C A P I T A L M A R K E T S

D A Y 2 0 1 6

S T A Y I N G

A H E A D O F

T H E G A M E

2 2 - 0 3 - 2 0 1 6

R U B I N R I T T E R

2

W E A R E I N A N E X C I T I N G I N D U S T R Y :

F A S H I O N + O N L I N E + E U R O P E

3

L A R G E

C O N S U M E R M A R K E T

E M O T I O N A L P R O D U C T S

W I T H H I G H E N G A G E M E N T

H I G H

G R O S S M A R G I N S 2

Source: Company f i l ings.

(1 ) Euromonitor International, January 2016, 2015 values based on actuals and est imates; f ixed exchange rates. Data for Europe (excl. Russia) incl . apparel and footwear, bags and

luggage, jewel lery and watches. Al l market f igures inclusive of sales tax. Company information.

(2 ) Segment gross margins based on average of industry players; LTM f igures as per the most recent publ ished company f i l ings.Fashion: Asos, Yoox and Boohoo; Beauty: Jumei; Food

and Drink: Ocado; Books: Amazon; Electronics: Amazon, Dangdang, JD.com.

€46bn online

€420bn total

fashion

market1

Fashion Beauty Food

& Drink

Books Electronics

40-60%

F A S H I O N I S O N E O F T H E M O S T A T T R A C T I V E C O N S U M E R C A T E G O R I E S

“ Z A L A N D O

C O M M E R C I A L ”

4 Source: Euromonitor International, January 2016, 2015 values based on actuals and est imates; f ixed exchange rates. Data for Europe (excl. Russia) incl . apparel and

footwear, bags and luggage, jewel lery and watches. Al l market f igures inclusive of sales tax. Company information.

15%

CAGR 2013 – 2015:

1%

Online

fashion

Total

fashion

37%

O N L I N E A L L O W S U S T O S C A L E F A S T A N D E F F I C I E N T L Y

5

0

25

50

75

100

0 200 400 600 800 1,000 1,200

Fashion spend per capita in €

De

ns

ity o

f fa

sh

ion

sp

en

d in

€1

North America

Australasia Latin America

Eastern Europe

Asia Pacific

Middle

East

Western Europe

Source: Euromonitor International. Data for Eastern Europe excluding Russia.

(1 ) Fashion spend in €’000 per square km.

E U R O P E I S A L A R G E A N D A T T R A C T I V E M A R K E T

W H I C H I S S T R U C T U R A L L Y W E L L S U I T E D F O R O N L I N E F A S H I O N

O V E R T H E L A S T 8 Y E A R S , W E H A V E B U I L T

S U S T A I N A B L E C O M P E T I T I V E A D V A N T A G E

A N D S T R O N G B A R R I E R S T O E N T R Y

7

T R A F F I C ( Q 4 / 1 5 ) 2 0 1 5 R E V E N U E B R A N D A W A R E N E S S

(1 ) LTM revenue as per Dec-2015 for total t raf f ic of Asos as per respective publ ic f i l ing.

Asos: Group / Europe only

Zalando 2015

€3.0bn

€1.7bn

Asos 20151

€1.2bn

~2x

O N L I N E S C A L E : W E A R E T H E L A R G E S T F A S H I O N D E S T I N A T I O N

~450,000,000 visits

~90% brand awareness

“ Z A L A N D O

C O M M E R C I A L ”

8

S T R O N G F A S H I O N F O C U S A N D E X P E R T I S E

T O W A R D S C U S T O M E R S T O W A R D S B R A N D P A R T N E R S

“ C A L V I N K L E I N

C A M P A I G N ”

“ T O P S H O P

C A M P A I G N ”

