article 40, Section 1 of the WpHG (the
German Securities Trading Act) with the objective of Europe-wide distribution

EQS Voting Rights Announcement: Zalando SE
Zalando SE: Release according to Article 40, Section 1 of the WpHG (the
German Securities Trading Act) with the objective of Europe-wide
distribution

22.04.2024 / 12:00 CET/CEST
Dissemination of a Voting Rights Announcement transmitted by EQS News - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Notification of Major Holdings

1. Details of issuer

     Name:                             Zalando SE
     Street:                           Valeska-Gert-Straße 5
     Postal code:                      10243
     City:                             Berlin
                                       Germany
     Legal Entity Identifier (LEI):    529900YRFFGH5AXU4S86

2. Reason for notification

     X    Acquisition/disposal of shares with voting rights
          Acquisition/disposal of instruments
          Change of breakdown of voting rights
          Other reason:

3. Details of person subject to the notification obligation

     Legal entity: Morgan Stanley
     City of registered office, country: Wilmington, Delaware, United
     States of America (USA)

4. Names of shareholder(s)
holding directly 3% or more voting rights, if different from 3.

Morgan Stanley & Co. International plc

5. Date on which threshold was crossed or reached:

15 Apr 2024

6. Total positions

               % of voting  % of voting rights   Total of  Total number of
           rights attached             through  both in %    voting rights
                 to shares  instruments (total    (7.a. +      pursuant to
           (total of 7.a.)   of 7.b.1 + 7.b.2)      7.b.)     Sec. 41 WpHG
  New               5.71 %              1.92 %     7.64 %        263785700
  Previo-           3.62 %              1.93 %     5.55 %                /
  us
  notifi-
  cation

7. Details on total positions
a. Voting rights attached to shares (Sec. 33, 34 WpHG)

    ISIN            Absolute                       In %
                  Direct (Sec.  Indirect (Sec.  Direct (Sec.  Indirect
                      33 WpHG)        34 WpHG)      33 WpHG)  (Sec. 34
                                                                 WpHG)
    DE000ZAL1111             0        15075096           0 %    5.71 %
    Total           15075096                      5.71 %

b.1. Instruments according to Sec. 38 (1) no. 1 WpHG

    Type of instrument    Expiration   Exercise or    Voting  Voting
                          or maturity  conversion     rights  rights
                          date         period       absolute    in %
    Equity Call Option    From         at any time    329700  0.12 %
                          21.06.2024
                          to
                          20.12.2024
    Right of recall over  at any time  at any time   4360110  1.65 %
    securities lending
    agreements
                                       Total         4689810  1.78 %

b.2. Instruments according to Sec. 38 (1) no. 2 WpHG

    Type of     Expiration   Exercise or  Cash or       Voting  Voting
    instrument  or maturity  conversion   physical      rights  rights
                date         period       settlement  absolute    in %
    Equity Put  From         at any time  Physical      131200  0.05 %
    Option      21.06.2024
                to
                20.12.2024
    Cash        21.06.2024   at any time  Cash           65534  0.02 %
    Settled
    Futures
    Retail      From         at any time  Cash            2217     0 %
    Structured  18.06.2071
    Product     to
                28.03.2074
    Equity      From         at any time  Cash          165903  0.06 %
    Swap        14.02.2025
                to
                02.02.2026
    Compound    From         at any time  Cash           11718     0 %
    Option      17.01.2025
                to
                07.05.2025
                                          Total         376572  0.14 %

8. Information in relation to the person subject to the notification
obligation

        Person subject to the notification obligation is not controlled nor
        does it control any other undertaking(s) that directly or
        indirectly hold(s) an interest in the (underlying) issuer (1.).
   X    Full chain of controlled undertakings starting with the ultimate
        controlling natural person or legal entity:

  Name               % of voting       % of voting rights  Total of both
                   rights (if at  through instruments (if   (if at least
                     least 3% or     at least 5% or more)    5% or more)
                           more)
  Morgan Stanley               %                        %              %
  Morgan Stanley               %                        %              %
  Capital
  Management, LLC
  Morgan Stanley               %                        %              %
  Domestic
  Holdings, LLC
  Morgan Stanley               %                        %              %
  Capital
  Services LLC
  -                            %                        %              %
  Morgan Stanley               %                        %              %
  Morgan Stanley               %                        %              %
  Capital
  Management, LLC
  Morgan Stanley               %                        %              %
  & Co. LLC
  -                            %                        %              %
  Morgan Stanley               %                        %              %
  Morgan Stanley               %                        %              %
  International
  Holdings Inc.
  Morgan Stanley               %                        %              %
  International
  Limited
  Morgan Stanley               %                        %              %
  Investments
  (UK)
  Morgan Stanley          5.28 %                        %         6.33 %
  & Co.
  International
  plc
  -                            %                        %              %
  Morgan Stanley               %                        %              %
  Morgan Stanley               %                        %              %
  Capital
  Management, LLC
  Morgan Stanley               %                        %              %
  & Co. LLC
  Prime Dealer                 %                        %              %
  Services Corp.
  -                            %                        %              %
  Morgan Stanley               %                        %              %
  Morgan Stanley               %                        %              %
  International
  Holdings Inc.
  Morgan Stanley               %                        %              %
  B.V.

9. In case of proxy voting according to Sec. 34 para. 3 WpHG
(only in case of attribution of voting rights in accordance with Sec. 34
para. 1 sent. 1 No. 6 WpHG)

Date of general meeting:
Holding total positions after general meeting (6.) after annual general
meeting:

     Proportion of voting    Proportion of    Total of
                   rights      instruments        both
                        %                %           %

10. Other explanatory remarks:

     The notification was triggered due to an acquisition of client
     securities over which Morgan Stanley & Co. International plc has a
     right of use.

Date

19 Apr 2024


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22.04.2024 CET/CEST The EQS Distribution Services include Regulatory
Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com

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   Language:    English
   Company:     Zalando SE
                Valeska-Gert-Straße 5
                10243 Berlin
                Germany
   Internet:    https://corporate.zalando.de

End of News EQS News Service
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1885005 22.04.2024 CET/CEST