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

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
X	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.

5. Date on which threshold was crossed or reached:

21 Nov 2024

6. Total positions

	% of voting rights attached to shares (total of 7.a.)	% of voting rights through instruments (total of 7.b.1 + 7.b.2)	Total of both in % (7.a. + 7.b.)	Total number of voting rights pursuant to Sec. 41 WpHG
New	3.46 %	1.17 %	4.63 %	263910472
Previous notification	3.64 %	2.08 %	5.72 %	/

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

ISIN	Absolute	In %
	Direct (Sec. 33 WpHG)	Indirect (Sec. 34 WpHG)	Direct (Sec. 33 WpHG)	Indirect (Sec. 34 WpHG)
DE000ZAL1111	0	9129111	0 %	3.46 %
Total	9129111	3.46 %

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

Type of instrument	Expiration or maturity date	Exercise or conversion period	Voting rights absolute	Voting rights in %
Equity Call Option	From 20.12.2024 to 19.12.2025	at any time	982100	0.37 %
Right of recall over securities lending agreements	at any time	at any time	1967045	0.75 %
		Total	2949145	1.12 %

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

Type of instrument	Expiration or maturity date	Exercise or conversion period	Cash or physical settlement	Voting rights absolute	Voting rights in %
Equity Put Option	From 20.12.2024 to 19.12.2025	at any time	Physical	127500	0.05 %
Cash Settled Futures	20.12.2024	at any time	Cash	2500	0 %
Retail Structured Product	From 10.01.2073 to 31.10.2074	at any time	Cash	1596	0 %
Equity Swap	14.02.2025	at any time	Cash	37	0 %
Compound Option	17.01.2025	at any time	Cash	7217	0 %
Retail Structured Product - Note	17.01.2025	at any time	Cash	1099	0 %
			Total	139949	0.05 %

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 rights (if at least 3% or more)	% of voting rights through instruments (if at least 5% or more)	Total of both (if at least 5% or more)
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 & 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 rights	Proportion of instruments	Total of both
%	%	%

10. Other explanatory remarks:

Date

26 Nov 2024