2020 Annual General Meeting Invitation, Proxy Statement and Annual Report TO OUR SHAREHOLDERS, PARTNERS AND EMPLOYEES

Fiscal Year 2020 was a remarkable year for all of us. Our products, taken together … The world experienced an unprecedented combination • Connect COVID-19 patients with their loved ones of economic and social impact in the last twelve months, who can’t visit them with the first significant US tariff activity in decades • Enable doctors, nurses, and other health practitioners and then COVID-19 developing quickly into a full-blown to communicate with patients, eliminating the global pandemic. For companies like us, costs were distance between patient and doctor driven up dramatically and we were faced with the unprecedented closure of our entire supply chain for • Enable teachers to instruct students remotely, most three weeks, disrupting supply throughout February and for the first time March. Our employees were concerned about their own • Are the tools of content creators streaming health, and the safety of their loved ones, while finding or recording themselves for others to see on YouTube, themselves transitioning to working from home. Twitch, Facebook Live, and other sites, many starting Despite these exceptional global, macro events, to build an audience or even make a living for the first our strategy and execution successfully delivered 9% time growth, our fifth year of near double-digit growth or • Support the gaming world that seeks community, better. Our sales hit a record high of almost $3 billion. skill development, camaraderie, and fun, particularly We delivered record non-GAAP gross margins of 38.4%. as so many conventional sports are rendered Our non-GAAP profit reached a record $387 million. unavailable to watch or play Our cash flow from operations was a record $425 million. • Make us look and feel close to others through Taking a step back, since we began our transformation in videoconferencing with co-workers, family members 2013 we have entered and now compete in 28 categories, and friends, while helping minimize the impact on up from ten; extended our brand portfolio to seven the environment by saving on travel brands from just one; and begun to be recognized as the design company we envisioned eight years ago. Ironically, as dramatic as the moment was for all of us Where once we outsourced design without a single to find ourselves sheltering in place in Q4, this forced designer working at Logitech, we now have a strong and confinement accelerated the four primary long-term broad design team around the world. We are recognized secular trends we had already positioned our business by Forbes and McKinsey as a leader in the design world, to take advantage of: and we win more design awards per revenue dollar than 1) Video everywhere (Video Collaboration) anyone in our industry. 2) Work from anywhere, including home At the time we pen this letter, Logitech is worth 11 times (Creativity & Productivity) more than it was in Fiscal Year 2013. 3) The rise of gaming as a sport (Gaming) EXCITING TIMES AHEAD But the most exciting thing about our current moment 4) The democratization of content creation is not what has been achieved. It is the remarkable (Creators & Streamers, our newest product category, opportunity we have in front of us as a business, which includes Blue Microphones, Streaming Cameras, and in the challenge to help the environment and assure and Streamlabs) equality for every person. BIG AMBITIONS The most exciting time in Logitech’s nearly 40-year As ambitious as we are about growth, we are just as history is now. ambitious about making Logitech a force for good for the environment and equality. We are moving decisively to be a model for sustainability. At the end of 2019, we announced support of the Paris Agreement, pledging to align our corporate carbon emissions to support the ambitious goal of limiting global warming to 1.5° C. We also announced we will be powered exclusively by We want Logitech to be an inspiring company to be renewable electricity by 2030. We have already neutralized affiliated with, and we hope we will sometimes inspire the carbon footprint of our entire gaming product others with our actions. portfolio. We will neutralize more of the environmental While the world has rarely seen such uncertainty, impact of our business as we move ahead. our business and teams have demonstrated In June we committed to communicate the carbon unprecedented resilience. We will continue to transform impact of all our products on packaging and the company ourselves - to change ourselves fast in this world of website. Logitech will be the first consumer electronics accelerating change. We’re doing it for a better society, company to provide detailed product carbon footprint one based on care for the planet and equality. labeling on product packaging across the entire portfolio. With that in mind, we’re so grateful to our employees, And we’re calling on the rest of the industry and on all our consumers and our shareholders, grateful for companies in every industry to join us. This will motivate your trust and loyalty. You have so often looked all companies to reduce a product’s carbon footprint and past our mistakes or flaws at the good outcomes thereby enable consumers and customers to influence the we deliver. We appreciate that. But as we go forward, industry with their purchase decisions. We will be treating we expect to be held accountable not just for our carbon labeling like calorie labeling in the food industry. financial performance, but also for our environmental We believe that most companies will follow over the next performance and for our performance in helping to few years. ensure the world is fair for every person. We know The leading provider of information on Environmental, we cannot completely change the world with little Social, and Governance (ESG) matters and Corporate Logitech. But we believe that we can address our Governance has rated us second of 146 tech companies own shortcomings and then be a good example for in the area of environmental responsibility. In both 2019 others by performing well as a company and by showing and 2020, World Finance Magazine listed us among only through our actions that we are changing to improve 19 companies as leaders in environmental responsibility the environment and assure equality. - the only tech company - and the UN-sponsored World If change sounds like a key theme of this letter, Benchmark Alliance has included Logitech in the SDG2000, then we’ve captured the feeling in the company today. a list of the companies that have the most influence We are changing faster and faster. Our business is over our ability to move to a more sustainable future. so different today from the business eight years ago. These recognitions were before our carbon labeling But the company and business will be more different initiative. They were also before we could disclose many in five years compared to today. other steps we are taking to make ourselves a leader in the movement to stop damaging the environment. With all this change, you might ask yourself what ‘isn’t changing‘ about Logitech? The humble, We still have a long way to go, but we are on the right ‘always learning,’ nimble, entrepreneurial company track. that started forty years ago, on October 2, 1981, is still at Finally, we also want to be a model for diversity and the core of Logitech today. That is the heart of Logitech. inclusion. But today we are not. We will increase our focus And we pledge to sustain that beating heart. on supporting Black and Brown people, women, LGBTQ+, It has been another remarkable year not just for and other under-represented communities internally the world but also for Logitech. We believe what’s and externally. Internally, we have broadened the makeup ahead of us will be far more remarkable, more fair, of our leadership team - with ten women in leadership and better for the environment. positions, up from two. Our board has long benefited from the talent of our female directors, and our chair is We hope you stay with us for an exciting and a woman. fulfilling ride. But we have so far to go to be a model for equality. As of September, we will have the highest number of women on our board in company history. It’s still not enough. We have published a seven-point plan to Wendy Becker address the injustice captured in the Black Lives Matter Chairperson of the Board movement in the US. We must work to ensure our teams, suppliers and partners represent the communities in which we operate. They do not today.

Bracken P. Darrell President and Chief Executive Officer Compensation Report for Fiscal Year 2019 2019 Annual General Meeting Invitation, Proxy Statement

2020 Annual General Meeting Invitation, Proxy Statement and Annual Report

iii FORWARD-LOOKING INFORMATION

This Invitation, Proxy Statement and Annual Report, including the letter to shareholders, contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on beliefs of our management as of the initial date of making such statements. These forward-looking statements include, among other things, statements related to:

• Our strategy for growth, future revenues, earnings, cash flow, uses of cash and other measures of financial performance, and market position; • Our business strategy and investment priorities in relation to competitive offerings and evolving consumer demand trends affecting our products and markets, worldwide economic and capital market conditions, fluctuations in currency exchange rates, and current and future general regional economic conditions for fiscal year 2021 and beyond; • Our operational strategy and corporate identity; • The scope, nature or impact of acquisition, strategic alliance, divestiture activities and restructuring of our organizational structure; • Our expectations regarding the success of our strategic acquisitions, including integration of acquired operations, products, technology, internal controls, personnel and management teams; • Our business and product plans and development and product innovation and their impact on future operating results and anticipated operating costs for fiscal year 2021 and beyond; • Opportunities for growth, market opportunities and our ability to take advantage of them; • Long-term secular trends and their impact on our business; • The impact of the novel coronavirus (COVID-19) pandemic on trends, the economy and our business; • Our sustainability efforts, carbon labeling and the environmental impact and accountability of our business; • Our diversity efforts and profile and the social impact and accountability of our business; • The effect of the cloud on our business; • Our transformation, changes in our business and our ability to adapt quickly to uncertainty and change; • Potential tariffs, their effects and our ability to mitigate their effects; • Capital investments and research and development; • Our expectations regarding our share buyback and dividend programs; • The sufficiency of our cash and cash equivalents, cash generated from operations, and available borrowings under our bank lines of credit to fund capital expenditures and working capital needs; and • The effects of environmental and other laws and regulations in the United States and other countries in which we operate.

Forward-looking statements also include, among others, those statements including the words "anticipate", "believe", "could", "estimate", "expect", "forecast", "intend", "may", "plan", "project", "predict", "should", "will" and similar language. These statements reflect our views and assumptions as of the initial date of making such statements. All forward-looking statements involve risks and uncertainties that could cause our actual performance to differ materially from those anticipated in the forward-looking statements depending on a variety of factors. Important information as to these factors can be found in our Annual Report on Form 10-K under the headings of “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, “Overview”, “Critical Accounting Estimates” and “Liquidity and Capital Resources”, among others. Factors that might cause or contribute to such differences include, but are not limited to, those discussed under Item 1A, Risk Factors, as well as elsewhere in our Annual Report on Form 10-K and in our other filings with the U.S. Securities and Exchange Commission. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the initial date of making such statements. We undertake no obligation to publicly release any revisions to the forward-looking statements or reflect events or circumstances after the initial date of making such statements. 2020 Annual General Meeting Invitation, Proxy Statement General Meeting. the 2021 Annual General Meeting. Lausanne, Switzerland. in Lausanne, officers, and other relevant information. officers, to your participation at the 2020 Annual Wendy Becker Wendy Chairperson of the Board July 28, 2020 July To our shareholders: 9, September will General Meeting Annual on Wednesday, be held 2020 Logitech’s - Quartier de l'Innovation, EPFL at at Logitech's 2020 9:00 office executive at a.m. Innovation Center, Daniel Borel The health and safety of our shareholders, our employees and members of our Board As a result of the exceptional of Directors of are paramount importance for Logitech. the novel coronavirus circumstances caused pandemic, the 2020 by (COVID-19) Annual Meeting General will not take in the usual place year’sformat. Instead, this Annual General Meeting will be held with the requirements in in accordance set forth "on Swiss Federal Council June 19, 2020 the of 3 of Nr. the Ordinance Article 27 of permitted will not be Coronavirus (COVID-19)". Shareholders Combat the Measures to their exercise be required to will person and Annual General Meeting in the attend to the Company's Independent through Annual General Meeting exclusively at the rights Representative. the meeting, which includes an for Proxy Statement and Invitation Enclosed is the on how instructions the meeting, on at be voted items to of the agenda and discussion you can your voting exercise on rights, instructions how you can discuss Company compensation Board of its with management, information concerning Logitech’s affairs members and executive shares are and you should the steps required so that your vote is important, take Your represented at The Board of Directors very much regrets that this important event cannot be held in you for your thank understanding and continued support of Logitech its usual format. We and look forward 2020 Annual General Meeting Invitation, Proxy Statement

***** AGENDA LOGITECH INTERNATIONAL S.A. INTERNATIONAL LOGITECH Invitation to the Annual General Meeting Annual General Invitation to the Wednesday, September 9, 2020, 9:00 a.m. Wednesday, EPFL - Quartier de l'Innovation, Daniel Borel Innovation Center – Lausanne, Switzerland Borel Innovation Center – Lausanne, - Quartier de l'Innovation, Daniel EPFL independent registered public accounting firm for fiscal year 2021 8.A. Edouard Bugnion Re-election of Dr. 8.B. Neil Hunt Re-election of Dr. 8.C. Michael Polk Re-election of Mr. 8.D. Riet Cadonau Election of Mr. 6.A. Re-election of Dr. Patrick Aebischer Patrick Re-election of Dr. 6.A. Becker Re-election Wendy Ms. 6.B. Edouard Bugnion Re-election of Dr. 6.C. Bracken Darrell Re-election of Mr. 6.D. Guy Gecht Re-election of Mr. 6.E. Didier Hirsch Re-election of Mr. 6.F. Neil Hunt Re-election of Dr. 6.G. Marjorie Re-election of Ms. Lao 6.H. 6.I. Neela Re-election of Ms. Montgomery Michael Polk Re-election of Mr. 6.J. Riet Cadonau Election of Mr. 6.K. Thomas Election of Ms. Deborah 6.L. Logitech S.A. for fiscal year 2020 International 12. & Sarah Keiser-Wüger as Independent Representative Re-election of Etude Regina Wenger 9. Year Approval Compensation of the Board Directors for of for the 2020 to 2021 Board 10. for fiscal year 2022 Team Approval Compensation of the Group Management for 11. Re-election of AG KPMG as Logitech’s auditors and ratification of the appointment of KPMG LLP as Logitech’s 7. Election of the Chairperson of the Board 8. Elections to the Compensation Committee 2. Advisory vote to approve compensation executive 3. Appropriation of retained earnings and declaration of dividend 4. Articles regarding the creation an authorized of capital Amendment of the 5. from liability for activities during fiscal year 2020 Release and Executive of the Board of Directors Officers 6. Elections to the Board Directors of Proposals 1. Approval of the Annual Report, the consolidated financial statements and the statutory financial statements of The Board of Directors Apples, Switzerland, July 28, 2020 2020 Annual General Meeting Invitation, Proxy Statement 1 If your shares are registered directly in your name with us in the Share Register of Register Share the in us with name your in directly registered are shares your If Logitech International S.A., or in our sub-register maintained by our U.S. transfer agent, Computershare, you are considered a Invitation registered and shareholder, and Proxy this Statement and related available to you by Logitech. materials are being sent or made This document is designed to comply with both Swiss corporate law and U.S. proxy U.S. and law corporate Swiss both with comply to designed is document This statement rules. Outside of Statement will be made available to registered shareholders with certain portions the U.S. and Canada, translated into French and German. made We copies of this Invitation this and Proxy Invitation and Proxy Statement available to shareholders beginning on July 28, 2020. Logitech of Directors of Board the of behalf on requested is Coupon Response The l'Innovation, de Quartier for - EPFL the use at a.m. 9:00 at at 2020 9, Logitech’s September Annual Wednesday, General Meeting. The meeting in Lausanne, Switzerland. Daniel Borel Innovation Center, will be held on Shareholders registered in the Share (including Register in of the Logitech sub-register International Computershare) on S.A. maintained Thursday, September by 3, 2020 Logitech’s shareholders will have be entered in U.S. the the Share Register between right September transfer 3, 2020 to agent, vote. and the No day shares following Logitech the 168,418,093 As meeting. of of total June a 30, of 2020, out there vote were to 98,905,250 entitled and registered shares at vote to entitled be will that shares registered of number actual The outstanding. the meeting will vary depending on how deregistered, between June 2020 and September 30, 3, 2020. many more “street Canadian shares and are U.S. registered, the of or determination the for criteria the on information For name” beneficial owners who may vote with respect to the meeting, please refer to “Further Information for U.S. and Canadian “Street Name” Beneficial Owners” below. Questions and Answers about The Logitech 2020 Annual 2020 Logitech The about Answers and Questions Meeting General WHO IS A REGISTERED A WHO IS WHO IS ENTITLED THE AT VOTE TO MEETING? WHY AM I RECEIVING WHY AND THIS “INVITATION STATEMENT”? PROXY SHAREHOLDER? General Information for All Shareholders for Information General . . Shareholders also may request free copies of these 2 http://ir.logitech.com promptly after the meeting. We will also file the results on a Current Report on Form on Report Current We a intend on to results announce voting the results file at also the will meeting We and issue meeting. a the press after release promptly be will 8-K Form the of copy A 2020. 15, September Tuesday, by SEC the with 8-K available on our website at http://ir.logitech.com Logitech’s Logitech’s principal executive our and office Switzerland, Lausanne, 1015 Center Innovation in Borel Daniel l’Innovation, Switzerland is at EPFL principal – executive Quartier office in de the United Newark, States California is 94560. at Logitech’s main 7700 telephone Gateway number in Boulevard, +41-(0)21-863-5111 Switzerland and is our main telephone +1-510-795-8500. number in the United States is A copy of our website 2020 our Annual on the with filed 2020 year fiscal for 10-K Form on Report Annual available our Report and Statement are to “SEC”) (the Shareholders, Commission this Exchange and Invitation Securities and U.S. Proxy at Logitech is a public company and certain vote key shareholders. Your is important, decisions and you should can take the steps only required so be made by represented. that your shares are There is requirement. no quorum a for quorum provide companies do not have otherwise specific quorum requirements requirement not for shareholder meetings, do Incorporation for of Articles the our and meeting. Under Swiss law, public Shareholders that have not requested registration on our Share Register directly, Shareholders that have not requested registration on our Share Register directly, organization similar other or nominee or trustee broker, a through shares hold and are that beneficial is owners a of registered shares shareholder, registered in the “street in Canadian or U.S. a holding through shares Logitech called your hold you If (also custodian. a of name organization similar other or nominee or trustee broker, name”), which is the typical practice of our shareholders in the U.S. and Canada, for shareholder registered the considered is account your holding organization the purposes of voting at the meeting, and this Invitation and Proxy Statement related and materials are being sent or made available to have you the by them. You right to direct that organization held on how to vote the shares in your account. materials at our principal executive in offices Switzerland or the United States, at the addresses and phone numbers above. Questions and Answers about The Logitech 2020 Annual 2020 Logitech The about Answers and Questions Meeting General WHERE CAN I FIND THE VOTING RESULTS OF THE MEETING? HOW CAN I OBTAIN LOGITECH’S PROXY ANNUAL STATEMENT, AND OTHER REPORT REPORTING ANNUAL MATERIALS? HOW MANY REGISTERED SHARES MUST BE PRESENT OR REPRESENTED TO CONDUCT BUSINESS MEETING? THE AT ARE WHERE LOGITECH’S PRINCIPAL EXECUTIVE OFFICES? WHY IS IT IMPORTANT WHY VOTE? FOR ME TO WHO IS A BENEFICIAL A WHO IS OWNER WITH SHARES OWNER THE REGISTERED IN CUSTODIAN, A NAME OF OR “STREET NAME” OWNER?

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement http:// . http://ir.logitech.com If by Thursday, September 3, 2020. Thursday, by 3 by Thursday, September 3, 2020. To log To 2020. 3, September Thursday, by www.proxyvote.com . In accordance with Swiss company law, the Company will respond respond will Company the law, company Swiss with accordance In . shareholders have pertinent follow-up questions in the week following the Question the following week the in questions follow-up pertinent have shareholders & Answer webcast, they may submit their questions to Company the Company, and the will post responses on its Investor Relations website at We value We our shareholders' viewpoints and input. Since it is not possible for you are we pandemic, COVID-19 the to due year this person in meeting the attend to making alternative arrangements management. for The you Company 16:00 webcast at 9, September will the Wednesday, on accept access webcast to Answer & to Question pertinent a of advance able pre-submitted discuss be questions will in Shareholders Company Time). Summer affairs European (Central with from the Company's Investor Relations website at ir.logitech.com number control voting 16-digit your need will you questions, submit to site the to in printed in the box marked by the arrow on the Notice Proxy of Materials that Internet Availability you of received from us or included on your Proxy Card follow the menus to submit questions. and You may You not attend the meeting and vote your shares in person at the meeting this year. In accordance with 3 of the Ordinance Nr. Swiss Federal Council of the June 19, 2020 "on Measures to requirements set at rights your exercise forth to required are you (COVID-19)", Coronavirus the in Combat Article 27 of the the Annual General Meeting Independent Representative. this year exclusively through the Company's business Logitech's of preservation the with consistent extent the to questions to questions to respond not will and interests corporate legitimate other and disregard secrets to right the reserves also Company The outlook. financial to respect with questions similar group to numerous, excessively or repetitive are that questions when providing responses, to limit the length the webcast. and of Registered holders may submit as themselves identifying questions proof with together questions, to the e-mailing by the webcast Company in advance of the Logitech shareholders (for example, by Response providing the one-time code [email protected] on Coupon), the to Shareholders in the U.S. and Canada may submit questions in advance of the visiting by webcast the Company's Investor Relations at Questions and Answers about The Logitech 2020 Annual 2020 Logitech The about Answers and Questions Meeting General HOW CAN I DISCUSS WITH AFFAIRS COMPANY MANAGEMENT? CAN I ATTEND AND VOTE ATTEND CAN I THE MEETING? AT for shareholders on the Go to the Internet voting site voting Internet the to Go – INTERNET VOTING INTERNET – and log in with your 16-digit voting control number printed 4 in the box marked by the arrow on the Notice of Internet Availability Proxy of Availability Internet the Notice of in the box marked by the arrow on Materials that you received from us. Please submit your instructions by clicking on the “Submit” button. CARD – Please sign, date and U.S. SHARE REGISTER – PROXY enclosed Broadridge using the Card to promptly mail your completedProxy postage-paid envelope. U.S. SHARE Go to the Internet voting site REGISTER – INTERNET VOTING – www.proxyvote.com gvmanager.ch/logitech and log expires in it once; with valid only your is Coupon. code one-time Your Please code button. “Send” on the on use the clicking by Response instructions the menu item the off signed and instructions other any or voting your submitted have you once “Grant Procuration” voting your change may you portal, the to in signed remain and you as long As portal. submit your instructions at your discretion. No. Due to the COVID-19 pandemic, you are required to exercise your rights at the Annual General Meeting Independent Representative, in this accordance with the year requirements set Article 27 of exclusively the forth Ordinance 3 Nr. of the Swiss in Federal Council of June 19, 2020 through the "on Measures Combat to the Coronavirus (COVID-19)". Company's SWISS SHARE REGISTER REGISTER SHARE SWISS Since you may not attend the meeting Since you may not required this year in person, you are the General Meeting exclusively through Annual the at exercise your rights to & Sarah Keiser-Wüger, Independent Regina Representative, Etude Wenger voting instructions the meeting. Please provide your you at who will represent by marking the applicable boxes beside the agenda items on the Internet voting site for registered shareholders, gvmanager.ch/logitech Please sign, date and – RESPONSE COUPON – SHARE REGISTER SWISS & Etude Regina Wenger Coupon to promptly mail your completed Response enclosed postage-paid envelope. Sarah Keiser- Wüger using the appropriate for shareholders share on the U.S. or www.proxyvote.com Swiss share register or Proxy Card, as applicable. or on the Response Coupon register, Questions and Answers about The Logitech 2020 Annual 2020 Logitech The about Answers and Questions Meeting General CAN I HAVE ANOTHER CAN I HAVE PERSON REPRESENT MEETING? THE AT ME HOW CAN I VOTE IF I HOW CAN I VOTE THE ATTEND CANNOT MEETING? Further Information for Registered Shareholders for Registered Information Further