9

B E S T - I N - C L A S S E C O M M E R C E I N F R A S T R U C T U R E A N D C A P A B I L I T I E S

O P E R A T I O N S T E C H N O L O G Y

10

L O C A L M A R K E T L E A D E R S H I P D R I V E N B Y H I G H D E G R E E O F L O C A L I Z A T I O N

L O C A L A S S O R T M E N T

L O C A L L O G I S T I C S P R O V I D E R S

L O C A L C O N S U M E R F A C I N G F R O N T E N D

L O C A L P A Y M E N T M E T H O D S

11

W E A R E T H E P U R E P L A Y O N L I N E F A S H I O N L E A D E R I N E U R O P E W I T H

S U S T A I N A B L E C O M P E T I T I V E A D V A N T A G E

GENERAL

E-COMMERCE

FASHION

E-COMMERCE

VERTICAL

FASHION PLAYERS

EXAMPLES

ONLINE SCALE a

FASHION FOCUS/

EXPERTISE a

BUY-IN FROM BRANDS n/m

E-COMMERCE

INFRASTRUCTURE/

TECHNOLOGY a

LOCALIZATION a

W E D O N O T T A K E T H E F O O T O F F T H E G A S , B U T

C O N T I N U E T O I N V E S T T O G A I N M A R K E T S H A R E

13

W E W I L L C O N T I N U E T O I N V E S T I N O R D E R

T O R E A C H O U R G R O W T H A M B I T I O N

WILLINGNESS TO INVEST

In percent of revenue

8.0-9.5

~2.0

~3.0 3.0-4.5

Pro forma adj. EBIT

margin 2016

INVESTMENTS INTO COMMERCIAL GROWTH OF CORE PLATFORM STRATEGY

• Increasing customer satisfaction around assortment,

mobile, convenience and brand

• Grow beyond wholesale

• New customer-facing speed boats

• Invest in tech and R&D

Adj. EBIT margin

guidance 2016

Commercial

growth

Platform

ILLUSTRATIVE EXAMPLE

2 5 5 6 5 0

0 0 0

2 5 5 2 5 5 2 5 5

1 1 5 1 2 2 1 3 2

2 2 9 2 2 9 2 2 9

2 4 3 2 4 3 2 4 3

1 0 9 1 0 9 1 0 9

2 5 4 1 6 6 1 0 1

2 5 5 2 1 0 1 7 8

C M D

14

2 5 5 6 5 0

0 0 0

2 5 5 2 5 5 2 5 5

1 1 5 1 2 2 1 3 2

2 2 9 2 2 9 2 2 9

2 4 3 2 4 3 2 4 3

1 0 9 1 0 9 1 0 9

2 5 4 1 6 6 1 0 1

2 5 5 2 1 0 1 7 8

C M D

15

2 5 5 6 5 0

0 0 0

2 5 5 2 5 5 2 5 5

1 1 5 1 2 2 1 3 2

2 2 9 2 2 9 2 2 9

2 4 3 2 4 3 2 4 3

1 0 9 1 0 9 1 0 9

2 5 4 1 6 6 1 0 1

2 5 5 2 1 0 1 7 8

C M D

P L A T F O R M : C U S T O M E R F O C U S

[ I N S E R T V I D E O ]

P L A T F O R M : C O N S U M E R F O C U S

16

2 5 5 6 5 0

0 0 0

2 5 5 2 5 5 2 5 5

1 1 5 1 2 2 1 3 2

2 2 9 2 2 9 2 2 9

2 4 3 2 4 3 2 4 3

1 0 9 1 0 9 1 0 9

2 5 4 1 6 6 1 0 1

2 5 5 2 1 0 1 7 8

C M D

17

2 5 5 6 5 0

0 0 0

2 5 5 2 5 5 2 5 5

1 1 5 1 2 2 1 3 2

2 2 9 2 2 9 2 2 9

2 4 3 2 4 3 2 4 3

1 0 9 1 0 9 1 0 9

2 5 4 1 6 6 1 0 1

2 5 5 2 1 0 1 7 8

C M D

P L A T F O R M : B R A N D F O C U S

18

2 5 5 6 5 0

0 0 0

2 5 5 2 5 5 2 5 5

1 1 5 1 2 2 1 3 2

2 2 9 2 2 9 2 2 9

2 4 3 2 4 3 2 4 3

1 0 9 1 0 9 1 0 9

2 5 4 1 6 6 1 0 1

2 5 5 2 1 0 1 7 8

C M D

T E C H N O L O G Y

C O R E

19

2 5 5 6 5 0

0 0 0

2 5 5 2 5 5 2 5 5

1 1 5 1 2 2 1 3 2

2 2 9 2 2 9 2 2 9

2 4 3 2 4 3 2 4 3

1 0 9 1 0 9 1 0 9

2 5 4 1 6 6 1 0 1

2 5 5 2 1 0 1 7 8

C M D

O P E R A T I O N S .