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement and log in. gvmanager.ch/ ). For shareholders on If you are a registered – Go to the Internet voting site

gvmanager.ch/logitech If you request a new Proxy Card and Card Proxy new a request you If [email protected] 5 , if you voted by Internet, or by requesting and requesting by or Internet, by voted you if , www.proxyvote.com , or by requesting and submitting a new Response Coupon from our Swiss our from Coupon Response new a submitting and requesting by or , If you have any questions or need assistance in voting your shares, please call us at +1-510-713-4220 or e-mail us at [email protected]. shareholder and vote using the Internet voting site, you have to give specific voting specific SWISS give to SHARE have you REGISTER site, voting – Internet the INTERNET using vote VOTING and shareholder – If you are a registered instructions for all agenda items before you can submit your instructions. voting SWISS specific SHARE giving REGISTER – without RESPONSE Coupon COUPON Response – a return and sign and shareholder instructions for some or all agenda items, you thereby Independent give instructions to Representative the to recommendations of the Board of Directors for such agenda items as well as for vote your new and shares amended proposals that could be formulated during in the course of the accordance meeting. with the U.S. SHARE REGISTER – shareholder and vote using the Internet INTERNET voting site without giving specific voting VOTING – instructions If for some you or all agenda are items, you a thereby Independent give instructions registered to Representative the to recommendations of the Board of Directors for such agenda items as well as for vote your new and shares amended proposals that could be formulated during in the course of the accordance meeting. with the U.S. SHARE REGISTER – CARD PROXY – If you are a registered shareholder and sign and return a Proxy Card without giving specific voting instructions for some or all agenda items, Representative to vote you your shares in accordance with the recommendations thereby of give instructions to the Board of the Directors for such Independent agenda items as well as for new and amended proposals that could be formulated during the course of the meeting. Share Register +41-41-798-48-33 or by e-mail at at Devigus Shareholder Services (by telephone at You may change your vote by Internet or by mail through September 3, 2020. For 2020. 3, September through mail by or Internet by vote your change may requesting You by vote your revoke may you register, share Swiss the on shareholders a new one-time code and providing new logitech voting instructions at the U.S. share register, you at instructions may revoke your vote by submitting a new Proxy Card. providing new voting SWISS SHARE REGISTER – INTERNET VOTING After – you receive the new one-time code, go to the Internet voting site Logitech does not block the transfer of shares before the meeting. However, if you if However, meeting. the before shares of transfer the block not does Logitech sell your Logitech shares before the meeting and Logitech’s Share Registrar is person Any counted. be not will shares those with votes your sale, the of notified who purchases shares after the Share September Register closes on Thursday, will so and meeting the after day the until them register to able be not will 2020 3, the shares the meeting. not be able vote at to Please use the menu item “Grant Procuration”. Follow the directions on the site 2020, 3, September Thursday, until instructions new your submit and complete to Time). 23:59 (Central European Summer SWISS SHARE REGISTER – RESPONSE Response new COUPON the complete may you again, – vote to wish and Coupon If Response you request a new Coupon 3, 2020. and return it to us by September U.S. SHARE REGISTER – INTERNET VOTING Materials Proxy of in printed number control voting 16-digit Availability your with in log and Internet www.proxyvote.com of Notice the on arrow the by instructions marked new box your the submit to menus the follow Please us. from received you that Time). (U.S. Eastern Daylight p.m. September 2020, 3, 11:59 Thursday, until – CARD PROXY – REGISTER SHARE U.S. wish to vote again, you Broadridge by September 3, 2020. may complete the new Proxy Card and return it to Questions and Answers about The Logitech 2020 Annual 2020 Logitech The about Answers and Questions Meeting General WHAT HAPPENS IF I WHAT DO NOT GIVE SPECIFIC VOTING INSTRUCTIONS? CAN I CHANGE MY VOTE MY CAN I CHANGE VOTED? AFTER I HAVE WHO CAN I CONTACT IF WHO CAN I CONTACT QUESTIONS? I HAVE IF I VOTE BY PROXY, IF I VOTE BY IF I VOTE BY PROXY, IF I VOTE BY CAN I SELL MY SHARES MY CAN I SELL THE MEETING BEFORE VOTED? IF I HAVE 6 View our proxy for the meeting on the Internet; and materials View send to you electronically Instruct us to our future proxy materials email. by

• • For organization nominee purposes or trustee of broker, U.S. Canadian or or U.S. a Canadian through shares beneficial holding shareholder voting, shareholders on July 13, 2020 may direct the organization on how to vote. Logitech has made and trustees brokers, Canadian and U.S. to company service a with share arrangements of reconciliation a provide to company service that for organizations nominee 13, July between owners beneficial name” “street Canadian and U.S. of positions date practicable last the is determined Logitech which 2020, 28, August and 2020 to intended are arrangements These reconciliation. a such for meeting the before result in the following adjustments: If a U.S. or Canadian “street name” beneficial August before shares their sells subsequently but votes 2020 13, July of as owner beneficial name” “street Canadian or U.S. A cancelled. be will votes their 2020, 28, decreases or increases subsequently and voted has that 2020 13, July of as owner have will 2020 28, August of as owner beneficial a remains but shareholdings their their votes August increased 28, or decreased to reflect their shareholdings as of 2020. providing by meeting the at vote U.S. a through 2020 13, July after name” “street to in shares Logitech acquire you If wish and nominee, or trustee broker, Canadian or voting instructions broker, your contacting by to shareholder registered a become the may You Independent shareholder. Proxy, you must become trustee a or nominee, and following their registered registration instructions. In order to allow please meeting, to available made or sent be to materials proxy for registration, for time adequate the before us to returned be to instructions voting your for and you, begin the registration process as far before September 3, 2020 as possible. We We have provided access to our proxy materials over forwarding the are Internet owners nominees holding their to shares or in “street beneficial name” trustees through a U.S. or brokers, Canadian broker, such Accordingly, nominee. or trustee beneficial such to “Notice”) (the Materials Proxy of Availability Internet of Notice a proxy the of set All printed owners. such a shareholders will receive have to the ability request to access or the Notice proxy materials the in to referred website a on owners beneficial addition, materials. In Instructions on Notice. how to the access the on proxy materials found over the be Internet or may copy printed a request to holding their trustee shares or in street name through a U.S. or Canadian broker, nominee may request to electronically email by on an ongoing basis. receive proxy materials in printed form The Notice will provide you with instructions regarding how to: by mail or Choosing to receive your future proxy materials by email will save us the cost of printing and mailing documents to you and will reduce the impact of our proxy future receive to choose you annual If environment. the on meetings shareholders’ containing instructions with year next email an receive will you email, by materials receive to election Your site. voting proxy the to link a and materials those to link a until you terminate it. proxy materials by email will in effect remain Questions and Answers about The Logitech 2020 Annual 2020 Logitech The about Answers and Questions Meeting General ONE-PAGE NOTICE IN NOTICE ONE-PAGE REGARDING THE MAIL THE INTERNET OF AVAILABILITY MATERIALS PROXY SET FULL A INSTEAD OF MATERIALS? OF PROXY WHO MAY PROVIDE WHO MAY HOW CAN I GET ACCESS ELECTRONIC THE PROXY TO MATERIALS? WHY DID I RECEIVE A DID I RECEIVE WHY VOTING INSTRUCTIONS FOR THE MEETING? Further Information for U.S. or Canadian “Street Name” Beneficial Owners Beneficial “Street Name” Canadian for U.S. or Information Further

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement 7 You may revoke your proxy and change your vote at any time before the final vote vote final the before time any at vote your change and proxy your revoke may You telephone by or Internet the on date later a on again vote may You meeting. the at be will meeting the to prior submitted proxy telephone or Internet latest your (only counted), or by signing and returning a new proxy card with a later date. If you hold your shares through a U.S. or Canadian bank or brokerage or custodian, other you have until 11:59 pm (U.S. Eastern Daylight September 3, 2020 voting to deliver your instructions. Time) on Thursday, If you are a beneficial owner of shares held in “street name” in the United States voting specific with nominee or trustee broker, your provide not do and Canada or instructions, then matters routine on under vote generally may nominee or the trustee broker, your exchanges, rules of various national shares your holds that organization the If matters. non-routine on vote cannot but and non-routine a on shares regional your vote to how securities on you from instructions receive not does matter, your shares will not be voted on such matter and will not be considered votes cast on the applicable instructions to the Proposal. organization that holds We your shares by encourage carefully following the you instructions to provided in provide the voting Notice. We believe the considered following Proposals will non-routine: be of declaration and earnings retained of (Appropriation 3 Proposal compensation), Proposal 2 dividend), (Advisory Proposal 4 (Amendment of Articles the of Incorporation regarding vote the creation to of an 2020), year fiscal authorized approve during activities for share liability from capital), Officers Executive and Proposal Directors executive 5 (Release of the Board of Proposal 6 (Elections to 9 Proposal Committee), Compensation the to the (Elections 8 Proposal Chairperson), Board of Directors), Proposal 7 Board 2021 to 2020 the for Directors of Board the for Compensation of (Approval (Election of the Proposal 10 (Approval of Compensation for the Team Group Management Year), Representative). Independent the of (Re-election 12 Proposal 2022), year fiscal for Any routine. considered be will believe we that matters involve Proposals other All “broker non-votes” on any Proposals will not Proposal. be considered votes cast on the You are required You to exercise your rights at Annual the General Meeting this year by vote may You Representative. Independent Company's the through exclusively proxy over the Internet, by mail provided Notice or on the Proxy Card. in the or by telephone by following the instructions

Questions and Answers about The Logitech 2020 Annual 2020 Logitech The about Answers and Questions Meeting General WHAT IS THE DEADLINE WHAT FOR DELIVERING MY VOTING INSTRUCTIONS? CAN I CHANGE AFTER VOTE MY VOTED? I HAVE WHAT HAPPENS IF I HAPPENS IF WHAT DO NOT GIVE SPECIFIC VOTING INSTRUCTIONS? IF I AM A U.S. OR U.S. OR A AM IF I CANADIAN “STREET CANADIAN NAME” BENEFICIAL OWNER, HOW DO I VOTE? . If any If . [email protected] . Other shareholders who have multiple accounts in their in accounts multiple have who shareholders Other . 8 Banks and brokerages typically set deadlines for receiving instructions from their to two typically is deadline this Canada, and U.S. the of Outside holders. account three days before the deadline of This the company holding the general meeting. is so that the custodians can collect the voting instructions and pass them on to the company holding the meeting. If you hold Logitech shares through a bank or brokerage or bank your with check please Canada, or U.S. the outside brokerage far as them to instructions voting your submit and deadline voting specific their for before that deadline as possible. Your Your broker, trustee or instructions for you to use trustee in or directing nominee the how broker, to vote nominee should have your shares. If you did not receive such instructions you enclosed must contact your bank or or brokerage for their voting instructions. provided voting We We have adopted a procedure approved by the SEC shareholders called in the United States. Under this procedure, shareholders who “householding” have for report the annual same and address and statement last proxy name our and of do copy not participate one in only electronic receive delivery will of materials proxy unless one or more of these postage and shareholders costs notifies printing us our that reduces they procedure wish This to copies. continue individual receiving fees. Each U.S. shareholder who participates in householding will continue to be able to access or receive a separate Proxy Card. If you wish to receive a separate proxy statement and annual by report at Broadridge, this time, agent, mailing our contacting by copy additional the request please at e-mail by or +1-866-540-7095 at telephone shareholders in your household wish to receive a separate proxy statement and annual Newark, Boulevard, Gateway 7700 report Relations, Investor to in write or +1-510-713-4220 the future, they California 94560. They may also send an email to our may investor relations group at call our [email protected] investor relations group at names or who share an or calling by reports annual and statements proxy address multiple of mailings discontinue with other stockholders can authorize writing to our investor relations group. us to Questions and Answers about The Logitech 2020 Annual 2020 Logitech The about Answers and Questions Meeting General Bank or Brokerage as Custodian Bank or Brokerage as Custodian or Canada) the U.S. (Outside WHAT IS THE WHAT DEADLINE FOR VOTING DELIVERING MY INSTRUCTIONS IF MY LOGITECH SHARES ARE REGISTERED BANK THROUGH MY AS OR BROKERAGE CUSTODIAN? Further Information for Shareholders with Shares Registered Through a HOW DO I VOTE BY SHARES IF MY PROXY ARE REGISTERED BANK THROUGH MY AS OR BROKERAGE CUSTODIAN? HOW DO I OBTAIN A I OBTAIN HOW DO SET OF SEPARATE OR MATERIALS PROXY SINGLE SET A REQUEST HOUSEHOLD IN FOR MY THE UNITED STATES?

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement If you are a registered shareholder and sign and return and sign and shareholder registered a are you If

If you are a registered shareholder and vote using the If you are a registered shareholder and vote using the

9 If you are a registered shareholder and sign and return a Proxy a return and sign and shareholder registered a are you If

Card without giving specific voting instructions for some or all agenda items, you items, agenda all or some for instructions voting specific giving without Card shares your vote to Representative Independent the to instructions give thereby formulated be could that in proposals accordance amended and with new for the as recommendations well as of items the agenda Board of Directors for such during the course of the meeting. Internet voting site, you have to give specific voting instructions to all agenda items before you can submit your instructions. – COUPON RESPONSE INTERNET VOTING – Internet voting site without giving specific agenda items, you thereby give instructions voting to the Independent Representative instructions for some or all to vote your shares in accordance with that proposals the amended and new recommendations for as well of as items agenda the such for Directors Board of could be formulated during course of the meeting. the – CARD PROXY INTERNET VOTING – a Response Coupon without giving specific voting instructions for some or all agenda items, you thereby give instructions to the Independent Representative to vote your shares in accordance with that proposals the amended and new recommendations for as well of as items agenda the such for Directors Board of could be formulated during course of the meeting. the Questions and Answers about The Logitech 2020 Annual 2020 Logitech The about Answers and Questions Meeting General U.S. SHARE REGISTER SWISS SHARE REGISTER If you are a beneficial owner of shares held in “street name” in the United States or Canada, if other matters are properly are matters other if Canada, or States United the in name” “street in held shares of owner beneficial a are you If or card instruction voting a on instructions voting discretionary provided have you and meeting the at voting for presented through the Internet or other permitted voting mechanisms or have not provided voting instructions, your shares will be voted in accordance with the recommendations of the Board of Directors at the meeting on such matters. Proxy Solicitation additional without employees, other and officers directors, our of Certain firm. solicitation proxy a retain to expect not do We the with connection in otherwise or e-mail telephone, by writing, in or personally shareholders contact may compensation, hold who nominees and brokers that request to required are brokers we States, such United reimburse the In must meeting. the we at and made be shares, to proposals the of owners beneficial the to material proxy our furnish names their in shares and nominees for the expenses of doing so in accordance certain U.S. statutory fee schedules. with Other Meeting Information Other Meeting Proposals There are no other matters that the Board intends to present, or has reason to believe others will present, Annual at the General Meeting. shareholder: If you are a registered 10 . You may also contact the Secretary of Logitech at our principal executive executive principal our at Logitech of Secretary the contact also may You . http://ir.logitech.com Questions and Answers about The Logitech 2020 Annual 2020 Logitech The about Answers and Questions Meeting General Tabulation of Votes of Tabulation that shareholders registered of instructions voting the tabulate will Registrar Share our companies, Swiss for typical is As are provided advance the meeting. in of and Nominees Shareholder Proposals Annual General Meeting for 2020 Shareholder Proposals Articles Under of our Incorporation, one or more registered shareholders who together represent shares representing at may francs Swiss million one of value par aggregate an (ii) or capital share issued our of percent one (i) of lesser the least demand that an item be placed on the Any agenda such of proposal a must meeting be of included shareholders. by the describe and writing in be must agenda meeting the on item an place to request A meeting. the for materials our in Board July was agenda the for proposals receive to deadline the Meeting, General Annual 2020 the to respect With proposal. the 10, 2020. In addition, under Swiss law Annual General Meeting agenda before the meeting. may propose alternatives to items on the 2020 shareholder, registered shareholders, or persons holding a valid proxy from a Annual General Meeting registered Shareholder Proposals for 2021 We anticipate demand holding may Incorporation of Articles our Company’s the 2021 in requirements Annual shareholding minimum the General satisfy who shareholders Meeting on request written a delivering or by shareholders of Meeting General about Annual 2021 our September for agenda the on placed 8, be item an that 2021. One or more registered describing the proposal requirements to shareholding the the Secretary satisfy of and Logitech shareholder at registered our a principal are executive you office in if either addition, Switzerland In or 2021. the 9, United July than later no States under Rule 14a-8 of the U.S. Securities Exchange Act of Annual General Meeting agenda by delivering a request 1934 consideration by the Board of Directors for inclusion in the 2021 (the “Exchange Act”), you may submit a proposal for the Switzerland or either in office principal executive our at Logitech of Secretary the proposal to the description of a and securities which U.S. Act, Exchange the under of 14a-8 Rule with materials comply to need will proposal proxy The 2021. 26, March company-sponsored than later no States United in proposals shareholder of inclusion the for requirements shareholders. the Logitech as lists recognized are shareholders registered only Incorporation of Articles Company’s the Under laws. Annual General Meeting. shareholder As a result, if you are not a registered you may not make proposals the 2021 for Nominations of Director Candidates Nominations of director candidates by registered shareholders must follow the rules for shareholder proposals above. of Incorporation Articles Provisions of The relevant provisions of Articles our of aggregate Incorporation an (ii) regarding or the capital share right issued our of of one percent one or (i) more of lesser registered the least shareholders at who representing shares represent together par value of one million Swiss francs to demand that an item be placed on the agenda of a meeting of shareholders are at website our on available office in either Switzerland or the United States to request a copy of the relevant provisions of our Articles of Incorporation. of Articles our of provisions relevant the of copy a request to States United the or Switzerland either in office

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement http:// 11

. Agenda Proposals and Explanations and Proposals Agenda Proposal financial statutory the and statements financial consolidated the Report, Annual the that proposes Directors of Board The International fiscal statements of Logitech 2020 be approved. S.A. for year Explanation The Logitech consolidated financial statements and the statutory financial or statements on shareholders of registered all Logitech to available International made was S.A. which Report, for Annual Logitech’s in contained are 2020 year fiscal auditors Logitech’s of reports the contains also Report Annual The Statement. Proxy and Invitation this of date the before on the consolidated financial so-called statements (the Corporations Public by Compensation and Excessive Against Ordinance on Swiss the with compliance in the prepared statutory financial statements, Logitech’s Remuneration Report on information additional Report, Remuneration the on auditors statutory the of report the as well as Ordinance”) “Minder and information relating to corporate governance as business, the required organization Company’s by and the strategy, at Internet the on available are Report Annual the of Copies governance. corporate on directive Exchange Swiss SIX Proposal 1 Proposal and Financial Statements Report, the Consolidated Annual the Approval of S.A. for Fiscal of Logitech International Financial Statements the Statutory 2020 Year ir.logitech.com Under the Swiss annual law, report and financial statements of Swiss companies must be submitted to shareholders for shareholders, by proposal this on vote negative a of event the In meeting. general annual each at disapproval or approval the Board of Directors will call an extraordinary general meeting of shareholders for reconsideration of this proposal by shareholders. Approval of this proposal does not constitute approval or disapproval of any of the consolidated individual matters the referred that to Annual Report or the consolidated or statutory financial statements for fiscal year 2020. in Meeting the General Annual the to recommendation unqualified an issued auditors, Logitech as AG, KPMG the that opinion their expressed AG KPMG approved. be S.A. International Logitech of statements financial statutory and consolidated financial statements for the year ended March 31, 2020 in present all fairly, material respects, the financial position, the results of operations and the cash flows in accordance with accounting principles generally accepted in the United States America of (U.S. GAAP) and comply with Swiss They law. further expressed their opinion and confirmed that the statutory financial statements and the proposed appropriation of available earnings comply with Swiss required information law the and contains Report Remuneration the and S.A. International Logitech of Incorporation of Articles the by Swiss law. Proposal Approve Requirement to Voting Annual General Meeting, not counting abstentions. at the “FOR” vote of a majority of the votes cast The affirmative Recommendation The Board of Directors recommends a vote “FOR” approval Annual of Report, the the consolidated financial statements and the statutory financial fiscal year statements of Logitech International for 2020. S.A. 12

provide a balance between short-term and long-term and objectives results; increasing to compensation of portion significant a tying by interests shareholders’ with compensation executive align share value; and reflect an executive’s role and past performance through base salary and short-term cash incentives, and his or her potential future contribution for through long-term equity incentive awards. provide compensation sufficient to attract and retain the level of talent needed to create and manage an innovative, high-growth, global highly company in competitive and rapidly evolving markets; support a performance-oriented culture; at compensation total of portion significant a place and compensation variable and fixed between balance a maintain risk based on Logitech’s performance, while maintaining controls over inappropriate risk-taking by factoring in both annual and long-term performance;

Agenda Proposals and Explanations and Proposals Agenda • • • • • • Proposal 2 Proposal Compensation Executive Approve to Vote Advisory Proposal named Logitech’s of compensation the basis, advisory an on approve, shareholders that proposes Directors of Board The 2020. Year Compensation for Fiscal Report disclosed in Logitech’s executive officers Explanation Since 2009, the Logitech Compensation the of Board section Analysis” of and Discussion “Compensation Directors the in out has set as practices, asked and policies shareholders philosophy, each year to approve Logitech’s compensation Report, in a proposal commonly known as a Annual “say-on-pay” General proposal. Meeting, Beginning a with the 2011 U.S. applicable the to subject are that Logitech, including companies, public all for required was vote advisory say-on-pay each in practices and policies philosophy, compensation our of supportive been have Shareholders rules. statement proxy of those years. Accordingly, annually. vote say-on-pay the take to proposal a approved shareholders Meeting, General Annual 2017 the At the Board of Directors is asking shareholders to approve, on an advisory basis, the compensation of Logitech’s named executive officers disclosed in the Compensation Report, including the “Compensation Summary Compensation Discussion table and and Analysis,” the related the compensation tables, notes, and narrative. This vote is not but address rather any the specific overall items compensation of compensation or any specific named executive intended officer, to applicable with comply policies and practices described in the Compensation Report. to and the philosophy, of our named executive officers and practice best a as out carried is It binding. not is therefore and advisory is vote say-on-pay This U.S. proxy statement rules, and is consequently independent from, and comes in addition Approval of Compensation contemplated of to, the 2022 Board of year Directors for the fiscal the 2020 contemplated to for in 2021 binding Proposal Board Year 9 below vote Team on Management Group the the for Compensation of Approval the on vote binding the and the Proposalsay-on-pay vote will provide information to us regarding shareholder in views However, about our 10 below. executive compensation philosophy, policies and practices, which the Compensation Committee of the Board will be able be will Board the of Committee Compensation the which practices, and policies philosophy, compensation executive to consider when determining future executive compensation. The Committee will seek to determine the causes of any significant negative voting result. As discussed in the Compensation Discussion Analysis and section of Logitech’s Compensation Report for Fiscal Year 2020, Logitech has designed compensation its programs to:

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement 13 Agenda Proposals and Explanations and Proposals Agenda While compensation is a central part of attracting, retaining and motivating the best executives and employees, we believe believe we employees, and executives best the motivating and retaining attracting, of part central a is compensation While why or Logitech, at stay and join to choose employees or executives exceptional why reason exclusive or sole the not is it they work hard to achieve results for shareholders. In this regard, both the Compensation Committee and management express develop, can employees and executives which in opportunities and environment working a providing that believe their individual potential, and make a difference, are also a key part of Logitech’s success in attracting, motivating and retaining and executives employees. The Compensation Committee of the Board has developed a compensation compensation program that philosophy, is compensation described Logitech’s more fully Statement. in Proxy the and Invitation this in included Report Compensation for Report Compensation the in out set also are 2020 year fiscal during paid compensation and design, and risks program 2020. Year Fiscal Approve Proposal Requirement to Voting Annual counting General Meeting, not abstentions. at the votes cast “FOR” vote of a majority of the The affirmative Recommendation The Board of Directors recommends a vote “FOR” approval of the following advisory resolution: “Resolved, that Fiscal the compensation paid for to Logitech’s named executive officers as disclosed in the Table Compensation Report Compensation "Summary the Analysis,” and Discussion “Compensation the including 2020, Year Fiscal for 2020" and the related compensation tables, notes, and narrative discussion, is hereby approved.” Year 962,286,753 (134,000,000) 1,096,286,753 Year ended Year March 31, 2020 CHF CHF CHF 14

The per share approximations are based on 166,896,973 shares outstanding, net of treasury shares, as of March 31, of as shares, treasury of net outstanding, shares 166,896,973 on based are approximations share per The S.A. International Logitech by held shares treasury for except issued shares all are shares Distribution-bearing 2020. on the day preceding the payment of the distribution. Agenda Proposals and Explanations and Proposals Agenda

Retained earnings available at the Retained earnings 2020 end of fiscal year Proposed dividends earnings to be Balance of retained carried forward Proposal 3 Proposal of Dividend and Declaration Earnings of Retained Appropriation Proposal rate exchange the on based 1,134,985,675 USD (approximately 1,096,286,753 CHF that proposes Directors of Board The on March 31, 2020) of retained earnings be appropriated as follows: * (approximately USD 138,730,200 based on the exchange rate on March 31, 2020), or approximately CHF 0.8029 per share per 0.8029 The CHF approximately or Board 2020), 31, March on rate of exchange the on Directors based 138,730,200 USD approved (approximately and proposes distribution of (approximately USD 0.8312 share).* per a gross aggregate dividend of CHF No distribution shall be on shares held made in treasury by the Company and its subsidiaries. 134,000,000 If the proposal of the Board of Directors is approved, the dividend payment of approximately CHF 0.8029 per share (or approximately CHF 0.5219 per share after deduction of 35% Swiss withholding tax whenever required) will be made 21, on September about or on be will (which date record the of as record on shareholders all to 2020 22, September about or made payments For 2020. 18, September approximately of as ex-dividend traded be will shares the that expect We 2020). in U.S. dollars, we expect use currency exchange as of the date of the meeting, September to the 2020. rate 9, Explanation Meeting General Annual 2020 the at shareholders Under Logitech Swiss law, of the use disposal of the retained at earnings must earnings be retained submitted The to shareholders meeting. for general approval annual or disapproval at each are the earnings the Logitech of Logitech International S.A., parent holding company. The proposal of the Board of Directors to distribute a gross dividend of approximately CHF 0.8029 per share represents an increase of approximately 10% over following the another prior year year, of strong cash flow from operations, and is Company’s an indication the of of the approval Board the of Directors’ to confidence (subject in the year future every of Company the the Directors Company. decided Since on a recurring annual gross dividend of fiscal and not on As an a occasional consequence, year one. the shareholders Company 2013, the the to Board of dividend a such propose to expects statutory auditors in the applicable year). Other than the distribution of the dividend, the Board of Directors proposes the carry-forward of retained earnings based future for earnings Logitech’s retain to shareholders its and Logitech of interests best the in is it that belief Board’s the companies on other of acquisition possible the for and repurchases, share for business, Logitech’s of growth the in investment or lines of business. Proposal Approve Requirement to Voting Annual General Meeting, not counting abstentions. at the “FOR” vote of a majority of the votes cast The affirmative Recommendation respect with earnings retained of appropriation proposed the of approval “FOR” vote a recommends Directors of Board The to fiscal year 2020,including the payment of a dividend to shareholders in an aggregate amount CHF 134,000,000.of

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement

15 Article 27 9, 2022 to increase the share is authorized at any time until September The Board of Directors through the 4,327,666 of CHF by a maximum aggregate amount capital of the Company 0.25 each, registered shares with a par value of CHF issuance of not more than 17,310,662 which will have to be fully paid in. The Board of Directors may authorize the issuance Increases in partial amounts are permitted. or similar process carried out by one or more banks of new shares by means of an underwriting to offering the new shares to existing shareholders or to or other financial institutions with a view determine the type of contributions, the issue price, third parties. The Board of Directors shall the exercise of the preferential subscription rights, the the time of the issue, the conditions for rights and the date upon which the new shares use of unexercised preferential subscription Board of Directors may authorize, restrict or exclude the shall become entitled to dividends. The trading of preferential subscription rights. but not exercised, the Board of Directors shall use If preferential subscription rights are granted, shares in the interest of the Company. the rights associated with the relevant withdraw the preferential subscription rights of existing The Board of Directors may restrict or valid reasons, in shareholders, and allocate such rights to third parties or to the Company for of particular if the new shares are being issued in connection with: (a) the acquisition licenses or new companies, enterprises, participations, assets, intellectual property rights, the financing and/or investment projects; (b) a public offering or private placement of shares for public offering or refinancing of an acquisition of the kind referred to under (a) above; (c) a or private private placement of shares, under circumstances in which such public offering under less favourable placement would be difficult to carry out or could likely only be carried out restricted or terms if the preferential subscription rights of existing shareholders were not or (e) the withdrawn; (d) the acquisition of a stake in the Company by a strategic partner; or in the context of a broadening of the shareholder base of the Company in certain jurisdictions listing or admission to trading on a domestic or foreign stock exchange. Agenda Proposals and Explanations and Proposals Agenda Other provisions under Title VIII of the Articles of Incorporation of the Company remain unchanged. The French text of the of text French The unchanged. remain Company the of Incorporation of Articles the of VIII Title under provisions Other Article 27 (which shall be the only legally binding) can be found at http://ir.logitech.com. proposed new Proposal 4 Proposal Amendment of the Articles of Incorporation Regarding the Creation of an Authorized Capital Share registered new 17,310,662 Proposal to up issue to Directors of Board the authorize shareholders that proposes Directors of Board The the in effect that to added be 27 Article new a that and 2022 9, September until each CHF 0.25 of value par a with shares Article 27 with text: the following Articles of Incorporation of the Company in replacement of the existing 16 " approval of the proposed amendments to the Articles of to the FOR" approval of the proposed amendments Agenda Proposals and Explanations and Proposals Agenda Incorporation to create an authorized share capital. Incorporation to create an authorized The Board of Directors proposes to create a new authorized share capital in replacement of the authorized share capital Article 27 contemplated of in the which the articles will existing of expire incorporation on of September the 5, Company, 2020. In compliance with Swiss the company Board law, of Directors proposes that the new authorized share capital be created for a period of two years from the date Annual of General the Meeting (i.e. until September 9, 2022). The Board of Directors further proposes that the new authorized share capital be limited to 10% of the existing share to capital Company of the for the possible it make will capital share authorized The 27. Article existing the in 20% from down Company, raise capital in a fast and flexible manner transactions or relationships. whenever necessary and to carry out or finance acquisitions or Approve Proposal strategic Requirement to Voting counting not Meeting, General Annual the at represented shares the of majority two-thirds a of vote "FOR" affirmative The abstentions. Recommendation a vote " The Board of Directors recommends Explanation

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement 17 Agenda Proposals and Explanations and Proposals Agenda Proposal 5 Proposal Release of the Board of Directors and Executive Officers from Liability for Proposal Officers Executive and Directors of Board the of members the release shareholders that proposes Directors of Board The from liability activities during fiscal for year 2020. Explanation As is customary for Swiss from corporations Officers and Executive the in and accordance Directors of with Article Board the 698, of members subsection the 2, release to item requested are 5 shareholders Obligations, of the Swiss Code of liability for their activities during fiscal year 2020 that have been exempts disclosed members to of shareholders. the This Board release of from Directors liability or Executive Officers from liability shareholders on claims behalf of brought the Company by against any the of them Company for activities or carried out its during fiscal year 2020 relating to facts that have been disclosed to shareholders. Shareholders that do not vote in favor of the proposal, or acquire their ending period a for result the by bound not are resolution, this of approval the of knowledge without vote the after shares six months after the vote. Approve Proposal Requirement to Voting not and abstentions counting not Meeting, General Annual the at cast votes the of majority a of vote “FOR” affirmative The counting any member of the Board of Directors or of any Logitech the votes of executive officers. Recommendation The Board of Directors recommends a vote “FOR” the proposal to release the members of the Board of activities from liability for during fiscal year 2020. Executive Officers Directors and Activities during Fiscal Year 2020 Year Fiscal Activities during 18

Agenda Proposals and Explanations and Proposals Agenda Proposal 6 Proposal of Directors to the Board Elections Our Board of Directors is presently composed of eleven members. Each director was elected for a one-year term ending Annual General Meeting. 2020at the closing of the At the recommendation of the Nominating Committee, the Board has nominated the twelve individuals below to serve as the of Ten 2020. 9, September on Meeting General Annual the of as case each in beginning term, one-year a for directors Annual the of closing the upon expire terms current Their Directors. of Board the of members as serve currently nominees Cadonau Riet Mr. General of Meeting candidacies on September The 9, Board. 2020. The the other to nominees were election recommended for by the nominees Nominating as Committee 2020 of the July in Board the by approved and Board a search firm that we engaged to identify Thomas as nominees were recommended by and Egon Ms. Zehnder, Deborah director candidates. Mr. Guerrino De Luca, having served the Company Annual Meeting, General stand re-election. has decided to for not as years through the 2019 Chairman Board for 11 of the a member of the Board for 22 years nominee. each and on vote separate a be will There Meeting. General Annual next the of closing the at ends office of term The Board the elected, are below individuals the If shareholders. by appointed be only may members Board law, Swiss Under will be composed of twelve members. The Board has no reason to believe that any of our nominees will be unwilling or unable to serve if elected as a director. Board, the of Committees the Board, the of members current the including Directors, of Board the on information further For the means by which the Board exercises supervision of Logitech’s executive officers, and other information, please see “Corporate Governance and Board of Directors Matters” below. Aebischer Patrick Re-election of Dr. 6.A ending term one-year a for Board the to re-elected be Aebischer Patrick Dr. that proposes Directors of Board The Proposal: Annual General Meeting. at the closing of the 2021 For biographical information and qualifications of Aebischer, Dr. please refer to “Corporate Governance Directors” Directors Matters – Members of the Board of on page 29. and Board of Becker 6.B Re-election of Ms. Wendy ending term one-year a for Board the to re-elected be Becker Wendy Ms. that proposes Directors of Board The Proposal: Annual General Meeting. at the closing of the 2021 Directors of Board and Governance “Corporate to refer please Becker, Ms. of qualifications and information biographical For on page Matters – Members of the Board of Directors” 29. Edouard Bugnion 6.C Re-election of Dr. ending term one-year a for Board the to re-elected be Bugnion Edouard Dr. that proposes Directors of Board The Proposal: Directors of Annual General Meeting. at the closing of the 2021 Board and Governance “Corporate to refer please Bugnion, Dr. of qualifications and information biographical For Matters – Members of the Board of Directors” on page 30. Bracken Darrell 6.D Re-election of Mr. Darrell, Bracken Mr. Officer, Executive Chief and President Company’s the that proposes Directors of Board The Proposal: Annual General Meeting. be re-elected to the Board for a one-year term ending of the 2021at the closing Directors of Board and Governance “Corporate to refer please Darrell, Mr. of qualifications and information biographical For Matters – Members of the Board of Directors” on page 30. Guy Gecht 6.E Re-election of Mr. Guy Gecht be re-elected to The the Board Board of for Proposal: Directors a proposes one-year that term Mr. ending at Annual General Meeting. the closing the 2021of Directors of Board and Governance “Corporate to refer please Gecht, Mr. of qualifications and information biographical For Matters – Members of the Board of Directors” on page 31. Didier Hirsch 6.F Re-election of Mr. The Proposal: Board of Directors Didier proposes Hirsch that be Mr. re-elected to the Board for a one-year term ending Annual General Meeting. at the closing of the 2021

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement as term and healthy a Directors products, term ending of for Board the on provider solutions and Board of Directors and Board and Board of of and Management Program at global a to the Board for a one-year provider AG, Advanced corporation, to the Board for a one-year term ending Holding international industrial a provider of integrated access and workforce an to “Corporate Governance to “Corporate Governance and Board of Directors AG, , please refer to “Corporate Governance and Board of dormakaba 19 international of Group AG, an AG, Officer . Polk, please refer . Michael Polk be re-elected Zehnder . Hunt, please refer Governance Governance refer to “Corporate . Hirsch, please Hunt be re-elected . Neil Hunt be re-elected Board for a one-year to the term ending at the the of Ms. Montgomery of Ms. Lao, please Governance refer to “Corporate and Board of Directors of Mr of Dr Fischer of Mr Directors” on page 33. of that Ms. Neela Montgomery be re-elected that Mr that Ms. Marjorie Lao be re-elected for a one-year to the Board Executive of General Meeting. Georg Chief of Committee Annual and and qualifications and qualifications Annual General Meeting. Annual General Meeting. Committee Chairman

Compensation the information information and qualifications information information and qualifications information information and qualifications the is Administration from the University of Zurich. He also attended the Board from 2001 to 2005, as General Manager, Transport Revenue and Deputy Chief Executive Officer from from 2005 to 2007 after ACS acquired Ascom’s Transport division, before returning to Ascom as Chief Executive on-site communications, as the Chief Executive Officer from August 2007 to March 2011, as a member of the the 2021 Annual General Meeting. of the 2021 at the closing of the 2021 and Compensation will hold that role until the end of March 2021) and as Chairman since October 2018 (a role in which he will continue). Cadonau Business (ACS), an information technology company, as Senior Vice President, Europe and Managing Director, Transport a member of the Management Board and Director of Global Services from 1998 to 2001. Mr. Cadonau serves on the elected, Mr. Cadonau will join the Board on April 1, 2021, following his transition from being the Chief Executive elected, Mr. Agenda Proposals and Explanations and Proposals Agenda olutions and services for access to buildings and rooms. He has served as the Chief Executive Officer since September 2015 biographical For biographical Matters – Members of the Board of Directors” on page of Directors” on Members of the Board Matters – 31. Neil Hunt of Dr. 6.G Re-election of Directors proposes The Board Proposal: that Dr closing For biographical indoor climate. Mr. Cadonau has a BA in Business and Economics from the University of Basel and an MA in Economics and Revenue INSEAD. Mr. Cadonau is 59 years old and a Swiss national. Mr. Cadonau brings senior technology, leadership and technology international incubation, experience developing with solutions combining hardware, manufacturing, software and mechanical, services to the Board from electronic M&A, his leadership roles at dormakaba, and Swiss/international roles. Ascom, ACS and IBM as well as his Swiss public company Board and governance cloud-based cross-cultural investor bases, If and The Board of Directors has determined that he will be an independent Director. Officer of dormakaba. Board (and Mr. Cadonau was the Chief Executive Officer of Kaba Holding Executive Matters – Members of the Board of Directors” on page Matters – Members of the Board of Directors” 33. Riet Cadonau of Mr. 6.K Election Proposal: In accordance with the recommendation of the Nominating Committee, the Board of Directors proposes that Mr. Riet Cadonau be elected to the Meeting. Board for a one-year term ending at the closing Riet of the 2021 Annual General management solutions, from July 2011 to September 2015 when it merged with Dorma Group to form dormakaba. Prior to Kaba, Mr. Cadonau spent eight years in management at Ascom Holding AG, a telecommunications company focusing on wireless Officer. He also spent eleven years at IBM Corporation, a multinational technology company, in Switzerland, most recently as Chairperson of 2002 to 2005 and as General Manager, Integrated Services from 2001 to 2002. Inc. He joined Affiliated Computer Services Matters – Members of the Board of Directors” on page Matters – Members 32. Ms. Marjorie Lao 6.H Re-election of of Directors proposes Proposal: The Board Michael Polk 6.J Re-election of Mr. Proposal: The Board of Directors proposes s For biographical at the closing of the 2021 For biographical at the closing of the 2021 at the closing of the of the Board of Directors” on page Matters – Members 32. 6.I Re-election of Ms. Neela Montgomery Proposal: The Board of Directors proposes ending For biographical Directors Matters – Members of the Board Directors Matters – Members of the Board 20 Agenda Proposals and Explanations and Proposals Agenda Deborah Thomas is an Executive as and 2009 June since Vice Officer Financial Chief as position President current her in served has Thomas and Ms. company. entertainment the Chief Financial Financial Chief and President Officer Vice Senior a as Hasbro served previously of Hasbro, She 2013. March since Inc.,President Vice Executive a global play and Officer from June 2009 to FebruaryController Assistant and President Vice and 2008, 2013,May to 2003 LLP May from SeniorController Marwick, and President Peat Vice Senior Vice 2009, KPMG May at President positions Assurance held Thomas andMs. Head Hasbro, joining to Corporateof Prior 2003. April Financeto 1998 August from June 2008 to from the on serves She Manager. Senior a as recently most 1998, to 1986 from Kingdom United the in and States United the in Airport Corporation, which of operates the and Rhode Board maintains Island Treasurer and six Thomas as airports. Ms. is also a Accountant.Certified She Public holds a BS degree from Providence College. Ms. Thomas is 56 years old and a U.S. national. As the Chief Financial Officer of a leading consumer products, entertainment and media and company, with significant finance and accounting expertise developed over several decades at a global conglomerate accounting and a firm, Big 4 Ms. international Thomas brings senior leadership, finance multi-brand consumer media product, gaming, and services experience to the Board. (including international and multi-category, U.S. GAAP), information technology, M&A, The Board of Directors has that she will determined be an independent Director. Approve Proposals Requirement to Voting Annual Meeting, not counting General abstentions. at the of a majority of the votes cast “FOR” vote The affirmative Recommendation The Board of Directors recommends the above a vote “FOR” the election to the Board of each of nominees. Ms. Deborah Thomas be elected to the Board for a one-year term ending at the closing of the 2021 Annual General Meeting. Meeting. General Annual 2021 the of closing the at Proposal: In ending accordance with the term recommendation of one-year the Nominating a Committee, the for Board of Board Directors proposes that the to elected be Thomas Deborah Ms. 6.L Election of Ms. Deborah Thomas of Ms. Deborah Election 6.L

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement 21 Agenda Proposals and Explanations and Proposals Agenda Proposal 7 Proposal the Board of of the Chairperson Election elected be Directors of Board the of Chairperson the that requires law Swiss Ordinance”, “Minder so-called the to Pursuant General Annual following the of closing the at ending term one-year a for Meeting General Annual each of occasion the on Becker Wendy Ms. selected has Directors of Board the practices, best governance corporate current with line In Meeting. as its nominee to continue to lead the Board of Chairperson since 2019, Directors is a non-executive member of the Board as of Directors since September 2017, and is the an current independent Chairperson. Ms. Becker has been "Corporate in qualifications and biographical information her in noted As the Committee. Nominating Company's the of Chair Governance of the Board of Directors" on Board of Directors Matters - Members and 29, Ms. Becker has extensive page senior leadership experience as well and as broad diverse experience boards directors with of and trustee positions. Proposal one- a for Directors of Board the of Chairperson as re-elected be Becker Wendy Ms. that proposes Directors of Board The Annual General Meeting. year term ending the 2021at the closing of Approve Proposal Requirement to Voting Annual Meeting, not counting General abstentions. at the of a majority of the votes cast “FOR” vote The affirmative Recommendation The Board of Directors recommends a vote “FOR” the re-election of Ms. Wendy Becker as Chairperson of the Board of Directors. “

Proposal 6, Elections to the Board of 22 ” Agenda Proposals and Explanations and Proposals Agenda Proposal 8 Proposal Committee to the Compensation Elections Our Compensation Committee is presently composed of three members, all of whom are January standing on for law re-election corporate to Swiss the the to amendment the Following Committee. Compensation the to and Directors of Board 1, 2014, the members of the Compensation Committee are to be elected annually and individually by the shareholders. Board of Directors Only members of the as members the Compensation can be elected Committee. of to below individuals four the nominated has Directors of Board the Committee, Nominating the of recommendation the At serve as members of the Compensation Committee for a nominees the of term all charter, of Committee Compensation our by one required as and, Committee year. Compensation Three the of members of the nominees currently serve as are independent in accordance with the requirements of the listing standards of the Nasdaq Stock Market, the outside director definition of Section 162(m) of the U.S. Internal Revenue Code of 1986, as amended, the definition of Rule and Commission, Exchange and Securities U.S. the by promulgated 16b-3 Rule of purposes for director” employee a “non- Act of 1934, as amended. Securities 10C-1(b)(1) U.S. Exchange of the nominee. each on vote separate a be will There Meeting. General Annual next the of closing the at ends office of term The Edouard Bugnion Re-election of Dr. 8.A Edouard Bugnion be The re-elected Board to of Proposal: the Directors Compensation proposes Committee that for Dr. Directors of Annual General Meeting. a one-year ending the 2021term at the closing of Board and Governance “Corporate to refer please Bugnion, Dr. of qualifications and information biographical For on page Matters – Members of the Board of Directors” 30. Neil Hunt 8.B Re-election of Dr. Proposal: The Board of Directors proposes that Neil Dr. Hunt be re-elected to the Compensation Committee for a one- Annual General Meeting. year term ending the 2021at the closing of Directors of Board and Governance “Corporate to refer please Hunt, Dr. of qualifications and information biographical For on page Matters – Members of the Board of Directors” 32. Michael Polk 8.C Re-election of Mr. one- a for Committee Compensation the to re-elected be Polk Michael Mr. that proposes Directors of Board The Proposal: Annual General Meeting. year term ending the 2021at the closing of Directors of Board and Governance “Corporate to refer please Polk, Mr. of qualifications and information biographical For on page Matters - Members of the Board of Directors”, 33. Riet Cadonau 8.D Election of Mr. one- a for Committee Compensation the to elected be Cadonau Riet Mr. that proposes Directors of Board The Proposal: Meeting. General Annual 2021 the of closing the at ending term year For biographical information and qualifications of Mr. Cadonau, please refer to If elected, Mr. Cadonau will join the Compensation Committee April on 1, 2021, when he joins dormakaba. the of Board Officer Executive of Chief Directors the being from transition his following Proposals Approve Requirement to Voting Annual General Meeting, not counting abstentions. at the “FOR” vote of a majority of the votes cast The affirmative Recommendation Our Board of Directors recommends a vote “FOR” the election to the Compensation Committee nominees. of each of the above Directors , on Page 19.