C O R E

20

2 5 5 6 5 0

0 0 0

2 5 5 2 5 5 2 5 5

1 1 5 1 2 2 1 3 2

2 2 9 2 2 9 2 2 9

2 4 3 2 4 3 2 4 3

1 0 9 1 0 9 1 0 9

2 5 4 1 6 6 1 0 1

2 5 5 2 1 0 1 7 8

C M D

Z A L A N D O

F A S H I O N S T O R E

21

2 5 5 6 5 0

0 0 0

2 5 5 2 5 5 2 5 5

1 1 5 1 2 2 1 3 2

2 2 9 2 2 9 2 2 9

2 4 3 2 4 3 2 4 3

1 0 9 1 0 9 1 0 9

2 5 4 1 6 6 1 0 1

2 5 5 2 1 0 1 7 8

C M D

Z A L A N D O

L O U N G E

22

2 5 5 6 5 0

0 0 0

2 5 5 2 5 5 2 5 5

1 1 5 1 2 2 1 3 2

2 2 9 2 2 9 2 2 9

2 4 3 2 4 3 2 4 3

1 0 9 1 0 9 1 0 9

2 5 4 1 6 6 1 0 1

2 5 5 2 1 0 1 7 8

C M D

Z A L O N

23

2 5 5 6 5 0

0 0 0

2 5 5 2 5 5 2 5 5

1 1 5 1 2 2 1 3 2

2 2 9 2 2 9 2 2 9

2 4 3 2 4 3 2 4 3

1 0 9 1 0 9 1 0 9

2 5 4 1 6 6 1 0 1

2 5 5 2 1 0 1 7 8

C M D

Z A L A N D O

M E D I A S O L U T I O N S

24

2 5 5 6 5 0

0 0 0

2 5 5 2 5 5 2 5 5

1 1 5 1 2 2 1 3 2

2 2 9 2 2 9 2 2 9

2 4 3 2 4 3 2 4 3

1 0 9 1 0 9 1 0 9

2 5 4 1 6 6 1 0 1

2 5 5 2 1 0 1 7 8

C M D

M O V M N T

25

2 5 5 6 5 0

0 0 0

2 5 5 2 5 5 2 5 5

1 1 5 1 2 2 1 3 2

2 2 9 2 2 9 2 2 9

2 4 3 2 4 3 2 4 3

1 0 9 1 0 9 1 0 9

2 5 4 1 6 6 1 0 1

2 5 5 2 1 0 1 7 8

C M D

D I S T R I B U T E D

C O M M E R C E

26

2 5 5 6 5 0

0 0 0

2 5 5 2 5 5 2 5 5

1 1 5 1 2 2 1 3 2

2 2 9 2 2 9 2 2 9

2 4 3 2 4 3 2 4 3

1 0 9 1 0 9 1 0 9

2 5 4 1 6 6 1 0 1

2 5 5 2 1 0 1 7 8

C M D

O F F L I N E S T O C K

I N T E G R A T I O N

27

2 5 5 6 5 0

0 0 0

2 5 5 2 5 5 2 5 5

1 1 5 1 2 2 1 3 2

2 2 9 2 2 9 2 2 9

2 4 3 2 4 3 2 4 3

1 0 9 1 0 9 1 0 9

2 5 4 1 6 6 1 0 1

2 5 5 2 1 0 1 7 8

C M D

T H E F I N A N C I A L P E R S P E C T I V E .

28

29

Q U E S T I O N S ?

30

These materials do not constitute an offer of securities for sale or a solicitation of an offer to purchase securities of Zal ando SE (together with its subsidiaries, the

“Company”) in any jurisdiction. The distribution of this presentation may be restricted by law in certain jurisdictions and p ersons into whose possession any

document or other information referred to herein comes should inform themselves about and observe any such restrictions. Any failure to comply with these

restrictions may constitute a violation of the securities laws of any such jurisdiction .

This presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in

which the Company operates. Forward-looking statements concern future circumstances and results and other statements that are no t historical facts, sometimes

identified by the words “believes”, “expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar

expressions. The forward-looking statements contained in this presentation, including assumptions, opinions and views of the Com pany or cited from third party

sources, are solely opinions and forecasts which are uncertain and subject to risks. Actual events may differ significantly f rom any anticipated development due to a

number of factors, including without limitation, changes in general economic conditions, in particular economic conditions in Germany, changes affecting interest

rate levels, changes in competition levels, changes in laws and regulations, environmental damages, the potential impact of l egal proceedings and actions and the

Group’s ability to achieve operational synergies from past or future acquisitions. The Company does not guarantee that the as sumptions underlying the forward-

looking statements in this presentation are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this

presentation or any obligation to update the statements in this presentation to reflect subsequent events. The forward -looking statements in this presentation are

made only as of the date hereof. Neither the delivery of this presentation nor any further discussions of the Company with an y of the recipients thereof shall, under

any circumstances, create any implication that there has been no change in the affairs of the Company since such date. Conseq uently, the Company does not

undertake any obligation to review, update or confirm investors' expectations or estimates or to release publicly any revisio ns to any forward-looking statements to

reflect events that occur or circumstances that arise in relation to the content of the presentation .

This presentation contains summary information only and does not purport to be comprehensive and is not intended to be (and s hould not be used as) the basis of

any analysis or other evaluation. In addition, the information in this presentation is subject to change. No representation o r warranty (express or implied) is made as

to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained h erein, and no liability whatsoever is

accepted as to any errors, omissions or misstatements contained herein.

D I S C L A I M E R

i n v e s t o r . r e l a t i o n s @ z a l a n d o . d e

2 2 - 0 3 - 2 0 1 6

I N V E S T O R R E L A T I O N S