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement 23 approximately CHF 350,000. equivalent awards corresponds to a fixed amount and the number of shares granted will be calculated at market value market at calculated be will granted shares of number the and amount fixed a to corresponds awards equivalent at the time of their grant. Board of Directors include annual retainers for Board and committee service and, starting in the 2019 - 2020 Board an annual retainer for a non-executive Chairperson. Year, Agenda Proposals and Explanations and Proposals Agenda In his capacity as a member of the Group Management Team, Mr. Bracken Darrell is not entitled to compensation for his Mr. In his capacity as a member of Team, the Group Management Board of Directors. services on the Company’s assumptions The proposal. the in forth set compensation of amount aggregate maximum the approving are Shareholders set forth in this explanation are based on the decisions. Company’s The Company current may redesign expectations its compensation about plans or future make alternative compensation compensation decisions plans within the and maximum aggregate amount of compensation approved by members of shareholders. the Board of The Directors for the 2020 actual - 2021 will Board be Year disclosed compensation in the Compensation Report awarded in the to the Annual General Meeting. Invitation and for the 2022Proxy Statement proposal alternative an submit will Directors of Board the shareholders, by proposal this on vote negative a of event the In to the same or a subsequent general meeting. Proposal Approve Requirement to Voting Annual General Meeting, not counting abstentions. at the “FOR” vote of a majority of the votes cast The affirmative Recommendation The Board of Directors recommends a vote “FOR” the approval of the maximum aggregate amount of the compensation of the members of the Board of Directors of CHF 3,500,000 for the Annual term General of from office Meeting the 2020 Annual General Meeting. until the 2021 • Other payments, including accrual of the Company's estimated contributions to social security, of a maximum of • Share or share equivalent awards of a maximum of approximately CHF 2,100,000. The value of share or share Proposal 9 Proposal for the of Directors the Board for of Compensation Approval 20202021 to Proposal the of compensation the of amount aggregate maximum a approve shareholders the that proposes Directors of Board The Board of Directors of CHF 3,500,000 for the term of office from the Annual 2020 General Meeting until the Annual 2021 Year”). General Meeting (the “2020 – 2021 Board Explanation a to year each subject be must Directors of Board the of compensation the Ordinance”, “Minder so-called the to Pursuant paragraph quarter, 19 Article Incorporation. of Articles Logitech’s by contemplated manner the in vote, shareholder binding 1(a) of Logitech’s Articles of Incorporation Annual General Meeting. allows compensation the next the Board of Directors for the period of up to shareholders to approve the maximum aggregate amount of Under the Articles the Company’s of Incorporation, the compensation of the members of the Board of Directors who do not have management responsibilities consists of cash compensation payments and and shares shares or or share equivalents. share The value of shares or share equivalents is calculated value at the time of grant. at market responsibilities assumed. The equivalents value of corresponds cash to a fixed the of members non-executive eleven on based determined amount, been has 3,500,000 CHF of amount maximum proposed The which reflects the functions and Board of Directors and on the following non-binding assumptions: With respect to the eleven non-executive members the Board Directors: of of • Cash payments of a maximum of approximately CHF 1,050,000. Cash payments for non-executive members of the Board Year Board of the Article fiscal assumptions Team must be during paid the compensation Annual General Meeting General Annual non-binding Articles of Incorporation. of Articles eam for Fiscal Team for amount of As the 2020 the As and compensation Team is independent from, and comes in addition to, the 24 eam for the next fiscal year. fiscal next the for Team approve a maximum aggregate program risks and design, has been determined based on the following for fiscal year 2022. Articles of Incorporation allows shareholders to approve the maximum aggregate maximum the approve to shareholders allows Incorporation of Articles , compensation Team as an aggregate group: philosophy eam of USD 29,400,000 Team of USD 29,400,000 set forth in the Compensation Report. maximum amount of USD 29,400,000 compensation related expenses, 401(k) savings plan matching contributions, premiums for group term life insurance and long-term disability insurance, employer’s contribution to medical premiums, relocation expenses, or defined benefit extended pension business plan employment travel-related contributions, accrual of of components these estimated of all provide not employer's does generally Company The contribution awards. other and Medicare, to and security social other compensation to all executives each year, but the formulated to provide flexibility cover these to compensation as applicable. components proposed maximum amount of compensation has been in the form of performance-based restricted stock units, or PSUs, time-based restricted stock units, or RSUs, or other or RSUs, or units, stock restricted time-based PSUs, or units, stock restricted performance-based of form the in the of amount maximum regarding assumption The plans. equity applicable the in contemplated instruments financial equity incentive awards assumes maximum achievement of all performance goals and full vesting of all time-based equity As incentive in awards. past years, the value of PSUs, RSUs or other financial instruments granted as equity incentive awards, and included in the compensation reported in our Compensation Report, is calculated based on estimated fair value their grant. at the time of the form of incentive cash payments may be earned under the Logitech Management Performance Bonus Plan (the “Bonus Plan”) assumption or other The cash incentive. bonuses approved target by the executive’s Compensation the Committee. Payout of under 200% the Bonus to Plan 0% is variable, and is based on or other the performance achievement goals, of individual and the executives’ Company’s, from range to continue to expected is 2022 year fiscal for of achievement maximum assumes 2022 year fiscal for bonus performance-based the of amount maximum regarding all performance goals. Gross base salaries of USD 2,520,000. of a maximum Agenda Proposals and Explanations and Proposals Agenda Proposal 10 Proposal Management the Group for of Compensation Approval Year 2022 Proposal proposes The Board of Directors that the shareholders Shareholders are approving the maximum aggregate amount of compensation set forth in the proposal. The assumptions The proposal. the in forth set compensation of amount aggregate maximum the approving are Shareholders set forth in this explanation are based on the decisions. Company’s The Company current may redesign expectations its compensation about plans or future make alternative compensation compensation decisions plans within the and maximum aggregate amount of compensation approved by shareholders. The actual compensation awarded to the • Other compensation of a maximum of USD 900,000. Other compensation may include tax preparation services and •granted generally are awards incentive equity Long-term 21,150,000. USD of maximum a of awards incentive Equity • will include four members. Team The Group Management • •in compensation cash Performance-based 4,830,000. USD of maximum a of compensation cash Performance-based Group Management Group Management Explanation Pursuant to the so-called “Minder Ordinance”, the compensation Logitech’s by of contemplated the manner Company’s the Group in Management vote, shareholder binding a to year each subject Logitech’s of 1(b) paragraph quarter, 19 amount of the compensation of the Group Management Group the of compensation the of amount takes place in the middle of Logitech’s fiscal year 2021, the applicable next fiscal year is fiscal year This 2022. required, binding vote on the compensation of the Group Management contemplated in Proposal 2. non-binding, advisory say-on-pay vote Logitech’s Group Management Team currently consists of Mr. Bracken Darrell, President and Chief Executive Officer. Mr. Nate Olmstead, Chief Financial Officer, Mr. Prakash Arunkundrum, Head of Global Operations, and Ms. Samantha Harnett, General Counsel. Logitech’s year 2020 are The proposed for Logitech’s Group Management Group Management for Logitech’s

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement 25 Agenda Proposals and Explanations and Proposals Agenda members of the Group Management Team for fiscal year 2022 will be disclosed in the Compensation Report in the Invitation Invitation the in Report Compensation the in disclosed be will 2022 year fiscal for Team Management Group the of members Annual General Meeting. 2022 Statement for the and Proxy proposal alternative an submit will Directors of Board the shareholders, by proposal this on vote negative a of event the In to the same or a subsequent general meeting. Approve Proposal Requirement to Voting Annual counting General Meeting, not abstentions. at the votes cast “FOR” vote of a majority of the The affirmative Recommendation The Board of Directors recommends a vote “FOR” the approval of the maximum aggregate amount of the compensation of USD 29,400,000 for fiscal year 2022. Team of the Group Management 26 the re-election of KPMG AG as auditors of Logitech International S.A. International Logitech of auditors as AG KPMG of re-election the “FOR” Agenda Proposals and Explanations and Proposals Agenda and the ratification of the appointment of KPMG LLP as Logitech’s independent registered public accounting firm, each for each firm, accounting public registered independent Logitech’s as LLP KPMG of appointment the of ratification the and the fiscal year ending March 31, 2021. Proposal The Board of Directors proposes that AG KPMG be re-elected as auditors of Logitech International S.A. for a one-year term and that the appointment of KPMG LLP as Logitech’s independent registered public accounting firm for fiscal year 2021be ratified. Explanation AG, KPMG upon recommendation of Audit the Committee of the Board, is proposed for re-election for a further year as audit mandate assumed first for Logitech during AG its fiscal year 2015. auditors for Logitech International KPMG S.A. The Audit Committee has also appointed KPMG the LLP, U.S. affiliate of registered Company’s public KPMG accounting firm AG, the for the fiscal as year ending March 31, as 2021 LLP for purposes of U.S. KPMG securities the law reporting. of appointment Company’s the independent ratify shareholders that require not do Incorporation of Articles Logitech’s independent registered public accounting firm. may, shareholders for However, ratification as a matter Committee of good corporate governance. If shareholders do not ratify the appointment, the Audit the Logitech ratified, is appointment the is if Even submitting LLP. KPMG retain to the whether reconsider will Committee appointment Audit of KPMG LLP to the in be would change a such that determines Committee the if year the during appointment the change discretion, its in best interests of Logitech and its shareholders. registered independent and auditors Company’s the LLP, KPMG and AG KPMG to Logitech by paid fees the on Information public accounting firm for fiscal year 2020, as respectively, well as further information regarding AG KPMG and KPMG Audit Committee.” Auditors” and “Report of the is set out below under the heading “Independent LLP, Annual General Meeting. will AG be present at the Members of KPMG Approve Proposal Requirement to Voting Annual Meeting, not counting General abstentions. at the of a majority of the votes cast “FOR” vote The affirmative Recommendation vote a recommends Directors of Board Our Proposal 11 Proposal Re-election of KPMG AG as Logitech’s Auditors Appointment of and KPMG Ratification LLP as of Logitech’s Independent the Registered Public Accounting Firm for Fiscal Year 2021 Year Accounting Fiscal Firm for

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement 27 Agenda Proposals and Explanations and Proposals Agenda Proposal 12 Proposal Independent as Keiser-Wüger Sarah & Wenger Regina Etude of Re-election shareholders the of representative independent the that requires law Swiss Ordinance”, “Minder so-called the to Pursuant at ending term one-year a for Meeting General Annual each of occasion the on elected be Representative) (Independent Annual General Meeting. the closing the following of Proposal The Board of Directors proposes that Annual General Meeting. Representative for a one-year term ending closing of the 2021at the Etude Regina Wenger & Sarah Keiser-Wüger be re-elected as Explanation Independent In accordance with Swiss law, each a principal of Etude Regina Wenger Ms. Regina Representative, Wenger, Etude & Regina Sarah Wenger Keiser-Wüger. shareholder may be the of Chairwoman former the represented is and Switzerland Lausanne, in based public notary respected at a is Keiser-Wüger, Sarah & the general meeting by the Independent Swiss Federation of Notaries. voting General requirements. independence strict satisfy must Representative Independent the law, corporate agenda and Swiss proposals Under to respect with shareholders of meeting general particular a to respect with given be can instructions items that have not been disclosed in the invitation to the general meeting. Approve Proposal Requirement to Voting Annual Meeting, not counting General abstentions. at the of a majority of the votes cast “FOR” vote The affirmative Recommendation Our Board of Directors recommends a vote “FOR” the re-election of Etude Regina Wenger Independent Representative. & Sarah Keiser-Wüger as Representative 28 Corporate Governance and Board of Directors Matters of Directors Board and Governance Corporate Board of Directors Independence Board of Directors The Board of Directors has determined that each of our directors and director nominees, other than Bracken Darrell and Guerrino De Luca, qualifies as independent in accordance with the published listing requirements of the Nasdaq Stock Market and Swiss corporate governance best Lao, practices Marjorie Hunt, guidelines. Neil The Gecht, Guy Company’s Hirsch, Didier independent Bugnion, Edouard directors Becker, and Wendy director Aebischer, Patrick include nominees Michael Polk, types Neela Riet Montgomery, Cadonau various and Deborah Thomas. The Nasdaq in independence definition engaged includes a not has and company the of employee an not is director the that as such tests, objective of series subjective a made has Board the rules, Nasdaq by required further as addition, In company. the with dealings business of interfere would Board, the of opinion the in which, exist relationships no that director independent each to as determination determinations, these making In director. a of responsibilities the out carrying in judgment independent of exercise the with director’s each to regard with Company the and directors the by provided information discussed and reviewed directors the management. business and personal as they may relate to Logitech activities and Logitech’s The Board of Directors is elected by the shareholders and holds the ultimate decision-making authority within Logitech, except for those matters reserved by law or by Articles Logitech’s of Chairperson Incorporation the to its of shareholders vote or those the that tie, are a of delegated event the to In meetings. the the at executive present members officers the under of vote the majority a organizational through resolutions regulations (also known as by-laws). The Board makes decides. Articles of Incorporation set Logitech’s the minimum number of directors at three. We had eleven members of the Board of Directors as of June 30, 2020. If all of the nominees to the Board presented in Proposal 6 are elected, the Board will have twelve members.

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement 29 is the former President of the École Polytechnique Fédérale de Lausanne (EPFL), Lausanne de Fédérale Polytechnique École the of President former the is 65 Years Old Director since 2016 Years 65 54 Years Old Director since 2017 Years 54 Patrick Aebischer Patrick a position to which he was nominated by the Swiss Federal Council and that he held from Director March and 2000, since EPFL the at Neurosciences in Professor a 2016, December through 2000 was He 2000. since EPFL Institute, Mind Brain the at Laboratory Disease Neurodegenerative the of Aebischer Dr. positions, these to Prior 2012. and 2008 2004, in EPFL the of President as re-elected was a Professor and Director of the Surgical Research Division and Gene Therapy Center at the University Hospital of Lausanne, Chairman of the Section Cellular of Technology of the Artificial Division Organs, biotech of three of Biomaterials founder the Biology also is Aebischer and and Medicine Dr. at University. Brown at sciences Brown medical in positions University, and held wellness and other health nutrition, leading a S.A., Nestlé of Board the on serves currently He companies. company, as Chairman of the Novartis Venture Fund, a venture science fund companies, and investing as a Senior in Partner of innovative ND Capital, life a venture fund investing in disruptive Fribourg, of University and Geneva of University the from M.D. a holds Aebischer Dr. technologies. Switzerland, and four Honorary Doctorate degrees. and view world global a expertise, technology and innovation leadership, senior brings founding Aebischer experience his EPFL, Dr. the of President the as role his from Board the to experience strategic technology companies, and a member of the senior leadership as of leading Swiss companies. Aebischer Dr. currently serves on the Nominating Committee and the and Technology Innovation has The Board of Directors determined that he is an independent Director. Committee. 2019. September since Directors of Board Logitech the of Chairperson as served has Becker Wendy manufacturer British-based a Limited, Wills Jack of Officer Executive Chief former the is Becker Ms. She 2015. September to 2013 October from held she position a clothing, name brand of retailer and served Becker Ms. 2013. October to 2012 August from Wills Jack of Officer Operating Chief the was as Group Chief Marketing Officer of Vodafone Group Plc, a global telecommunications company, she served as the Managing Director of Prior to Vodafone, from September 2009 to January 2011. line fixed of provider a plc, Group Warehouse Carphone the of subsidiary a Residential, TalkTalk the broadband, voice telephony, mobile and firm, consulting television management services, international an a Partner Company, responsible & McKinsey for at the practice United consumer Kingdom currently Becker Ms. Company. Gamble & Procter The at roles brand and marketing various in and number a across conflomerate global a Corporation, Sony the of director non-executive a as serves University Oxford the of of media, Committee Finance technology the and of other member a industries, and company, Trustee of investment a and and Great Oxford, development Portland of University Estates the at Plc, School a Business Saïd British the of property Board the of member a Press, of the Design Museum, a museum devoted to contemporary design in every form. She holds a BA degree in Economics from Dartmouth College and an MBA from School of Business. Stanford University’s Graduate Ms. Becker brings senior leadership, well as strategic, consumer TalkTalk and McKinsey brand Vodafone, Wills, Jack at positions her from Board the to experience marketing, telecom and design as her board and trustee positions. Ms. Becker currently is Chairperson of the Nominating determined that she is an independent Director. Committee. The Board of Directors has Corporate Governance and Board of Directors Matters of Directors Board and Governance Corporate Wendy Becker Wendy Chairperson, Logitech International S.A. and Former Chief Executive Officer of Jack Wills Limited British, U.S. and Italian national Former President, Swiss Federal Institute of Technology (EPFL) Swiss national Patrick Aebischer Patrick Members of the Board of Directors the Board Members of The members of the Board of Directors, including their principal occupation, business experience, and qualifications, are set out below. 30 is an Executive Director of Logitech and served as Chairperson of the Logitech is a Professor in the School of Computer and Communication Sciences at the joined Logitech as President April in 2012 and became Chief Executive Officer in 67 Years Old Director since 1998 Old Director Years 67 50 Years Old Director since 2015 Old Director since Years 50 57 Years Old Director since 2013 Years 57 Guerrino De Luca Bracken Darrell January 2013. Prior to joining Logitech, Mr. Darrell President, served Vice as Senior President Executive of Whirlpool been Vice PresidentCorporation, a home appliance manufacturer and marketing had of Darrell Whirlpool Mr. EMEA and Previously, 2012. March to 2009 January from company, Darrell Mr. 2008, May to 2002 From 2009. January to 2008 May from EMEA Whirlpool of Operations the as recently most company, brand consumer a Company), Gamble & Procter (The P&G with was various in served Darrell Mr. 2002, in P&G rejoining to Prior subsidiary. GmbH Braun its of President executive and managerial positions with General Electric Company from 1997 to 2002, with P&G from 1991 to 1997, and with PepsiCo Inc. from 1987 to 1989. Darrell Mr. holds a degree BA from Harvard from University. Hendrix College and an MBA Darrell brings Mr. of the Company, Chief Executive Officer In addition to being the President and and global experience to the Board. senior leadership, consumer brand marketing Chief De Luca served as Logitech’s Board of Directors from January 2008 to September 2019. Mr. Executive Officer from April 2012 to January 2013 and as acting Officer from President July April to 2011 and 2012. Mr. Previously, De Chief Luca Executive served as Logitech’s President and Chief Executive Officer from February 1998, when he joined to the January Company, 2008. Prior to joining Logitech, Mr. De Luca served vendor, as software Executive computing Vice President personal of U.S. Apple Worldwide a Marketing Computer, for Corporation, Inc., Claris of a President consumer as and electronics 1997, September and computer company, from February 1997 to from May 1994 to February 1997. Prior to joining Claris, Mr. De Luca held various Apple positions in with the United States and in Europe. Mr. De Luca currently serves on Holdings plc, the a global Board information, data and He of measurement holds company. a Laurea Nielsen degree in Electronic Engineering University from the of Rome, Italy. As Logitech’s former Chairman and former Chief De Executive Mr. Luca Officer, brings significant senior leadership, industry, strategy, marketing and global experience to knowledge of, passion for and commitment Logitech, to its people and its products. the Board and a deep Annual General Meeting. De Luca has decided not to stand for re-election at the 2020 Mr. École Polytechnique Fédérale de Lausanne (EPFL) and, since January 2017, also the Vice President Vice the also Edouard 2017, Bugnion January since and, (EPFL) Lausanne de Fédérale Polytechnique École center for Information Systems data at the EPFL. enterprise Prior to August Bugnion joining of 2012, was the in Dr. a EPFL developer a Inc., Systems, Nuova of Officer Technology Chief and Founder solutions, from October 2005 to May 2008. Nuova Systems was funded by and acquired by Cisco He services. and products networking Protocol-based Internet in leader worldwide a Inc., Systems, Founder a was Bugnion Dr. joined Nuova, to Cisco Prior 2011. as June to 2008 a May from Vice Unit Business President Virtualization many held he and where services, and Chief software virtualization and Technology cloud Officer of provider leading of a VMware, of Cisco’s Server Access and positions, including from Officer, Chief 1998 Technology to 2005. Bugnion Dr. currently serves on the Boards of InnoSuisse, a Swiss agency for innovation promotion (a a is and museum) (a l'Hermitage de Fondation the of and Council) Federal Swiss the by appointed position to which he was member of the Assembly of the International Committee of the from Red Ph.D. a and Cross. University Stanford from Dr. degree Bugnion Master’s a Zürich, holds ETH from Diplom an Engineering all in Computer Science. Stanford University, experience his and computing, cloud and software technology, in expertise significant Bugnion’s Dr. founding technology companies and as a member of the senior leadership of leading technology companies, provides the Board with technology and product strategy expertise as well as leadership. senior Dr. Bugnion currently is Chairperson of and the Technology Innovation Committee and serves on the Compensation Committee. The Board of Directors has determined that he is an independent Director. Corporate Governance and Board of Directors Matters of Directors Board and Governance Corporate Guerrino De Luca Executive Director, Logitech International S.A. Italian and U.S. national Bracken Darrell President and Chief Executive Officer, Logitech International S.A. U.S. national Vice President for Vice Information Systems and School Professor, of Computer and Communication Sciences, EPFL Swiss national Edouard Bugnion Bugnion Edouard

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement 31 is the former Senior Vice President and Chief Financial Officer of Agilent Technologies, Technologies, Agilent of Officer Financial Chief and President Vice Senior former the is 69 Years Old Director since 2012 Years 69 held from July 2010 to October 2018. He served in various senior finance positions with Agilent since Agilent Inc., with a positions global leader finance in life senior sciences, various diagnostics and in applied served chemical markets, He a position 2018. that October he to 2010 July from held Finance of Director as served and 1989, in Company Hewlett-Packard joined had Hirsch Mr. 1999. 1999, 1996 to from (EMEA) Africa and Hewlett-Packard Europe, Middle East of Administration and Hewlett- to Prior 1993. to 1989 from Director France of Hewlett-Packard Finance of and Administration Administration of and Hewlett-Packard Finance Asia of Pacific Director from 1993 to 1996, and Packard, Mr. Hirsch worked in finance positions with Inc., Valeo Gemplus S.C.A., SGS-Thomson Exchange Stock York Microelectronics, I.B.H. Holding He S.A., serves Bendix on Corporation and Ford New Motor Company. a Corporation, Knowles of Committee Audit the of Chair as and Board the (NYSE)-listed global supplier component solutions, serving the mobile consumer electronics, communications, medical, military, of advanced aerospace micro-acoustic, and industrial markets. audio Mr. Hirsch holds Administration from Purdue University. processing, University and an MS degree in Industrial an Toulouse MS degree and in Computer Sciences specialty from As a former Chief Financial Officer of a leading public technology finance expertise developed over several company, decades at and technology and manufacturing companies in with significant the U.S.A., EMEA and Asia Pacific, Mr. Hirsch brings senior technology GAAP), and global experience to the Board. leadership, Committee. finance Nominating (including the on U.S. serves and Committee Audit the of Chairperson is currently Hirsch Mr. The Board of Directors has determined that he is an independent Director. Didier Hirsch Didier 55 Years Old Director since 2019 Director since Old Years 55 Guy Gecht is the Co-Chief Executive Officer of E.Merge Acquisition check" Technology Corp., company a formed "blank for the purpose Chief the was of Gecht Mr. 2020, June in E.Merge effecting co-founding to Prior a company. technology internet business combination with a software or Executive Officer of Electronics for Imaging, Inc., an international company specializing in a position he held from January 2000 to October 2018. He served Electronics digital printing technology, for Imaging as President from May 2012 to October 2018 and from July 1999 to January 2000, as Vice President and General Manager of Fiery products from January 1999 Director to of Software July Engineering from October 1999, 1995 to and January technology 1999. diagnostic Prior as a to joining Inc., Electronics Systems, Interro at Engineering of Director was Gecht Mr. Imaging, for company, from 1993 to 1995, Software Manager He 1991. to 1990 from Israel Apple of ASP for Officer Computer Technology Chief and 1993, to 1991 from Products, company, Inc., a networking Ltd., a multinational provider of software serves on the Board of Check Technology Point Software and combined hardware and software products Gecht Mr. for holds IT a security. BS in Computer Science and from Ben Gurion University Mathematics in Israel. strategy, and expertise cybersecurity and technology as well as leadership senior brings Gecht Mr. M&A and international experience to Electronics for Imaging into a global leader in digital imaging. the Board, having led the transformation and growth of Gecht Mr. currently serves and on Innovation the Technology Committee. The Board of Directors has determined that he is an independent director. Corporate Governance and Board of Directors Matters of Directors Board and Governance Corporate Didier Hirsch Former Senior Vice President and Chief Financial Agilent Officer, Technologies, Inc. French and U.S. national Guy Gecht Guy Gecht Co-Chief Officer, Executive E.Merge Technology Acquisition Corp. Israeli and U.S. national 32 is the former Chief Financial Officer of the LEGO Group, a privately held, family-owned held, privately a Group, LEGO the of Officer Financial Chief former the is is the Chief of Strategy Curai, Officer Inc., a venture-backed health technology company 46 Years Old Director since 2018 Years 46 Neil Hunt from Officer Executive building Chief technology to the apply was artificial and intelligence 2018 and November machine since learning position to current primary care his medicine. in served has He January 2018 to November 2018. Prior to Curai, Hunt Dr. was the Chief Product Officer of Netflix, Inc., a California-based company the offering largest world’s TV Internet service operating in more responsible was and 2017, July through 1999 from Netflix with was He worldwide. countries 50 than From 2002. to 1999 for from the design, Netflix implementation and at operation of Engineering the technology Internet at Netflix. Prior President, to becoming Vice Chief as served he Officer, Product maker California-based a Software, Rational for Engineering of Director was Hunt Dr. 1999, to 1997 from companies predecessor at roles engineering in served he and tools, development software of televisions. Hunt currently through serves on the Board and Compensation Committee of Roku, Inc., 1991 to 1997. Dr. services audio or video streaming allow that players of seller and manufacturer a and degree BSc a and U.K. Aberdeen, of University the from Science Computer in PhD a holds He honorary from the University of Durham, DSc degree U.K. his and strategy, and leadership development product technology, in expertise significant Hunt’s Dr. the provides company, delivery digital leading a of leadership senior the of member a as experience product strategy and global expertise as senior leadership. as well Board with technology, Dr. Hunt currently serves on the Compensation Committee has The Board of Directors determined that he is an independent Director. Committee. and the Technology and Innovation Lao Marjorie materials play of sales and marketing production, development, the is activity main whose company served previously She 2020. March to 2017 February held she position a brick, LEGO the on based and 2017 January to 2016 January from Finance President, Vice Senior the as Group LEGO the at joining contractor, to Prior drilling 2015. deepwater December to 2014 a January from Seadrill, Finance Corporate of President, Vice Senior Projects as President, Vice the was Lao Ms. Group, LEGO the from February 2013 to December 2013. She served as the and Chief Senior Financial Vice Officer ASA, an electronics and videoconferencing systems manufacturer President, Finance Tandberg of from April November and 2010 2006 distributor, and to the Vice President, Business Development and from M&A January 2006 to October was 2006. acquired Tandberg by Cisco Systems, Inc., a McKinsey of worldwide leader in Internet Protocol-based networking products and services, and Ms. Lao joined Manager Engagement and Associate an as served Cisco also as the She Senior Director, Finance and Manager 2012. Senior Finance Director, Strategy February a and to Business Analytics and from 2005 2010 to April 2002 from firm, consulting management international an Company, & MTG Group Times Modern and of Internal Committee Controls Audit Manager and of Board The the Procter on & serves Gamble Lao a Company, Ms. consumer brand 2000. company, to 1996 from AB, an esports and gaming entertainment company. Administration Ms. Accountancy and from Lao the University of holds the Philippines a and an BSc MBA from Harvard degree in Business School. She was certified as a public accountant in the Philippines in 1996. Business Ms. Lao has extensive finance expertise developed through her Chief Financial Officer and other leadership positions at companies the to experience global and consumer M&A, in strategy, development, business finance, leadership, Europe, Asia and the Board from leading technology as well as brand marketing and consumer companies. United States. She brings senior Ms. Lao currently Audit serves The Committee. on Board the of Directors has determined that she is an independent Director. 58 Years Old Director since 2010 Director since Old Years 58 Corporate Governance and Board of Directors Matters of Directors Board and Governance Corporate Marjorie Lao Former Chief Financial Officer of the LEGO Group Philippine national Neil Hunt Neil Hunt Chief Strategy Officer, Curai, Inc. U.K. and U.S. national

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement Prior to Mr. Polk started his career at Procter at career his started Polk Mr.

Committee. The Board of Directors 33 He has served in his current positions since February 2020.

is the Chief Executive Officer of Crate & Barrel Holdings, Inc., a global home He holds a BS degree in Operations Research Research and Operations Industrial in Engineering from degree BS a holds He

of a Berkshire portfolio company, Implus Corporation, a global leader in fitness

45 Years Old Director since 2017 Director since Old Years 45 is an Advisory Director of Berkshire Partners LLC, a private equity firm, and the Chief the and firm, equity private a LLC, Partners Berkshire of Director Advisory an is currently is the Chairperson of the Compensation Polk 59 Years Old Director since 2019 Years 59 . Polk held a series of executive positions at Unilever, a Dutch-Anglo multi-national consumer Neela Montgomery She furnishings assumed retailer. that August role 2017 in and will hold August it 2020. until Prior August 2017, Ms. to Montgomery was a Member of the Executive Board for Multichannel Retail at where 2014 November since group, services and retail operating globally a GmbH, Group, Otto the she oversaw all Group companies that operate in e-commerce and store-based Board retail Prior to Barrel. including Crate & Group operating companies of Executive Chairwoman serving as UK as the well on as Director Merchandise General UK the was Montgomery Ms. Group, Otto the joining diverse supervising 2014, June to 2012 June from retailers, largest world’s the of one Plc, Tesco of areas such as Home, Electronics & Entertainment from a multichannel perspective. She served at to December 2012 and since 2002, including as UK E-Commerce Director from March 2011 English studied Tesco Montgomery Ms. 2011. May to 2007 July from Malaysia Tesco for Merchant Chief as literature at Oxford University and Aspen Institute. holds Singapore. is also a 2020 She Henry Crown Fellow at the an MBA from INSEAD having studied in France home oversight, brand e-commerce, retail, multichannel leadership, senior brings Montgomery Ms. and Asia and EMEA America, North in positions her from Board the to experience global and electronics Tesco. Group Pacific at the Otto and Ms. Montgomery Audit currently The Committee. serves Board on of the Directors has determined that she is an independent Director. Michael Polk Michael Executive Officer accessories and devices. Berkshire Partners, Mr. Polk was the President and Chief Executive Officer of Newell Brands Inc., a multinational consumer goods company, from Mr July 2011 to June 2019. From goods company, including 2003 President, to Global Foods, 2011, Home & Personal Care President, from Unilever 2010 to Americas 2011, from 2007 to 2010, From President, 2007 Unilever USA to from 2005 2011, to Mr. reporting 2007. to Polk the Group served Chief Executive as officer. years a Prior at Kraft to Foods Inc., member joining a consumer Unilever, foods of company, Mr. from 1987 Polk to the 2003. spent Mr. At Polk Unilever sixteen Kraft was Foods, a member Global of and the executive in served Kraft and Executive Committee Management Foods Group Board including Vice positions, President management Kraft Foods America North and President, Nabisco Biscuit and Snacks from 2001 to 2003, Group Vice and President Kraft Foods President, International Asia Pacific General Region Manager, Post Cereal from Division from 1999 1998 to 1999. to 2001, and Executive Vice President and & Gamble Company, a & where consumer Gamble brand Company, company, he spent three years in paper products manufacturing and R&D from 1982 to 1985. Mr. Polk serves on the Board and as Chairperson of the People & Organization company. products Committee of Colgate-Palmolive Company, a worldwide Cornell University and an MBA from Harvard University. consumer Mr. Polk customer brings development, operations, M&A senior leadership and and governance roles at international consumer leadership, and brand-focused experience multi-national companies such to as Implus, Newell Brands, Unilever, Kraft Foods and Colgate-Palmolive. global the Board marketing, from his consumer innovation, Mr. brand and has determined that he is an independent Director. Corporate Governance and Board of Directors Matters of Directors Board and Governance Corporate Neela Montgomery Montgomery Neela Chief Executive of Crate & Officer Barrel Holdings, Inc. British national Advisory Director, Advisory Director, Berkshire Partners LLC and Chief Executive Implus Officer, LLC U.S. national Michael Polk All members of the Board of Directors currently comply with the limitation on external mandates contemplated in Article external mandates contemplated in All members of the Board of Directors currently comply with the limitation on Articles of Incorporation. 17bis of the Company's 34 Corporate Governance and Board of Directors Matters of Directors Board and Governance Corporate Elections to the Board of Directors Board Elections the to Directors are elected at the Annual General Meeting of Shareholders, upon proposal of the Board of Directors. The proposals The Directors. of Board the of proposal upon Shareholders, of Meeting General Annual the at elected are Directors are made of the Board of Directors following the Nominating recommendations Committee. of and Nominees Shareholder Recommendations Articles Under of our Incorporation, one or more registered shareholders who together represent shares representing at may francs Swiss million one of value par aggregate an (ii) or capital share issued our of percent one (i) of lesser the least Board the to election for nominee a including shareholders, of meeting a of agenda the on placed be item an that demand received be and proposal the describe writing, in be must agenda meeting the on item an place to request A Directors. of by our Board of Directors at least 60 days prior to the date of the meeting. Demands by registered shareholders to place an item on the agenda of a meeting of shareholders should be International sent S.A., EPFL to: - Quartier Secretary de l’Innovation, to Daniel Borel the Innovation Board Center, 1015 Lausanne, of Switzerland, or Directors, c/o Logitech 94560, USA. company. Logitech 7700 Gateway Boulevard, Newark, Inc., CA the of shareholders as recognized are shareholders registered only Incorporation of Articles Company’s the Under As a result, beneficial shareholders do not have a right to place an item on the agenda of a meeting, regardless of the number of shares they hold. For information on how beneficial shareholders may become registered shareholders, see “Questions Answers and about the Logitech Annual 2020 General Meeting - If I am not a registered shareholder, can I attend and vote at the meeting?” If the agenda of a general meeting of shareholders includes an item calling for the election of directors, any registered shareholder may propose for election a candidate to the Board of Directors before or at the meeting. The Nominating Committee does not have a policy on consideration of recommendations for candidates to the Board of Directors from registered shareholders. recommendations such of consideration for policy formal a have to not appropriate it considers Committee Nominating The depending process, case-by-case a nature its by is Directors of Board the of members potential of evaluation the because on the composition of the Board at the time, the needs and status of the business of the and Company, the experience on recommendations such any consider would Committee Nominating the Accordingly, individual. the of qualification and a case-by-case basis in their discretion, and, if accepted for consideration, would evaluate any such properly submitted nominee in consideration of recommendations Directors should to the Board of be sent to the above address. the membership criteria set Board Composition forth under “Board Composition” below. The Nominating Committee is responsible for reviewing and assessing with the Board the appropriate skills, experience, Shareholder Board. the on membership then-current the and business our of context the in members Board of sought background and The Nominating Committee has not formally established any specific, minimum qualifications that must be met by each candidate for the Board of Directors or same specific the have will director attributes, each that intend or qualities expect not do we or However, possess. skills to Directors of Board that the of members are necessary and for skills, one backgrounds, of or portfolio diverse more a of have will the members Board that expect we experience; and business skills, our background, concerning advice and oversight its in whole a as Board the assist to is diversity this of goal One experiences. and operations. Committee Nominating the by Board the of membership current the and candidates Board of assessment and review The understanding experience; management senior independence; as: such factors, diverse numerous includes Board the and of and experience in technology, finance, marketing, sales, sustainability and operations; international experience and geographic representation; age; and gender and ethnic diversity.

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement 35 Because we are a consumer products company, directors who have brand marketing Knowledge of financial markets and accounting and financial reporting processes is important Senior Leadership Experience. Directors who have served in senior leadership positions are important to Logitech because they bring experience and perspective in analyzing, shaping, and overseeing operational policy and issues at a senior level. the execution of important Financial Expertise. because it assists our directors in understanding, advising, and overseeing Logitech’s structure, financial reporting, and internal of such activities. control expertise customers, enterprise them ship products, software to and hardware manufacture and develop we Because Expertise. as Technical and Industry well as retailers and distributors electronics consumer major to sell and worldwide, in hardware and software, and experience in supply management. chain, manufacturing, sales and consumer of products is useful in oversight and insight providing in and business our of challenges and opportunities the understanding Brand Marketing Expertise. experience can provide expertise and guidance as we seek to maintain and expand brand and product awareness and a positive reputation. Global Expertise. Because we are a global organization with research and development, and sales and other offices in many countries, directors with global expertise, particularly in Europe, the business and cultural perspective regarding many significant aspects of our business. U.S. and Asia, can provide a useful Corporate Governance and Board of Directors Matters of Directors Board and Governance Corporate \ to time to take into account changes in Logitech’s business and other trends, as well as the portfolio of skills and experience experience time from change and factors these to skills regard with Board the of of and Committee portfolio Nominating the of emphasis the and priorities The as well as trends, other and business Logitech’s in changes account into take to time to and prospective of current Board members. Listed below are key skills and experience note that biographies we directors’ The currently attribute. consider every possess important to director for each expect our not do directors We structure. to and business have current in light of our each director’s experience, relevant qualifications, skills and relative to this list. • • • • • for Directors of Nominees and Evaluation Identification Nominating Our director. for nominees evaluating and identifying for methods of variety a uses Committee Nominating Our Committee regularly assesses the appropriate size and composition of the Board of Directors, the needs of the Board of Directors and the respective Committees of the Board of Directors, and the qualifications of candidates in light of these information on solely current management, shareholders, through Committee Nominating the of attention the to come may Candidates based needs. be may candidates these of evaluation The firms. search or Directors, of Board the of members provided to the Committee or may also include discussions with persons familiar with the candidate, an interview of the candidates. review to parties third paid of use the including appropriate, deems Committee the actions other or candidate 201920122010Annual General Meeting 2020 2018Annual General Meeting 2020 2017Annual General Meeting 2020 2019Annual General Meeting 2020 Annual General Meeting 2020 Annual General Meeting 2020 201620172015 Meeting Annual General 2020 2013Annual General Meeting 2020 1998Annual General Meeting 2020 Annual General Meeting 2020 Annual General Meeting 2020 Year First Year Appointed Expires Current Term Year 36 (1) (2)(3) (1) (1) (2) (1) (1) (1) (1) (1) (1) Corporate Governance and Board of Directors Matters of Directors Board and Governance Corporate Didier Hirsch Neil Hunt Marjorie Lao Neela Montgomery Michael Polk Name Wendy Becker Wendy Edouard Bugnion Bracken Darrell Guerrino De Luca Guy Gecht Patrick Aebischer Patrick (1) Non-executive member of the Board of Directors. (2) Executive member of the Board of Directors. (3)Annual General Meeting. re-election at the 2020 De Luca has decided not to stand for Mr. Terms of Office of Directors of Office of Terms Each director is elected individually by a separate vote of shareholders. Until 2012, each director was elected for a term director, each that such change a approved shareholders Meeting, General Annual 2012 Company’s the At years. three of starting with the directors elected at the Annual 2012 General Meeting, will be subject Meeting. to General a Annual term of 2020 of the our one Ten at year. Directors of Board the to re-election for presented being are directors current eleven have they after reelection seek not may Directors birthday. seventieth her or his until re-election for eligible is director Each reached 70 years of age or have served on the Board of Directors as a non-employee member for 12 years, unless the Board of Directors member adopts of A a the resolution Board to who the reaches contrary. 70 years of age or 12 years of service as a non-employee member of the Board of Directors during the term of his or as her directorship office of may term remain her a or his with coincides Chairperson as office of term director’s A term. the of expiration the until director above. mentioned limits tenure and age the to subject Chairperson, as re-elected indefinitely be may director A director. a as of March 31, 2020 for each director are as follows: The year of appointment and remaining term of office

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement Withthe executive . other the http://ir.logitech.com of support of Logitech, with the 37 of Incorporation or Organizational Regulations (By-Laws) operations day-to-day the The Chairperson also assumes a leading role in mid- and long-term strategic . of Incorporation and Organizational Regulations. Please refer to refer Please Regulations. Organizational and Incorporation of manages Officer . y The Secretary of the Board of Directors is typically appointed at the Board meeting coinciding with the Executive except where Swiss law or the Company’s Articles

Chief officers until the Board has decided on matter; the officers internal audit function; budgets; Corporate Governance and Board of Directors Matters of Directors Board and Governance Corporate provide differentl Board Leadership Structure The Board has an Independent Chairperson Chairperson of in the line Board with is current Shareholders. elected Swiss by and the U.S. shareholders best on governance Annual an practices. General Meeting annual The of Shareholders. basis, As of at July the 1, General Counsel. 2020, Annual the General Secretary was Meeting Samantha Harnett, of the Company’s Chief Executive Officer Chairperson and of the Role of the The Chairperson has responsibility for managing the Board, managing the relationship between the Board and the Chief Executive Officer and shareholders, the senior press and other external persons, management establishing objectives for and evaluating of the performance Chief Executive Officer, ensuring succession planning, and, together with the Chief Executive Officer, setting the values, of the the Company, representing ethics and the culture of Board the Company management, and supports major transaction initiatives of Logitech. planning and the selection of top-level and the Company with The The Board of Directors has delegated the management and of the the executive Company to the Chief Executive Officer officers, officers. The Chief Executive Officer has, in particular, the following powers and duties: • carrying out Board resolutions; • reporting regularly to the Chairperson of the Board of Directors on the activities of the business; • preparing supporting documents for resolutions be and that are to passed by the Board of Directors; • officers executive the and Officer Executive Chief the Directors, of Board the of responsibilities and deciding on issues brought to his attention by executive officers. authorities detailed The Articles Company’s the in out set are • taking immediate measures to protect the interests of the Company where a breach of duty is suspected from executive •from suspected is duty of breach a where Company the of interests the protect to measures immediate taking • defining and implementing short and medium term strategies; • preparing the budget, which be Directors; must approved by the Board of • annual report; reviewing and certifying the Company’s • appointing, dismissing and promoting any employees of Logitech other than executive officers and the head of the for copies of these documents. Director Lead Independent include Director Independent Lead the of responsibilities the Board, the of Chairperson independent an of absence the In chairing meetings of the non-executive directors and serving as the presiding director in performing such other functions determined is Director Independent Lead a of, election the and have, to whether of decision The direct. may Board the as currentlyBoard The Board. the of members independent the by does not have a Lead Independent Director • the approval of any expenditure more than USD 10 million of not specifically identified in the approved budgets; and •real estate. the approval of the sale or acquisition, including related borrowings, of the Company’s Board Responsibilities and Structure Responsibilities Board The Board of Directors is responsible for Directors supervising of Board Logitech the the management law, Swiss of under directors of the boards of business duties and powers and non-transferable the to affairs addition of the Company. In also has the following responsibilities: • power the signatory of its members; • the approval Chief Executive of the budget submitted by the Officer; •approved the in included not aggregate the in million 10 USD than more of acquisitions or investments of approval the have not to the activities s business, and monitors the Board will continue that expected is it and issues in Logitech’ 38 Board, the of Chairperson Chairperson an Independent of in that role. in significant transactions, including acquisitions, divestitures and major investments. discussions of issues placed the agenda by the non-executive on members the Board Directors. of of members, to discuss matters appropriate to such sessions, including mandates of executive officers. organizational structure and the hiring and either by the independent Chairperson or by the Lead Independent Director, where Logitech issues are discussed without the presence or non-independent of executive members of the Board or executive officers. of the Board and its Committees to report on the financial results of Logitech, its operations, performance and outlook, and performance operations, its Logitech, of results financial the on report to Committees its and Board the of on information further For matters. business other as well as responsibilities, their within business the of areas on please and meetings Committee and Board in management senior of members other and officers executive by participation refer to “Board Committees” below. leadership Board and leadership of the the day-to-day management Logitech. of of important issues. The Chief Executive Officer also provides regular updates to the Board members regarding Logitech’s regarding members Board the to updates regular provides also Officer Executive Chief The issues. important business the dates of regular between Board meetings. Corporate Governance and Board of Directors Matters of Directors Board and Governance Corporate someone someone Means by Which the Board of Directors Supervises Board of Directors the Officers Executive Which Means by is regularly The Board of Directors informed on developments re-election in various ways. and responsibilities of the executive officers • All non-executive Board members to all internal have access, at their request, Logitech information. •Audit Committee. Audit function reports to the The head of the Internal Oversight in Risk Role The Board’s One of the Board’s functions is oversight of risk management at Logitech. “Risk” is inherent in business, and the Board Committees. seeks to understand and advise on risk in conjunction with the activities of the Board and the Board’s The largest risk in any business typically is that the products and services it offers will not be met by customer demand, business, Company’s the of reviews because regular of poor through poor strategy, level, execution, lack highest of the competitiveness, at or some responsibilities, combination oversight of these risk or its other factors. implements The Board product strategy and competitive position, succession planning. and through management and organizational reviews, evaluations Within the broad strategic framework established by and the Board, management is responsible for: identifying risk and risk controls related to significant business activities; mapping the risks to company strategy; and developing programs and recommendations to determine the sufficiency of risk identification, the balance of potential risk to potential reward and the appropriate manner in which to control risk. primary the are risk The Board’s of risk oversight control role is and implemented at identification the full the Board level, which and also in in individual management, Board Committees. The risk full enterprise on reports specific receives Board topics of the discussion. Presentations and other information for the Board and Board Committees generally identify and discuss relevant risk and risk control; and the Board members assess and oversee the risks as a part of their review of the related business, financial, or other activity The of control Compensation the Committee Company. internal oversees issues to related related issues oversees Committee Audit The programs. compensation of controls risk and design the to over financial reporting and Logitech’s risk tolerance in and cash-management Innovation investments. The Technology Committee oversees the Company’s procedures, cybersecurity, including review of the information Company’s current threat landscape, strategy to security mitigate information cybersecurity, and other security and other technology risks, and technology critical incident response plans. The Board’s role risks, in oversight does not have a controls leadership structure, which is discussed above. direct impact on the Board’s and •involved actively is and organization, and structure Logitech’s in changes significant approves and reviews Board The • There are regularly scheduled reviews at Board meetings of Logitech strategic and operational issues, including • The Board holds quarterly closed sessions, where all Board members meet without the presence of non-Board •led Directors, of Board the of members independent non-executive, the of sessions closed quarterly regular are There •meetings of portions attend Board, the of invitation the at management, senior of members other and officers Executive • The offices of Chairperson and Chief Executive Officer are generally separated, to help ensure balance between • At each regular Board meeting the Chief Executive Officer reports to the Board of Directors on developments and

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement 39 Corporate Governance and Board of Directors Matters of Directors Board and Governance Corporate Board Meetings the of member Any Officer. Executive Chief the with coordination in meetings, Board for agenda the sets Chairperson The Board of Directors may request that a meeting of the Board be convened. The directors receive materials in advance of Board meetings allowing handling them to prepare for the of the items on the agenda. who, management senior of members other or officers executive recommend Officer Executive Chief and Chairperson The at the invitation of the Board, attend portions of each quarterly Board meeting to report on areas of the business within the Board Infrequently, their may responsibility. also receive reports from external consultants such as executive search or succession financial advisors experts, legal or outside on matters it is considering. experts to assist the Board special in Company, the of except discussion and review a person for quarter each in meeting Board scheduled participate regularly a holds typically directors Board The all which in and day-and-a-half a to day full a lasts which both, or strategy its individual Board the circumstances. to update quarterly a provide Officer Financial Chief and Officer During Executive Chief conference the addition, video In the or teleconference. teleconference by held COVID-19 be may Board pandemic, the of meetings Additional the announcement. earnings each Board to prior has been holding meetings and the duration of such meetings varies depending on the subject matters considered. by video and Emergency Resolutions In case the of Chairperson emergency, of the Board may have the power to pass resolutions which would otherwise be the responsibility of the Board. Decisions by the Chairperson of the Board made in this manner are subject to ratification by the Board of Directors at its next meeting or by way of written consent. No such emergency resolutions were passed during fiscal year 2020. Director Sessions Independent The Board of Directors has adopted a policy of regularly scheduled sessions of Board meetings where the independent directors meet to consider matters without management or non-independent directors present. During fiscal year 2020, separate sessions of the independent directors were held at four separate meetings. Board Effectiveness Our Board of Directors Board. performs the an to annual feedback self-assessment to provide evaluate and its assessment effectiveness in the fulfilling conduct its to obligations. consultant external For an engaged Board the 2020, year fiscal X X X and Chair Innovation Technology X X Chair X X Chair 40 X X Chair Audit Compensation Nominating Corporate Governance and Board of Directors Matters of Directors Board and Governance Corporate Neela Montgomery Michael Polk Neil Hunt Marjorie Lao Director Patrick Aebischer Patrick Bracken Darrell Guerrino De Luca Guy Gecht Wendy Becker Wendy Edouard Bugnion Didier Hirsch Board Committees Board Board the assist to Committees Innovation and accordance Technology in and independent Nominating, Compensation, are Audit, that standing directors has of Board entirely The composed is committees Board the of Each duties. its out carrying in with the published listing requirements of substance the on Board full the the to reports Committee Board applicable each meeting, Nasdaq Board quarterly each At Stock guidelines. Market and Swiss corporate governance best practices during quarter. the meetings, if any, of the Committee’s Committee’s the determines Committee each of chair The Board. the by approved charter written a has Committee Each meeting The agenda. Board Committee members receive materials in advance of Committee meetings allowing them to at website Relations Investor Logitech’s on available are Committee Board each of Charters The meeting. the for prepare . Each Audit, http://ir.logitech.com of Compensation the and Nominating Committees has the authority to engage outside experts, advisors and counsel to the extent it considers appropriate to assist the Committee in The its members work. of identified the Committees are in the following table:

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement 2 3 3 3 3 — and Innovation Committee Technology 5 5 5 5 Committee Nominating 7 3 2 5 7 7 Committee Compensation 8 4 8 3 8 41 Audit Committee 5 8 8 8 8 2 5 3 8 8 8 8 8 8 Board of Directors (5) (1) (2)(6) (4) (2)(3) (7) three of the four Board meetings (missing only the Board meeting that started on September 4, 2019) and three of the of three and 2019) 4, September on started that meeting Board the only (missing meetings Board four the of three four Audit Committee meetings (missing only the Audit Committee meeting on September 4, 2019) and missed the only and Technology Innovation Committee meeting (also on September 4, 2019) that were held prior to the 2019 Annual General Meeting. both of the Compensation Committee meetings were that date. that held after the Compensation Committee meetings that were held prior resignation. to his meetings that were held after that date. of the Technology and Innovation Committee meetings that were held date. after that of the Technology of them attended all five of the Board meetings that were held after the 2019 Annual General Meeting. of them attended all the Board 2019 five of meetings that were held the after Committee at the Annual General Meeting on September 4, 2019. She attended all five of the Compensation Committee Compensation the of five all attended She 2019. 4, September on Meeting General Annual the at Committee Annual General Meeting. meetings that were held prior to the 2019 Corporate Governance and Board of Directors Matters of Directors Board and Governance Corporate Didier Hirsch Neil Hunt Marjorie Lao Neela Montgomery Dimitri Panayotopoulos Michael Polk Yeh Lung Edouard Bugnion # of meetings held Aebischer Patrick Becker Wendy Bracken Darrell Guerrino De Luca Guy Gecht (7)attended He 2019. 4, September on Meeting General Annual the at Board the to re-election for stand not did Yeh Dr. (6) Polk was Mr. appointed as Chairperson of the Compensation Committee as of September 5, 2019, and he attended (5) Panayotopoulos Mr. resigned from the Board in June 2019, and he attend both the Board meetings and all three of (4) Ms. Lao was appointed to the Audit Committee as of September 5, 2019, and she attended all four of the Audit Committee Audit the of four all attended she and 2019, 5, September of as Committee Audit the (4)to appointed was Lao Ms. (3) Mr. Gecht was appointed to the Technology and Innovation Committee as of September 5, 2019, and he attended both attended he and 2019, 5, September of as Committee Innovation (3)and Technology the to appointed was Gecht Mr. (2) Messrs. Gecht and Polk were elected to the Board as of the Annual General Meeting on September 4, 2019, and each and 2019, 4, September on Meeting General Annual (2)the of as Board the to elected were Polk and Gecht Messrs. (1) Ms. Becker, the former Chairperson of the Compensation Committee, did not stand for re-election to the Compensation the to re-election for stand not did Committee, Compensation (1)the of Chairperson former the Becker, Ms. Attendance at Board, Committee and Annual Shareholders’ Meetings Shareholders’ Annual and at Board, Committee Attendance In fiscal year 2020 the Board met eight times, five of which Committee were met eight regularly times, the scheduled Compensation Committee meetings. met seven In times, the addition, Nominating Committee the met Audit five for actions times, five took Board the meetings, its to addition In times. three met Committee Innovation and Technology the and the and Board the of meeting each attend to director each expect We 2020. year fiscal during consent written by approval Nine shareholders. of Meeting General Annual the attend to them expect also and serves, she or he which on Committees of our ten then current directors, and all directors nominated for re-election, Annual attended General the Meeting. 2019 she or he which on Committees the and Board the of meetings the of 75% least at attended directors incumbent the of All served. Detailed attendance information and Board for Board Committee meetings during fiscal year 2020 follows: is as y, Riet rules Audit, , respectivel P, applicable the Committee’s the by . The Board of Directors Directors of Board The y. defined AG and KPMG LL KPMG and AG as Committee is composed of only non- experts et listing standards. Mark financial Annual General Meeting. If elected, Mr. Cadonau will join 42 ommittee compensation policies and programs, including share-based c audit are

Thomas . Ms and and Board members and Logitech’s Committee given her nomination as Chairperson of the Board. The Board of Directors has nominated Mr. Montgomery Ms. Condition and Results of Operations” and recommends that statements in the annual available report made to shareholders. the Board of Directors include the audited financial management has taken to monitor and control those exposures, including the Company’s guidelines and policies with policies and guidelines Company’s the including exposures, those control and monitor to taken has management respect to risk assessment and management; and risk of the internal auditing of the internal auditing staff; and recommends the appointment of independent or replacement auditors Board of Directors; to the Compensation Committee until the 2019 Annual General Meeting, at which she did not stand for re-election to the Compensation Committee on April 1, 2021, when he joins the Board following his transition from being the Chief Executive . Lao, Corporate Governance and Board of Directors Matters of Directors Board and Governance Corporate expects that Thomas Ms. will be Audit appointed The Committee. to Board the has determined that each member of the Audit Committee, as well as Ms. Thomas, meets the independence requirements standards and of the applicable the rules Nasdaq and regulations Stock of Market the SEC. listing In addition, the Board has determined Ms that Mr. Hirsch, The Audit Committee currently consists of Mr. Hirsch, Chairperson, Ms. Lao and Ms. Montgomer Ms. and Lao Ms. Chairperson, Hirsch, Mr. of consists currently Committee Audit The Officer of dormakaba. The Board of Directors has determined that each member of the Compensation Committee, as well as Mr. Cadonau, meets the independence requirements of the Nasdaq Stock Compensation Cadonau to be elected to the Compensation Committee at the 2020 the • reviews, before release, the audited financial statements and “Management’s Discussion Analysis and of Financial • oversees the Company's Code of Conduct and related compliance activities; • reviews, before release, the quarterly results and interim financial data; •steps the and exposures risk financial major Company’s the auditors independent the and management with reviews • reviews and approves all be non-audit work to performed by the independent auditors; • reviews the scope of Logitech’s internal auditing and the adequacy of the organizational structure and qualifications Audit Committee The Audit Committee is appointed by the Board to assist the Board in monitoring the Company’s financial controls, accounting, planning and reporting. It is composed of only non-executive, independent Board Among members. its duties, Audit Committee: the • internal controls disclosure and controls and procedures; adequacy reviews the of the Company’s •auditors, independent Company’s the of performance and scope, audit arrangements, fee independence, the reviews and regulations of the SEC. quarterly scheduled regularly the of day held was meeting one and person in first held were meetings Three 2020. year fiscal in times eight met Committee Audit the The or to prior day the on COVID-19) of result a (as teleconference and video by Board meeting, for approximately two to three hours, and approximately one four hour or less preceding meetings the Company’s quarterly reports were of financial results. The Committee held received by video and teleconference, reports for and presentations before the meetings in order to allow them time to prepare At adequately. invitation, the Company’s Chief Financial Officer, Head of Worldwide Finance, Corporate Controller, Head of Internal of Head Controller, Corporate Finance, Worldwide of Head Officer, Financial Chief Company’s the representatives invitation, and meeting, each attended Counsel General Associate or Counsel General Deputy Counsel, General and KPMG firm, accounting public registered independent and auditors Company’s the from also attended all eight of the meetings. Other members of management also participated in certain meetings. Five meetings Five meetings. certain in participated also management of members Other meetings. the of eight all attended also also included separate sessions with representatives of the auditors and independent registered public accounting firm separate a included also meetings four and management, of representatives other or Officer Financial Chief the with and Audit. session with the Head of Internal Compensation Committee The Compensation Committee reviews and approves, or recommends to the Board for approval, the compensation of executive officers the and Board the by established guidelines the Within compensation. incentive-based other and programs compensation to authority the has also Committee Compensation the plans, incentive equity employee Company’s the in forth set limits grant equity incentive awards to employees without further Board approval. The executive, independent Board members. The Compensation Committee currently consists of Mr. Polk, Chairperson, Dr. Bugnion and Dr. Hunt. Ms. Becker the served on

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement 43 development and product innovation activities and provide and input; Company’s senior technology management team with respect to such trends; Company’s reviews the Company’s technology plans and strategies; reviews the Company’s and the selection chairs. of Board Committee directors with these attributes; recommendations Directors for approval; to the Board of Corporate Governance and Board of Directors Matters of Directors Board and Governance Corporate •information security and other technology risks, controls and procedures. cybersecurity, reviews the Company’s companies Gecht and Mr. technology Aebischer, and Innovation at Committee Bugnion, currently consists Chairperson, of Dr. Dr. Technology The Officers Technology Chief been have and degrees technical advanced have whom of all Hunt, Dr. fiscal in times three met Committee Innovation and Technology The companies. technology managed or founded have or year 2020. The meetings were held in person or by video and teleconference and lasted approximately two hours. The At Committee received reports and presentations before the meetings in order to allow them time to prepare adequately. meeting. each attended Officer Information Chief and Officer Technology Chief Company’s the invitation, Committee’s the • technology position; approaches to acquiring and maintaining the Company’s reviews the Company’s • meets with the Company’s senior technology management team to review the Company’s internal technology • monitors existing and future trends in technology related to the Company’s business and advises the Board and the The Nominating Committee may and typically does retain an executive search firm to assist with the identification and evaluation of prospective Board nominees based Nominating on Committee’s policies criteria with respect established to director by nominations please see the “Elections to Committee. the Board above. For of Directors” information on the The Hirsch. The Aebischer Board Nominating and has Committee Mr. currently consists Chairperson, of Dr. Ms. Becker, Stock Nasdaq the of requirements independence the meets Committee Nominating the of member each that determined Market listing standards. Upon the Committee’s recommendation of nominees for election to the Board of Directors, the nominees are presented to the full Board. Nominees are then selected by a majority of the independent members of the The Board. Nominating Committee met five times in fiscal year The 2020. meetings were held in person or by video and teleconference and lasted approximately half-an-hour to three hours. Committee and Innovation Technology and and Innovation Committee is composed of Among at its least Technology duties, The two Technology the members. Innovation Committee: • • evaluates and makes recommendations of nominees for election to the Board of Directors; and • evaluates and makes recommendations to the Board concerning the appointment of directors to Board Committees • determines on an annual basis the desired Board qualifications and expertise and conducts searches for potential was held by video and teleconference (as a result of COVID-19) on the day prior to or the first day of the regularly scheduled meeting regularly one and the person in held of were meetings day Three 2020. first year fiscal in the times seven or met Committee Compensation to The prior day the on COVID-19) of result a (as teleconference and video by held was teleconference, and video by held were meetings three and hours, three to one approximately for meeting, Board quarterly for approximately one hour or less. The Committee received reports and presentations Head and Culture before & People of the Head Company’s meetings the invitation, in Committee’s the At order to adequately. prepare to time them allow approval for actions six took Rewards of Committee Total attended the each meeting, meetings, and its the to Committee’s independent addition advisors In Agnès from Blust meetings. Consulting seven and the of six attended Compensia from during by written consent fiscal year 2020. Please refer to the Company’s Compensation Report for Fiscal 2020 Year for further information on the Compensation criteria and process for evaluating executive compensation. Committee’s Committee Nominating The Nominating Committee is composed of at least three members, its duties, the Nominating Among Committee: with independent directors. each of the members being non-executive, • evaluates the composition of the Board of Directors and its Committees, determines future requirements and makes 44 Attn: Corporate Secretary Attn: Corporate Secretary Logitech International S.A. Logitech International 1015 Lausanne, Switzerland Daniel Borel Innovation Center Daniel Borel Innovation EPFL - Quartier de l’Innovation EPFL or by writing Corporate Secretary at the following the address: Corporate Governance and Board of Directors Matters of Directors Board and Governance Corporate Communications Communications with the Board of Directors All such shareholder communications will be forwarded to the appropriate member or members of the Board of Directors of Board the of members or member appropriate the to forwarded be will communications shareholder such All none is specified, to the Chairperson if of the Board of Directors. or, Shareholders may contact the Board of Directors about bona fide issues or questions about Logitech by sending an email an sending by Logitech about questions or issues fide bona about Directors of Board the contact may Shareholders to [email protected] Compensation Committee Interlocks and Insider Participation Insider Participation and Interlocks Committee Compensation executive our of None Logitech. of employee or officer an been has Committee Compensation the of members the of serves None that officer executive an has that company a of committee compensation or directors of board the on serves officers on our Board Directors. of

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement * * * * * * * * * * * * * * * * * (4) 5.8% 1.1% Shares Total as a Total Percentage of Outstanding — — — — — Total Beneficial Ownership — ——— 6,185 — 63,001 — 2,469 5,693 — — — 141,492 — — 11,810,629 — 12,657 —— 7,508 28,003 (3) 3,687 12,236 16,231 28,269 Days May be Acquired Within 60 Within Shares that — — — — — (2) 6,185 2,469 5,693 8,549 7,508 45 63,001 12,657 12,038 28,003 673,885339,942 537,539141,492 130,000 1,211,424 469,942 1,159,930 687,457 1,847,387 Shares 11,810,629 Owned Number of (1) (1) (1) (10) (1) (11) (7) (5) (8) (9) (6) (1) (6) and Exchange Act of 1934 or notifications to the Company under applicable Swiss laws, to own beneficially more than 5% than more beneficially own to laws, Swiss applicable under Company the to notifications or 1934 of Act Exchange of our outstanding shares as of June 30, 2020; Security Ownership Security Directors, not including Named Executive Officers: Didier Hirsch Neil Hunt Marjorie Lao Neela Montgomery Michael Polk Nominees for Director: Thomas Deborah Named Executive Officers: Guerrino De Luca Nate Olmstead Pilette Vincent Other Executive Officers: Arunkundrum Prakash Current Directors and Executive Officers as a Group (14) Bracken Darrell Riet Cadonau 5% Shareholders: BlackRock, Inc. Aebischer Patrick Wendy Becker Wendy Edouard Bugnion Guy Gecht Samantha Harnett • as a group. all directors and current executive officers • each director and each nominee for director; •officers”); executive “named (the Report Compensation the in Table Compensation Summary the in named persons the Security Security Ownership of Certain Beneficial Owners and Management as of 2020 June 30, In accordance with the proxy statement rules under U.S. securities laws, the following table shares beneficially owned as of June 30, 2020 by: shows the number of our • each person or group known by Logitech, based on filings pursuant to Section 13(d) or (g) under the U.S. Securities * than 1% Less treasury

46 1, 2020. May 27, 2020. Management Team effective as of May 17, 2019. Management Team Company's interim Chief effective Financial as Officer, of June 1, 2019, and was appointed as the Company's Chief as of July 22, 2019. Financial and the Group Management Officer a member of Team 2019 Annual General Meeting on September 4, 2019, would no longer be designated as an executive officer as of March 31, 2020. that are expected to vest within not are 60 but days units, stock after restricted or June options the 30, holding 2020. person the These of ownership shares percentage the are computing of deemed purpose to be outstanding for the treated as outstanding for the purpose of computing the percentage ownership any other person. of 4, 2019. has sole voting and investment power over the shares reported as beneficially rules, as owned accordance investment power over the shares reported has sole voting and with SEC in property subject to community laws where applicable. BlackRock, Inc. and its subsidiaries on a Schedule 13G filed with the U.S. Securities and Exchange Commission on 10055. NY York, February 5, 2020. The address BlackRock, Inc. is 55 East 52nd Street, New of EPFL, Quartier de l’Innovation, Daniel Borel Innovation Center, 1015 Lausanne, Switzerland or c/o Logitech Inc., 7700 Inc., Logitech c/o or Switzerland Lausanne, 1015 Center, Innovation Borel Daniel l’Innovation, de Quartier EPFL, Boulevard, Gateway California Newark, 94560, USA. shares outstanding). Security Ownership Security Share Ownership Guidelines (11) Samantha Harnett was designated as a member of the Group Management Team and as an executive officer on July on officer executive an as and Team Management Group the of member a as designated was Harnett Samantha (11) (10) Prakash Arunkundrum was designated as a member of the Group Management Team and as an executive officer on officer executive an as and Team Management Group the of member a as designated was Arunkundrum Prakash (10) (9) Vincent Pilette resigned as Chief Financial Officer and the Company accepted his resignation from the Group Members of the Board of Directors and executive officers and other officers who report directly to are subject to share ownership guidelines. Officer the Chief Executive Each director is required to own Logitech shares with a market value equal to 5 times the annual Board retainer under 2019), 4, September of as (effective 2019 June and 2013 June in revised 2006, June in Board the by adopted guidelines and recently revised again in July 2020. Directors are required to achieve this ownership within five years of joining the the of years five within 2019, in adopted were guidelines revised the time the at serving directors of case the in or, Board, effective date of adoption of the guidelines. If a director has not met the ownership guideline by the end of the five-year period or is below the guideline at any time after the five-year period, one-half of the director's annual Board retainer will guideline ownership share the reaching After satisfied. been has guideline ownership the until shares Logitech in paid be later the until have will director the dropping, price stock Logitech's of result a as solely guideline the below falling then and guideline. the with compliance to return to guideline the below falling from years two to up or period five-year original the of time. to time from Board the by reevaluated be will and adjustments, capital any reflect to adjusted be will guidelines The As of June 30, 2020,each director had either satisfied these ownership guidelines or had time remaining to do so. The Compensation Committee adopted share ownership guidelines for executive officers and other officers who report directly to the Chief Executive Officer or President effective September 2008, revised in September 2013, and recently the to directly report who officers other and officers executive to apply now guidelines These 2020. June in again revised These guidelines require: Chief Executive Officer. (8) Nate Olmstead joined the Company as Vice President of Business Finance on April 1, 2019, was appointed as the (4) Based on 168,418,093 shares outstanding on June 30, 2020 (173,106,620 shares outstanding less 4,688,527 less outstanding shares (173,106,620 2020 (4)30, June on outstanding shares 168,418,093 on Based Company's the at Board the of Chairperson the as down stepped had who Luca, (7)De Guerrino that determined Board The (3) Includes shares represented by vested, unexercised options as of June 30, 2020 and options and restricted stock units stock restricted and options and 2020 30, June (3)of as options unexercised vested, by represented shares Includes September on Meeting General Annual the at Company the of directors as elected first were (6)Polk Michael and Gecht Guy (2)officer executive and director each table, this to footnotes the in noted otherwise as except knowledge, Logitech’s To (5) The number of shares held by BlackRock, Inc. is based on the number of shares reported as beneficially owned by (1) Unless otherwise indicated, the address for each beneficial owner listed in this table is c/o Logitech International S.A., (1)International Logitech c/o is table this in listed owner beneficial each for address the indicated, otherwise Unless

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement 47 market value equal market value equal to his or her respective base annual salary. shares with a market value shares with a market equal to 2 times his or her respective annual and base salary; base salary; base salary; Security Ownership Security Each officer subject to the guidelines is required to achieve his or her applicable guideline within five years of being appointed appointed being of years five within guideline applicable her or his achieve to required is guidelines the to subject officer Each guidelines the time the at serving officers such of case the in or, guideline, the to subject her or him making position the to may guideline ownership The guidelines. the of adoption of date effective the of years five within adopted, originally were the If options. stock unexercised vested, of value net the of 50% to up and shares owned of combination a through met be period, five-year the after time any at guideline the below is officer the if or years five within met not is guideline ownership the Chief Executive Officer must hold 100% of his or her after-tax shares resulting from option exercises or other equity incentive awards until the guideline is reached, and all other executive and officers Chief Executive direct Officer reports guideline the until awards incentive equity other or exercises option from resulting shares net the of 50% least at hold must five- the after time any at guideline the below is officer the if or met not is guideline ownership the if addition, In reached. is year period, the officer will have 50% of the after-tax value of any earned bonuses under the Program Leadership Bonus Team paid in fully vested Logitech shares. After reaching the share ownership guideline and then guideline solely falling as a result below of Logitech's the stock price dropping, the officer will have until the later of be will the guidelines original The guideline. five-year the with compliance to return to guideline the below falling from years two to up or period adjusted to reflect any capital adjustments, and will be re-evaluated by either the Compensation had Committee Officer from time Executive to Chief time. to directly report who officers other and officers executive the of all 2020, 30, June of As satisfied these ownership guidelines or had time remaining to do so. • remaining who officers report directly to the Chief Executive each Officer to hold a number of Logitech shares with a •Logitech of number a hold to each Officer, Financial Chief and Officer Executive Chief the than other officers, executive •annual her or his times 3 to equal value market a with shares Logitech of number a hold to Officer Financial Chief the •annual her or his times 5 to equal value market a with shares Logitech of number a hold to Officer Executive Chief the certain employment,

executive officers and other employees. executive officers

48 Certain Relationships and Related Transactions Related and Relationships Certain SEC Rules Nasdaq Rules and Swiss Best Corporate Governance Practices and Swiss Best Corporate Nasdaq Rules In addition to the Logitech and Nasdaq policies and rules described above, the SEC has specific disclosure requirements requirements disclosure specific has SEC the above, described rules and policies Nasdaq and Logitech the to addition In affiliated entities and persons or officer executive or director a and Logitech involving transactions of types certain covering with them. business of million 2.0 USD approximately did Logitech has a long-standing relationship with the École we Polytechnique Fédérale de Lausanne (EPFL) and has based its 2020, year fiscal primarily In payments The 2013. entities. since campus other and EPFL the EPFL on the headquarters by Swiss controlled foundation a Park, Innovation sponsorships, organization EPFL the and and event projects, EPFL the research with in engaged also We payments. related and lease office our covered Aebischer Dr. directors. of board the on our Center Convention joined SwissTech the at Meeting General Annual EPFL, 2019 our held and EPFL the the with projects other and of President the non-employee our Aebischer, of Patrick one 2016, Bugnion, September Edouard In 2017, campus. January In EPFL 2016. December of end the at EPFL the of President as retired professors also are Bugnion Dr. and Aebischer Dr. EPFL. the at Systems Information for President Vice became directors, transaction any to, party at the EPFL. a be to plans no have we and to, party a been not have we 2019 1, April since EPFL, the than Other immediate the of member or any series or of shares, similar our transactions of in 5% which the than amount more involved of exceeded holder or will officer, exceed executive USD nominee, 120,000 director and in director, which current any family of any of the foregoing, had or will have a direct or indirect material interest. indemnification The officers. executive and directors our of each with agreement indemnification an into entered have We to the fullest extent permitted by Swiss and California law. agreements require us to indemnify our directors and officers None of the following persons has been indebted to Logitech or its subsidiaries at any time since the beginning of fiscal immediate the of member any director; a as election for nominee any officers; executive or directors our of any 2020: year family of any of our directors, or executive nominees officers for director; any corporation or organization of which any of our directors, executive officers or nominees is an executive business); of officer course ordinary or the in into partner entered debt trade or (except securities is, equity of class directly any of more or or 10% indirectly, of the owner beneficial and any trust or other estate in which any of the directors, executive officers or nominees for director has a substantial beneficial interest or for which such person a similar serves as a trustee or in capacity. Nasdaq rules defining “independent” director status also govern conflict of interest situations, as do Swiss best corporate corporate best Swiss do as situations, interest of conflict govern also status director “independent” defining rules Nasdaq governance principles published by economiesuisse, a leading Mr. and Darrell Swiss Mr. than business other director, organization. a As be to nominees and discussed directors our of each that above, determined has Directors of the Board objective of series a include Nasdaq rules The rules. Nasdaq the accordance with “independent” in as qualifies Luca, De tests that would not allow a director to be considered independent if the director has or has had Our Policies Our Policies employee’s the of responsibilities interests, business Logitech’s with the conflict could which activities any of in engage not must employees fulfillment all that policy our is the It with interfere could which or reputation its affect adversely could which job, which at all times must be performed in the best interests others. of Logitech. In of addition, Logitech benefit employees may improper not use the for or gain personal their for assets, or information Logitech’s or Logitech, with position their These policies are included in our Code of Conduct, which covers our directors, If in a particular circumstance the Board concludes that there is or may be a perceived conflict of interest, the Board will instruct our Legal department to work with our relevant business any and units Board, the to of determine approval prior if the require there officer is executive a or director conflict a to of regard Any interest. with rules conflict these to waivers transaction that is a related party transaction under U.S. securities laws must be approved by another independent committee of the Board. the Audit Committee or that requirement a includes also definition independence Nasdaq The company. the with relationships family or business accordance In basis. subjective a on company the and director independent each between relations the review Board the exist relationships no that director independent responsibilities each to the as determination out subjective carrying a made in has Board judgment the independent review, that of with exercise the with interfere would Board, the of opinion the in that, of a director.

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement

the 635 135 10-K, 10-Q, 2019 Form Form engagements on Sarbanes-Oxley and fees for other the Report on 213 175 of filing, 404 SIX filings or 2020 Annual Quarterly Reports $ 3,835 $ 3,258 $ 4,223 $ 4,028 Swiss our Section in our regulatory with statements services for mergers and acquisitions. statements in accordance connection with the financial with statutory and in diligence 49 reporting in of our connection audit financial the for financial statements interim condensed financial by KPMG in fees provided includes consolidated review of the our the our internal control over of ategory normally c related to acquisitions. (2) fees. This category includes the due fees for audit This the audit of (1) fees. for the (3) for Audit fees fees Act of 2002, fees for services that are and accounting Tax fees. This category includes fees related to the 2019 and 2018 tax compliance and tax consulting services. Independent Auditors Independent Audit fees Audit-related fees Audit and Non-Audit Fees Tax fees Tax Total (1) (3) (2) Audit-related The following table sets forth the aggregate fees billed to us for the audit and other services provided by KPMG during the during KPMG by provided services other and audit the for us to billed fees aggregate the forth sets table following The fiscal years ended and March 31, 2020 2019 (in thousands): Under Articles Logitech’s of Incorporation, the shareholders elect or re-elect the Company’s independent auditors each Annual General Meeting. year at the audit first its assumed AG KPMG Switzerland. Zurich, AG, KPMG were 2020 year fiscal for auditors independent Logitech’s mandate for Logitech in fiscal year 2016, 2015. September 2015, They September in were Meetings General elected Annual by the at the re-elected and shareholders 2014 December as in Meeting General Logitech’s auditors at the Annual Together, 2020. San year LLP, KPMG fiscal reporting, law securities U.S. of purposes For 2019. September and for 2018, September 2017, September firm accounting public registered independent Company’s the as served California, Francisco, for responsible is Committee Audit the Board, the by appointed As “KPMG.” as to referred are LLP KPMG and AG KPMG the of replacement or election the recommends and auditors, independent Company’s the of performance the supervising independent the Board auditors to of Directors. Representatives of KPMG were invited to attend all regular meetings of the Audit Committee. During fiscal year KPMG 2020, representatives attended all of the Audit Committee meetings. The in closed representatives meetings. of KPMG sessions of Committee Committee met separately five times with On a quarterly practices basis, and KPMG policies reports accounting on critical the of findings assessment of their their include audit reports and/or These review work reporting. including financial their over audit control communication of internal written Logitech’s material other and management, with discussed information financial of treatments alternative used, the on Board full the to reports Committee Audit the meeting, Board quarterly each At management. and KPMG between substance of the Committee meetings during the Moreover, responsibilities. quarter. On its fulfilling an in annual representatives senior basis, its the Audit and KPMG Committee of performance approves the KPMG’s evaluates and plan audit Audit the Committee recommends to the Board the appointment or replacement of the independent auditors, subject to Audit Committee reviews the annual report provided its independence. by KPMG as to The shareholder approval. a at

must and ervices s pre-approval non-audit of KPMG. This by Committee. The member of the Audit

ategories c provided independent ervices pre-approves s 50 non-audit ability to a single Committee and audit

approved at the next scheduled Audit Committee meeting. The Audit Committee Committee Audit The meeting. Committee Audit scheduled next the at approved The Audit

all the pre-approval es engaged. is

pre-approv auditor the

Committee fee associated with each category. Usage of KPMG fees against the target is presented to the Audit Committee delegate Audit Committee can Independent Auditors Independent ear must be re-approved by the Audit Committee. ear must be re-approved Report of the Audit Committee Report of the Pre-Approval Procedures and Policies and Procedures Pre-Approval The Audit The Audit Committee is responsible for overseeing Logitech’s accounting and financial reporting processes and audits of audits and processes reporting financial and accounting Logitech’s overseeing for responsible is Committee Audit The Logitech’s financial statements. The Audit Committee acts only in assurances of management, which an has primary responsibility for Logitech’s financial oversight statements and the reports, Logitech’s on capacity opinion an expressing and for responsible is which relies auditors, independent Logitech’s on KPMG, as well the as auditors, internal work and conformity of Logitech’s audited financial statements to generally accepted accounting internal control over financial reporting. of Logitech’s effectiveness principles and attesting to the copy of the Charter can be found on our A Audit Committee. The Board of Directors has adopted a written charter for the “Audit Committee select Charter” under “Corporate Governance.” view the charter, To . website at http://ir.logitech.com Audit The Committee has reviewed and discussed our audited financial statements for the fiscal year ended March 31, 2020, with our management. In addition, Audit the Committee has discussed with the independent auditors the matters Accounting Oversight Board. required to be discussed by the applicable requirements of the Public Company The Audit Committee has received the written disclosures and the letter from the independent accountant applicable required by requirements of the accountant independent the Public with discussed Company has Accounting and independence, concerning Oversight Committee Audit Board the with regarding communications the independent accountant’s independence. the independent accountant’s Based on the reviews and year fiscal discussions the referred for to 10-K above, Audit Form the on Committee Report recommended Annual to the Logitech’s Board in of included Directors be statements financial consolidated audited the that ended March 31, 2020. Board Audit Committee of the the Submitted by Didier Hirsch, Chairperson Marjorie Lao Neela Montgomery The occur before target each in-person quarterly meeting, with additional amounts requested as needed. Services that last longer than a y services all communicate must delegate The service. of type per limit dollar set a with KPMG by performed be to services of types pre-approve can delegate its or Corporate Controller is responsible for ensuring that the work performed is within the scope and dollar limit as approved Audit by Committee. the Management must report Audit to Committee the the status of each project or service provided by KPMG.

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement 51 was granted May 15, 2019. on Delinquent Section 16(a) Reports 16(a) Section Delinquent Section 16 of the Exchange Act requires Logitech’s directors, executive officers and any persons who own more than 10% than more own who persons any and officers executive directors, Logitech’s requires Act Exchange the of 16 Section of shares, Logitech’s to file initial reports of ownership and reports of changes in ownership with the SEC. Such persons are required by SEC regulation to furnish Logitech with copies of all Section 16(a) practice, forms our that administrative they staff file. As assists a our matter executive of officers and directors in preparing reporting ownership changes, and typically these reports on their behalf. files initial ownership reports and all believe that Section 16(a) filing requirements were 2020, with exception met in fiscal year below: the noted We • late A Form 4 report was filed for Bracken Darrell on May 20, 2019 to report an RSU grant of 60,621 shares which 52 Compensation Report for Fiscal Year 2020 Year Fiscal for Report Compensation Executive Summary Compensation Discussion and Analysis Discussion and Compensation The Compensation Committee believes the design of our executive compensation program has met and will continue to above-market for provide that packages compensation market-competitive with executives our providing of goal our meet rewards when Logitech outperforms both our internal goals and the overall market, and limited rewards when Logitech’s performance does not meet our both reward these and performance Company’s the drive to incentive an provide will believes it that program compensation objectives. Overall, our Compensation Committee shareholders and our executives. has developed an executive This Compensation Discussion and Analysis decisions and practices, policies, compensation-related is executive our of overview an providing intended by program compensation to assist “Named our our as shareholders to refer in we who and understanding 2020, for fiscal year year our 2020. fiscal It also for explains how executive we officers determined the executive material elements of other compensation for our our Chief and Executive Officers, Financial Chief our Officer, were: Named For fiscal year 2020, our Executive Officers Executive Officers.” • Guerrino De Luca, Former Chairperson and Executive Director; • Bracken Darrell, President and Chief Executive Officer; • and Nate Olmstead, Chief Financial Officer; • Pilette, Former Chief Financial Officer; Vincent Mr. De Luca was our Chairperson through our 2019 Annual General Meeting and continued through as the 2019, end an 17, of May fiscal Executive on year Pilette Director 2020. He Mr. is of referred departure to the in following this 2019, report 1, simply June as our effective Executive Officer Olmstead Mr. Director. Financial was Chief Interim our appointed and promoted to Chief Financial Officer on July 22, 2019. Prakash Arunkundrum, our respectively, 2020, Head July and 2020 May of in officers executive as Global designated were Counsel, General Operations, our Harnett, Samantha and during any part of fiscal year 2020. and neither was an executive officer as of May 2019, the Compensation April Committee did 2019, effective Pilette submitting his resignation in Based on Mr. salary base paid being him in resulted This 2020. year fiscal for compensation cash Pilette's Mr. to changes any make not based on an annual rate of $650,000 for the portion of the fiscal year that he worked for us. Mr. Pilette's but he was not entitled bonus to opportunity bonus any remained bonus at as 100% a of result salary, of his departure. He target also did not receive any equity award for fiscal year 2020 as he resigned before the Compensation Committee had made an award determination. This Compensation Report has been designed to comply with both the proxy statement disclosure rules under U.S. securities U.S. under rules disclosure statement proxy the both with comply to designed been has Report Compensation This laws and Swiss regulations. For Swiss law purposes, this Report is Audited supplemented by the Compensation Tables Under Swiss Law prepared in compliance with the Ordinance against excessive compensation in stock exchange listed and Invitation, Report, Annual our of part integrated an is Report This Ordinance”). “Minder (the Switzerland in companies Annual General Meeting. our 2020Proxy Statement for

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement 04 $1 $366 $191 $120 Nasdaq 100 SMI Expanded 3/31/17 3/31/18 3/31/19 3/31/20 Russel 3000 Logitech TOTAL SHAREHOLDER RETURN TOTAL 2020 financial results. COMPARISON OF FIVE-YEAR CUMULATIVE OF COMPARISON the same period. 53 3/31/15 3/31/16 $0 $400 $300 $200 $100 and tools for live streaming. SMI Expanded for n Dividends i $123.1M Peripherals. Index, and the Management’s Discussion and Analysis of Financial Condition and Results of Operations Discussion and Management’s a leader in software 2020 Fiscal Year detailed discussion of our fiscal year our for a more detailed discussion of 265% 42% 10% $235.7 million TOTAL SHAREHOLDER RETURN SHAREHOLDER TOTAL RETURNED TO SHAREHOLDERS RETURNED TO 2020 Business Highlights 2020 Business 10 yr 5 yr 3 yr 1 yr 229% n Share We delivered our highest ever fiscal year net sales at $2.98 billion, up 7 percent over fiscal year 2019 net sales in U.S. $2.98 billion, net over fiscal year 2019 percent net sales at delivered up 7 ever fiscal year our highest We dollars. in Video categories, with particular momentum our product our regions and in most of sales across all of grew net We and PC Collaboration, Gaming, We acquired Streamlabs, 2019 March 31, 2020 April 1, which outperformed to was 10%, the Nasdaq Our total shareholder return for the period 100 Index, the Russell 3000 $112.6M Repurchases i Compensation Report for Fiscal Year 2020 Year Fiscal for Report Compensation Please see the section entitled in our Annual Report Fiscal Year Fiscal Year year a successful fiscal Logitech had 2020, strategy. the strength of our demonstrating $0 Based Units Award Units Award Performance- (Grant Date Fair Value) FY FY Annual 2020 Base Restricted Stock STI 26% 23% $0 74% at risk pay $192,488 $306,787 RSUs 39% $2,226,358 $3,490,879 $2,263,441 $842,215 PSUs 61% Time-Based Time-Based Units Awards Units Awards (Grant Date Fair Value) FY FY Annual 2020 Restricted Stock Other NEO Target Compensation Mix excludes one- Compensation Other NEO Target time stock grants for Nate Olmstead related to his hire, role as interim Chief Financial Officer and promotion to Chief Financial Officer. OTHER NEO TARGET COMPENSATION MIX COMPENSATION OTHER NEO TARGET 51% n/a n/a 160% 160% Based Units FY 2018-2020 FY Vesting Level Vesting Performance-

54 n/a Base Salary Annual Performance-based Cash Compensation (STI) Long-term Equity Incentives (LTI) PSUs: Performance-Based Restricted Stock Units RSUs: Time-based Restricted Stock Units 120% 120% 140% Bonus as a Compensation Target Bonus Target Percentage of FY FY 2020 Annual STI 15% n/a 0% 0% 0% Salary RSUs 39% Increase Base 12% from FY 2019 from FY FY 2020 Base FY 88% at risk pay PSUs 61% 1 CEO TARGET COMPENSATION MIX COMPENSATION CEO TARGET risk pay versus target "fixed" pay for fiscal year 2020:risk pay versus target "fixed" pay for fiscal 73% his compensation 2020 or grant any for fiscal year equity. Compensation Report for Fiscal Year 2020 Year Fiscal for Report Compensation Bracken Darrell Named Executive Officer Guerrino De Luca Nate Olmstead Vincent Pilette Vincent Executive Compensation Highlights Compensation Highlights Executive The incentives our created by compensation executive program help to drive strong performance have and contributed to our pay-for-performance. with Consistent to commitment shareholder demonstrate our value creation and and our growth the Compensation Committee took the following compensation actions strong performance and compensation philosophy, for fiscal year 2020: for our executive officers on Variable and Performance-Based and Performance-Based Emphasis on Variable varies from year year to based on our corporate financial and operational The annual compensation executive officers of our compensation program emphasizes “variable” individual executive pay performance-based results and performance. Our as performance-based and time-based incentives as well long-term and to balance short-term and seeks “fixed” pay over incentives. In fiscal year 2020, the majority of the target total direct compensation of our consisted of performance- CEO including cash awarded under our annual long-term of performance- bonus plan and incentives in the form based pay, primarily Fixed pay, of pre-established performance criteria. achievement based on which value is awards for based equity direct compensation target total in fiscal year 2020, while variable made up only 12% our of CEO’s consisting base of salary, consisting of both annual bonus and long-term made equity incentives, up 88% of his target total direct compensation. pay, The following show the percentages charts of target This same philosophy was applied to our other executive officers. "variable" at 1.implement any changes to not Compensation the Committee did and May 2019, as of 2019, effective April in his resignation Pilette submitted Mr.

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement post-employment The Agreements – Award 55 in Equity The Compensation Committee engages and retains its The Compensation Committee uses equity awards to deliver As noted below, we do not provide any cash payment related – The Compensation Committee conducts an annual evaluation of Arrangements The Compensation Committee conducts an annual review of our executive Committee conducts an annual review The Compensation maintain a stock ownership policy for our directors and executive officers which Our Board of Directors reviews on an annual basis our succession strategies and plans provides for acceleration of time-based equity only in the event of (i) a change in control of the Company (ii) a qualifying termination of employment. and equity compensation arrangements for our executive officers are based on a “double-trigger” arrangement that Compensation Committee Independence – Our Board of independent directors. comprised solely of Directors maintains a Compensation Committee Independent Compensation Committee Advisors – to termination of employment or change of control. Prohibition on Hedging and Pledging – Under our Insider Trading from Policy, we hedging prohibit any our executive Company officers securities owned by them as collateral for a loan. them and from pledging any Company securities owned by Succession Planning – for our most critical positions. own independent advisors and reviews their independence annually. and reviews their independence own independent advisors Review – Annual Compensation including a review of the compensation peer group and other information compensation philosophy and strategy, used for comparative purposes. Compensation-Related Risk Assessment long-term incentive compensation opportunities to our executive officers. These equity better serves our long-term value creation goals and retention objectives. earned over multi-year periods, which awards vest or may be Limited Executive Perquisites – We generally do executive not officers. provide The perquisites executive or officers other participate in personal basis as all of our employees. our benefits health to and our welfare benefit programs on the same Stock Ownership Policy – We requires each of them to own a specified amount of our registered annual board retainer. shares as a multiple of their base salary or Compensation Recovery Policy – We have adopted a policy that provides for other the recoupment incentive of bonus and compensation and officer or if the executive officer knew of the fraud or misconduct. intentional misconduct of an executive equity compensation from our executive officers resulting “Double-Trigger” Change of Control from fraud or our compensation programs, policies, and practices, to ensure that they are designed level to of risk-taking reflect but an do not appropriate encourage our employees to take excessive or unnecessary risks that could have a material adverse impact on the Company. Emphasize Performance-based Incentive executive Compensation compensation program to – The use performance-based short-term Compensation and long-term officers with the interests of our shareholders. awards to align the interests of our executive incentive Committee compensation designs our Emphasize Long-Term Equity Compensation – Compensation Report for Fiscal Year 2020 Year Fiscal for Report Compensation Executive Compensation Best Practices Compensation Best Executive corporate including compensation-related and practices, compensation policies sound executive strive to maintain We executive have the following We philosophy. compensation with our executive standards, consistent governance to drive performance and both those that we have implemented and practices in place, including compensation policies interests: long-term do not believe serve our shareholders’ or minimize behaviors that we those that either prohibit Do What We Team Team for $12,331,978 Compensation Actual Aggregate $23,700,000 CHF 4,900,000 CHF 4,242,173 Approved Maximum Aggregate Compensation To comply with the Minder Ordinance we have no –

56 – We do not provide any “gross-ups” or tax payments in connection with

– Other than our Section 401(k) plan generally available to all employees in Period Fiscal year 2020 2018-2019 Year Board voting results. We do not reprice options to purchase our registered shares without shareholder – We do not reprice options to purchase – We do not pay dividends or dividend equivalents on unvested or unearned restricted (1) Year and 82% approved the aggregate compensation of our Group Management Board (2) as follows: severance severance or change of control arrangements (other than acceleration of vesting of equity awards as provided in our equity award agreements) for our executive officers, Olmstead and formerly Mr. Pilette). (Messrs. Darrell and including members of our Group Management No Special Retirement Programs No Severance or Change of Control Arrangements the U.S., we do not offer officers. defined benefit or contribution retirement plans or arrangements for No our Tax “Gross-Ups” executive or Payments any compensation element for our executive officers, other than for our standard relocation benefits. This means we do not provide any excise tax payments or benefits. “gross-up” or tax reimbursement in connection with any change of control No Unearned Dividends stock unit or performance-based restricted stock unit awards. restricted stock unit awards. stock unit or performance-based No Stock Option Repricing approval. Approved maximum aggregate compensation amount based on four Group Management Team members. Approved maximum aggregate compensation amount based on four Group Management Team bonus and other compensation for each fiscal year in equity grants made during applicable the Board year and pro-rated amounts for his salary, applicable the Board year by month. Compensation Report for Fiscal Year 2020 Year Fiscal for Report Compensation Group Management Team Group Management Team Board of Directors At our 2019 Annual General Meeting, compensation of our named 81% executive officers, 92% of approved the aggregate the compensation for the Board votes of Directors for cast the 2019 to 2020 on our annual Say-on-Pay proposal supported the fiscal year 2021. Shareholder Engagement Logitech’s relationship with its shareholders is a critical part of our company’s success and we have a long tradition of transparency and responsiveness shareholder to support for our shareholder pay-for-performance compensation perspectives. philosophy in practices maintaining and setting fiscal The year our 2020 compensation for our general executive officers. Our CEO compensation and Compensation CFO regularly speak with Committee our was shareholders mindful about of the compensation plans back Company, to the Compensation our Committee. The Committee performance considers our compensation programs and making compensation decisions. this and feedback when designing strategy and communicate any feedback on our 1. 2.based on actual basis, estimated is calculated a fiscal year on typically Director, our Executive of Board compensation attributable The portion to Beginning in 2015, in compliance with the Minder Ordinance, we instituted annual binding shareholder votes on the maximum Ordinance, we instituted annual binding the maximum Minder shareholder votes on Beginning 2015, in compliance with the in consistent with the Team members of our Group Management aggregate compensation for our directors and for amounts Annual Incorporation Articles of at our 2014 compensation shareholders approved structure that in amendments to our General Meeting. Annual General Meeting, shareholders approved compensation a maximum aggregate amount of for the Group At our 2018 the amounts paid compared to total actual compensation amounts The Directors. the Board of and for Team Management approved were Say-on-Pay As required under the U.S. securities laws, Logitech provides our shareholders the ability to periodically cast advisory votes remain committed to Annual General Meeting. We on executive compensation, reflected in as the proposals for our 2020 our Compensation actions, and our executive compensation practices and on providing clear and thorough disclosure consider the Committee will carefully What We Do Not Do What We

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement the CD&A; and performance. . and results; 57 Year 2022 pay-for-performance alignment; pay-for-performance to support a strong equity incentive awards. Team for Fiscal and long-term objectives employees. we have: highly competitive and rapidly evolving markets; and rapidly in highly competitive well-structured and aligning with aligning it as well-structured and Proposal 2 Advisory – Vote Approve to Executive Compensation, Proposal 9 – disclosure in combination with combination readability of our disclosure in contribution through long-term compensation program structure our compensation program for the Group Management Compensation for the Board of Directors for the 2020 to 2021 Board Year and Proposal 10 – Approval of compensation, see potential for future share value; and risk based on the Company’s performance, while maintaining inappropriate controls over risk-taking by factoring in Company’s risk based on the long-term performance; both annual and high-growth, global company Enhanced our disclosure Enhanced disclosure to incorporate the compensation our law into this Compensation tables audited under Swiss Report to improve the the PSU award granted in fiscal year 2017 with three- Expanded targets and results for disclosure of the performance in fiscal year 2020. vesting that vested year cliff Continued to our for mix RSUs) and changed the PSUs/40% awards (approximately 60% equity long-term mix of Evaluated the with fiscal year vesting beginning three-year cliff with Units (PSUs) Restricted Stock to 100% Performance-Based CEO 2021; Compensation Report for Fiscal Year 2020 Year Fiscal for Report Compensation Compensation Philosophy and Guiding Principles Compensation Philosophy Approval of Compensation We will continue to engage with our issues shareholders about which to they care gain most and consider valuable the results insights from this into year’s and the future executive compensation. advisory governance and binding and votes on compensation For more information regarding our aggregate annual Say-on-Pay proposal for fiscal year 2020 and our binding votes on •or her cash incentives, and his performance through base salary and short-term and past role executive’s Reflect the • increasing compensation to a significant portion of by tying interests Align executive compensation with shareholders’ executives and employees, attracting, retaining, and motivating the best while compensation a central part of is However, we believe it is not the sole reason or exclusive why exceptional executives or employees choose to join and stay at regard, both the Compensation achieve our shareholders. Committee Logitech, or why they work hard to results for In this and management believe that providing a working opportunities environment and in which executives and employees can in attracting, success Logitech’s of key part are also a individual a difference develop, express their potential, and make executives and motivating, and retaining The Compensation Committee periodically reviews and analyzes market trends and the prevalence of various compensation delivery vehicles and adjusts the design and operation of our executive compensation program from time to time as it deems necessary or appropriate. In designing and implementing the various elements of our executive compensation program, the Compensation Committee considers market and industry practices, as well as our compensation structure’s • Provide a balance between short-term • Support a performance-oriented culture; • Maintain a balance between fixed and variable compensation and place a significant portion of total compensation at We to: program executive compensation have designed our •innovative, and manage an create talent needed to level of retain the and to attract Provide compensation sufficient In fiscal year 2020, we engaged 2020, we engaged In fiscal year in discussions based institutional investors with Europe representing United States and in the and efforts our outreach for appreciation These investors expressed outstanding shares. our significant percentage of a compensation practices we need to consider United Silicon States Valley recognized, that while we are a Swiss company, presented and was summarized received feedback The executives. our and retaining in attracting remain competitive to to the Compensation Committee. On the topic of executive compensation, our investors continue our to support current seeing program, philosophy and In response to investor feedback, 58 Director) as described below. Compensation Report for Fiscal Year 2020 Year Fiscal for Report Compensation Compensation-Setting Process Compensation-Setting The Compensation Committee did not weight these factors in any predetermined or formulaic manner in making its decisions. its making in manner formulaic or predetermined any in factors these weight not did Committee knowledge Compensation experience, The individual their of light in information this considered Committee Compensation the of members The of the knowledge Company, of each executive knowledge officer, of the competitive market, and business judgment in making their decisions regarding executive compensation our executive and compensation program. Role of the Compensation Committee Role of the Compensation The Compensation Committee, among its officers. executive other our responsibilities, of compensation establishes specific the our including program, overall compensation executive compensation our approves philosophy and reviews and The Compensation Committee has the authority to retain compensation consultants and other advisors, including responsibilities legal and duties, Company authority, Committee’s our Compensation The responsibilities. on its out carrying available in assist to is counsel, charter The warranted. as updated and annually reviewed is which charter, its in described are . website at http://ir.logitech.com of compensation the approves and philosophy compensation overall our determines Committee Compensation the While our executive officers, it considers the recommendations of its compensation consultants and other advisors, as well as our CEO, our CFO, our head of People & Culture, and our compensation makes department. The all Compensation Committee final decisions regarding executive compensation, including periodically opportunities, actual Committee base cash Compensation bonus The salary payments, needed. and as levels, long-term times incentives other target in at the and annual form basis of regularly-scheduled equity cash a awards. on The bonus meets Compensation Committee Board the to reports Committee Compensation the of chair The Directors. of Board our with matters compensation reviews of Directors on the activities of the Compensation Committee meetings are available to the members of the Board of Directors. Compensation Committee at quarterly board meetings, and the minutes Before the beginning of each the fiscal Compensation of year, Committee reviews our executive compensation program to the assess whether our compensation elements, actions, and decisions (i) are properly coordinated, (ii) are aligned with our executive our for incentives long-term and short-term appropriate provide (iii) goals, corporate and values, mission, vision, comparable in executives of compensation the with competitive are (v) and purposes, intended their achieve (iv) officers, positions at plans the new companies adopts with or which arrangements and we plans compete existing for our executive to talent. modifications Following appropriate this or assessment, necessary the any makes Compensation Committee or arrangements. The Compensation Committee also conducts an annual review of our executive compensation strategy to ensure that it is appropriately aligned with our business strategy and Committee reviews and changes market trends in competitive compensation practices, as further described below. achieving our desired objectives. Further, the Compensation The factors considered by the Compensation Committee in determining the compensation of our executive officers for fiscal year 2020 included: • performance and their contribution to a high-performing leadership team; Each individual executive’s • skills, experience, qualifications and marketability; Each individual executive’s • performance against financial goals and objectives; The Company’s • performance relative to both industry competitors and compensation its peer group; The Company’s • compensation in a ranking of peer compensation; The positioning of the amount of each executive’s • peer group; The compensation practices of the Company’s • Balancing the compensation requirements and practices of Switzerland and Silicon Valley; •Executive our Maintaining a diverse and inclusive environment that provides a competitive edge through varied insights; and of compensation the •and compensation own his to respect with (except CEO our of recommendations The tax efficiency and its impact on our financial tax condition. efficiency While the Compensation Committee considers all of these factors in its deliberations, no formal it places weighting one factor. on any The Compensation Committee evaluates our compensation philosophy and program objectives on an annual basis or more frequently require. as circumstances

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement 59 our Board of Directors; officers; of our Board of Directors; Compensation Report for Fiscal Year 2020 Year Fiscal for Report Compensation • conducted a compensation risk assessment; • assisted in our equity compensation strategy; and • provided legislative updates and ad hoc advice and support throughout the year. The independent compensation communicate consultants with attend the Compensation Compensation Committee outside Committee of meetings. meetings The compensation as consultants requested report to and the also • conducted an analysis of the levels of overall compensation and each element of compensation for the members of • conducted an analysis of the levels of overall compensation and each element of compensation for our executive As part of this process, our Chairperson works closely with the Compensation Committee in determining the compensation the determining in Committee Compensation the with closely works Chairperson our process, this of part As of our CEO. The non-employee members of the Board of Directors evaluate the performance of our Executive Director and our CEO each year and the Compensation Committee incorporates that evaluation in its decisions regarding incentives long-term and their payments, bonus cash actual opportunities, bonus cash annual target adjustments, salary base regarding deliberations the of any during present not are CEO our and Director Executive Our awards. equity of form the in their own compensation. Role of our CEO officers, executive other our of compensation the determining in Committee Compensation the with closely works CEO Our structure the recommend to Committee Compensation the with works CEO our Typically, Director. Executive our excluding of the annual bonus plan, and to identify and develop corporate performance objectives for determine to such Committee Compensation the plan, with works and also CEO Our to measures. selected evaluate the against performance actual the appropriate form and performance equity compensation goals for our program. evaluation his Using compensation. of At the beginning of element our each CEO year, reviews the prior year’seach performance of our executive for officers who report to him Committee Compensation the to recommendations makes then and of each adjustments, executive salary officer’s base performance cover recommendations and these taking into year, consideration preceding historical the compensation during awards performance corporate to our our and executive officers for awards equity of form the in incentives long-term and payments, bonus actual opportunities, bonus cash annual target executive individual the results, our on based Director) Executive our and himself than (other officers executive our of each officer’s contribution to these results, and the executive officer’s performance decisions makes and recommendations toward these reviews then Committee Compensation The achieving goals. performance individual the executive officer’s as each as well individual compensation element. as to the target total direct compensation of each executive officer, While the Compensation Committee considers our CEO’s recommendations, as well as the competitive market analysis Committee Compensation the prepared by its compensation consultants, these recommendations and market data serve as only two of several factors Ultimately, officers. executive our of compensation the to respect with decisions its making in each of amount and elements compensation individual the determine to experience and judgment business own its applies element for our executive officers. Moreover, no executive officer participates in elements of his or her own compensation. the determination of the amounts or Role of Compensation Consultants the Compensation Committee has the authority to engage its own compensation consultants and Pursuant to its charter, other advisors, including legal counsel, as it determines in its sole discretion, to assist in carrying out its responsibilities. advisors, these of services and fees, engagement, the regarding determinations all makes Committee Compensation The and any such advisor reports directly to the Compensation Committee. The Compensation Committee may replace its compensation compensation consultants or hire additional advisors at any time. U.S. a Inc., Compensia, engaged Committee Compensation the authority, this to engages pursuant Committee 2020, year Compensation fiscal The In firm. consulting compensation Swiss a Consulting, Blust Agnès and firm, consulting compensation consultants to provide information, analysis, and other assistance relating to our executive compensation program on an ongoing basis. The nature and scope of the services provided to the Compensation independent compensation consultants in fiscal year 2020were as follows: Committee by the • reviewed and recommended updates to the compensation peer group; • provided advice with respect to compensation best practices and market trends for executive officers and members Nuance Communications Qorvo Skyworks Solutions Synopsys Teradyne Navigation Limited Trimble Corporation Technologies Zebra Rationale 60 FLIR Systems Garmin Ltd. Juniper Networks Technologies Keysight Group Technology Marvell NETGEAR, Inc. Technology Consumer Products • • We compete for talent with companies compete for talent with in the following industries: We Our Named Executive Officer compensation should companies be that have comparable financial similar characteristics including revenue and to market senior managers at capitalization. As appropriate, we utilize additional refinement criteria (objective or subjective) such as valuation, headcount, or business model. revenue growth, profitability, U.S. publicly traded companies technology with talent management executive for compete we circumstances companies. Although in the United and particularly in the high-technology States, area of Silicon Valley. we are a Swiss company, in certain Compensation Report for Fiscal Year 2020 Year Fiscal for Report Compensation Cadence Design Systems Ciena Cypress Semiconductor EchoStar F5 Networks Belden Inc. Criteria Financial Scope Other Factors Industry acquired, and Diebold Nixdorf, Dolby Laboratories, and GoPro were removed because they no longer fell within the selection the within fell longer no they Brocade because Communications removed and VeriFone were Systems GoPro were removed and from Laboratories, our Dolby peer group Nixdorf, because Diebold these and companies were acquired, criteria for revenue or market capitalization. These companies were replaced by Juniper Networks, Marvell Technology Group, Skyworks Solutions, and Synopsys because they were aligned with our selection criteria. Based on these criteria, the Compensation Committee selected the following peer group of 19 publicly-traded companies, publicly-traded 19 of group peer following the selected Committee Compensation the criteria, these on setting Based to respect with decisions compensation making when reference a as used then and approved subsequently it which compensation for fiscal year 2020: Compensation Committee rather than to management, although they typically meet with members of management, including including management, of members with meet typically they although management, to than rather Committee Compensation our CEO and members of our executive compensation staff, for purposes of understanding proposals that management to the Compensation may make Committee. The Compensation Committee has assessed the independence of the compensation consultants taking among other into things, account, the six independence-related factors as set forth in and standards independence Exchange enhanced Act the and Act Rule Protection 10C-1 Consumer and Reform issued Street Wall by Dodd–Frank the under the SEC with relationship its that concluded has and Market, Stock Nasdaq the of standards listing applicable the in forth set factors has Committee Compensation the of behalf on them of each of work the and consultant compensation independent each and us to services other any provided not have Consulting Blust Agnès and Compensia interest. of conflict any raised not have received compensation no to the services other than with respect above. described Group Compensation Peer developed companies peer of group select a from drawn is compensation executive on data market competitive considers Committee data Compensation the deliberations, its of part As This data. such of analysis related a and practices and levels by the Compensation as well Committee, as compensation survey data. For fiscal year 2020, at the direction of the Compensation Committee, Compensia evaluated the existing compensation group: the in inclusion for companies identify objectively to table following the in forth set criteria the used and group peer

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement 27% $8,751 $5,220 $5,539 $11,713 Market Capitalization 50% $2,086 $3,212 $2,736 $2,756 Revenue 61 Percentile Percentile Percentile th th th Compensation Report for Fiscal Year 2020 Year Fiscal for Report Compensation 75 (in millions) 25 Logitech Percentile Rank 50 The market analysis provided by Compensia, and considered by the Compensation Committee in its review of our executive our of review its in Committee Compensation the by considered and Compensia, by provided analysis market The a above, described group peer compensation the data: of sources multiple to Logitech compares compensation, officers’ broad custom survey of similarly sized technology companies, and a broad custom survey of technology companies that are larger than Logitech (the “next tier”). The broad technology survey data, which is necessary to provide market data “next The where group. we peer do compensation not the have to publicly disclosed profile information market from and our revenue peers, comparable consists with of 80 Survey companies that Technology Radford Global participated in the which with companies larger for levels compensation the of view a Committee Compensation the provides which data, tier” we compete for talent, consists of 16 technology companies with annual revenue and market capitalization a tier higher peer group than selection Logitech’s criteria: revenue between approximately $4 billion and $23 billion and a market cap billion and $124 billion. between approximately $11 useful is companies other at practices compensation the regarding information that believes Committee Compensation The must practices and policies compensation our that recognizes Committee Compensation the First, respects. two least at appropriateness in and reasonableness the assessing in useful is information this Second, marketplace. the in competitive be of individual executive compensation elements and of our overall executive compensation packages. This information is only one of several factors (as described above) that the Compensation Committee considers, however, in decisions with respect to the compensation of our executive officers. making its The table reflects available revenue information for four quarters as of February 4, 2019 and market capitalization as of February 4, 2019, as provided by Compensia. The following table sets forth the revenue and market capitalization of the fiscal year 2020 compensation peer group as 2019 of February data for Logitech: to the same as compared Achievement of pre-established corporate Achievement of pre-established designed to performance objectives value and enhance long-term shareholder and reward attract, retain, motivate, periods for over extended executive officers objectives. achieving important corporate Provide a variable “at risk” pay opportunity Provide a variable “at that aligns executive and shareholder interests through annual equity awards that vest or are earned over multiple years. Because the ultimate value of these equity awards is directly related to the market price are of our registered shares, and the awards only earned over an extended period of time subject to vesting, they serve to focus executives on the creation and maintenance of long-term shareholder value. requirements promote retention. Vesting Primary Metric: three-year weighted average Revenue growth (constant currency) Total Modifier: three-year relative Shareholder Return (rTSR) versus Nasdaq 100 Gate: three-year cumulative Non-GAAP Operating Income 60% performance-based equity with vesting 60% performance-based equity with vesting following a three-year performance period 40% time-based equity with vesting annually over four years (For fiscal year 2021, our CEO will receive 100% of his long-term incentive award as performance-based equity and will receive no time-based equity) 62 Annual cash bonuses incentives/equity awards Long-term Achievement of pre-established Achievement of pre-established performance short-term corporate objectives, as well as and management objectives individual contributions. to officers Motivates executive achieve above target performance. levels are performance Generally, established to incentivize our to achieve or executive officers exceed performance objectives. For fiscal year 2020, payouts for corporate performance objectives could range from 0% to 200%, depending on actual achievement. 50% Revenue (constant currency) Operating 50% Non-GAAP Income Cash Base Salary Individual performance, level of experience, and contributions. level Provides competitive of fixed compensation determined by the market value of the position, with actual base salaries established based on the facts and circumstances of and each executive officer each individual position. Cash Compensation Report for Fiscal Year 2020 Year Fiscal for Report Compensation What this compensation element rewards Purpose and Key Features of Element Compensation Elements Compensation Form of Payment Performance Measures Each of these compensation elements is discussed in greater detail below, including a description of the particular elements, particular the of description a including below, detail greater in discussed is elements compensation these of Each compensation of amounts the of discussion a and program, compensation executive overall our into fits element each how paid to our executive officers in fiscal year 2020 under each of these elements. Our executive also officers participate in the standard employee benefit plans available our to most of employees. The three primary elements of our opportunities, (3) long-term incentives and form of equity awards, as described in the below: executive compensation programs are (1) base salary, (2) annual cash bonus

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement n/a 0% 0% Percentage Adjustment n/a $500,000 $925,000 Base Salary Fiscal Year 2019 Year Fiscal 63 $455,000 $500,000 $925,000 Base Salary Fiscal Year 2020 Year Fiscal 1 Compensation Report for Fiscal Year 2020 Year Fiscal for Report Compensation Guerrino De Luca Named Executive Officer Bracken Darrell Nate Olmstead 1. Table” Compensation Summary “2020 the in forth set are 2020 Olmstead's fiscal year salary appointment Chief Financial his to Officer. 2020 reflects year Mr. fiscal during officers executive our of salaries base The below. Annual Cash Bonuses use We annual bonuses to motivate our executive to officers achieve our short-term financial and operational objectives while making progress towards our longer-term growth and other goals. these annual bonuses philosophy, are intended Consistent to help us to deliver a with competitive total compensation opportunity to our our executive compensation executive Annual officers. cash bonuses are entirely performance-based, are not guaranteed, and may vary materially from year-to-year. the Compensation Committee establishes cash bonus opportunities pursuant to Typically, a formal cash bonus plan that year. fiscal our over performance individual their and corporate actual below- our for and officers objectives executive our corporate rewards and annual measures our exceed we when bonuses above-target pay to designed is plan bonus cash The target bonuses or no bonus when we do not achieve these objectives. pursuant officers executive our for opportunities bonus cash determined Committee Compensation the 2020, year fiscal In Plan”). “Bonus (the Plan Bonus Performance Management Logitech the under 2020 year fiscal for plan bonus cash the to Under the Bonus Plan, the Compensation Committee had the authority to select the performance measures and related target levels applicable annual to the cash bonus opportunities for our executive officers. Base Salary can we that so program, compensation executive our of element necessary a is salary base competitive a that believe We competitive be to intended also are officers executive our for salaries Base team. management stable a retain and attract as well as talent, for compete we which with companies the at positions similar in individuals other by received those with equitable the executive team. across we establish Generally, the initial base salaries of our executive officers through arm’s-length negotiation at the time we hire the individual executive taking officer, into account his or her position, qualifications, experience, prior salary level, competitive and market considerations, salaries and the base officers. of our other executive Thereafter, the Compensation Committee reviews the adjustments to base salaries as it determines be necessary or appropriate. to base salaries of our executive officers annually and In makes fiscal year 2020, the the and role, Compensation officer’s executive each of scope the Compensia, by performed analysis market competitive Committee a consideration reviewed the changes base any make salaries not Director), did Executive our of salary of base the Committee and salary base own his to Compensation respect with (except CEO our our of recommendations the executive review, this officers, Following above. taking described factors into other the as well as levels appropriate at were they believed Committee Compensation the since officers executive our of salaries base the to that were competitive group. with our peer for fiscal year 2020 were as follows: The base salaries officers of our executive ($) $400,000 $364,000 $1,156,250 Opportunity Target Bonus Target Opportunity base salary) Target Bonus Target (as a percentage of (as a percentage $925,000$455,000 125% 80% $500,000 80% Salary Annual Base 64 1 compensation expense, amortization of intangible assets, purchase accounting effect on inventory, acquisition-related inventory, on effect accounting purchase assets, intangible of amortization expense, compensation costs, change in fair value of contingent consideration for business acquisition, restructuring charges (credits), gain other and adjustment tax income non-GAAP expenses, related and investigation investment, equity-method on (loss) items. rate The fluctuations. target constant currency sales are calculated by translating sales in each local currency at the forecast exchange rate for that currency at the performance beginning period of is translated the in performance each period. local The currency actual using the revenue performance same achievement in against forecast the performance the exchange target. For additional rate information regarding to “constant currency” determine the Results and Condition Financial of Analysis and Discussion “Management’s entitled section the to refer please sales, Annual Report; and of Operations” in our at our 2019 Annual General Meeting, bonus payout and his to reflect this change. was prorated our at 2019 Compensation Report for Fiscal Year 2020 Year Fiscal for Report Compensation Bracken Darrell Nate Olmstead Named Executive Officer Named Executive Guerrino De Luca For any bonus payment to be made under the fiscal year 2020 Bonus Plan, the threshold performance requirements had requirements performance threshold the Plan, Bonus 2020 year fiscal the under made be to payment bonus any For and threshold the between performance actual of event the In measures. performance corporate the of each for met be to target, and target and maximum, performance levels, the payment amount was to be calculated ratably between each designated segment determined by straight-line interpolation. Individual Performance than other officers, executive our for bonuses cash annual the of 25% objectives, performance corporate the to addition In other and performance individual officer’s executive each on based adjusted be can Director, Executive our and CEO our factors as reviewed and assessed by our CEO and Compensation determined by the Committee. •“ Non-GAAP Operating Income ” meant GAAP Operating Income from continuing operations, excluding share-based 1.Chairperson be to ceasing his on based 2019, 1, September effective 80% to 100% from adjusted was target bonus 2020 year fiscal Lucas's De Mr. above. described In factors setting other the the amount as of well the as performance, target to annual contribution cash and bonus role opportunities, individual’s the the Compensation data, Committee market takes competitive into officers executive account the for opportunities bonus cash annual target the to made were changes no Luca, De Mr. for than Other for fiscal year 2020 since the Compensation Committee believed they were at appropriate levels that were competitive with our peer group. Corporate Performance Objectives For purposes of the Bonus was measures Plan, performance corporate the these of Compensation Each 2020. Committee year fiscal for continued measures performance to corporate the use as Income Revenue and Non-GAAP business Operating our for appropriate were measures performance these believed Committee Compensation The weighted. equally Committee Compensation The value. shareholder because long-term they influences provided directly a most balance believes it between which growing our profitability, attainable, business, increasing but challenging, generating be to revenue, believed it managing that levels our at measures expenses, these of and each for levels performance target established through the successful of our Board-approved execution annual operating plan. For purposes of the Bonus corporate performance Plan, the measures were to be calculated as follows: •“Revenue” meant Net Sales measured in “constant currency” (CC), which excludes the impact of currency exchange For fiscal year 2020, the target annual cash bonus opportunities for each of our executive officers under the Bonus Plan, under the officers executive our of each for bonus opportunities cash annual target 2020,the year fiscal For were as follows: expressed of his annual as a percentage base salary,

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement 120% 120% 140% 102% 135% 101% 105% $387M 120% Opportunity Cash Bonus Percentage of Annual Target 105% 200% 112% 200% $530,000 $509,600 Payment Cash Bonus Actual Annual Actual 100% 100% 100% 100% $441,667 $364,000 $1,156,250 $1,387,500 (Prorated If Applicable) 65 Opportunity Cash Bonus Target Annual Target 95% 25% 84% 50% 50% $2,822M $2,961M $3,099M $3,010M Weight Threshold Target Maximum Actual 1 contribution and success in addressing tariffs and COVID-19-related supply impacts. contribution and success in addressing tariffs Performance Level Payment Level Performance Level Payment Level Compensation Report for Fiscal Year 2020 Year Fiscal for Report Compensation Bracken Darrell Nate Olmstead Named Executive Officer Guerrino De Luca Fiscal Year 2020 Annual Incentive Plan 2020 Year Fiscal Measure Revenue CC Non-GAAP Operating IncomeNon-GAAP 50%Overall Result $323M $385M $431M 2020 Performance 2020Performance and Bonus Results Decisions performance maximum and target threshold, following the established Committee Compensation the 2020, year fiscal For actual our that determined and Plan Bonus the under measures performance corporate the of each for levels payment and achievement respect to the corporate financial with objectives under the Bonus Plan was as follows: The annual cash bonuses paid to our executive officers for fiscal year 2020 are set forth in the “Summary Compensation “Summary the in forth set 2020are year fiscal for executive officers our paid to bonuses annual cash The 2020” below. Year for Fiscal Table Incentive Compensation Long-Term them providing by officers executive our motivate to awards equity of form the in compensation incentive long-term use We our of value the of appreciation potential the in share to and Company the in interest equity an build to opportunity the with registered shares. We use performance-based restricted stock unit (“PSU” or “Performance Share Unit”) and restricted stock unit (“RSU”) awards that may be settled for our registered shares as the principal vehicles for delivering long-term incentive compensation opportunities to our executive officers. requirements vesting time-based to subject are awards the whether awards, equity views Committee Compensation The date grant the since variable inherently as objectives, performance specific of attainment the on based earned be to are or fair value of these awards may not necessarily be indicative of their value when, and if, our registered shares underlying these awards are ever earned or purchased. The Compensation Committee further believes these awards enable us to attract and retain key talent in our industry and aligns our executive interests officers’ with the long-term interests of our shareholders. The Compensation Committee primarily uses PSUs and RSUs because they are less dilutive than stock options. The Compensation Committee determined that the bonus amounts reflected our strong year and growth path, driven by The bonuses for: and the challenges during fiscal year 2020. our executive officers, • Messrs. De Luca and Darrell reflected achievement of the corporate performance the measures described above. • Olmstead Mr. reflected the achievement of the corporate performance measures described above and reflected his 1. De Luca's annual was prorated reflect his bonus target change bonus target to from 100% to 80% of salary as of September 1, 2019. Mr. The actual achievement under the Bonus Plan produced a funding percentage, measures and using straight-line interpolation, at a 120% level. based on respect the with corporate recommendations performance CEO’s the account into taking and performance, corporate overall our of review its on Based to individual performance for the executive officers, other than himself and fiscal for year 2020: Committee approved bonus as follows for our executive payments officers the Executive Director, the Compensation Fair Value Fair Value Grant Date Grant Date 10,45010,450 $383,785 26,330 $393,261 $952,813 Shares Shares Number of Number of Fair Value Fair Value Grant Date Grant Date 7,275 $306,787 4,850 $192,488 90,93222,117 $3,490,879 $842,215 60,621 $2,226,358 61,975 $2,263,441 22,117 $842,215 14,745 $533,582 Shares Shares 66 Performance Share UnitsPerformance Share Restricted Stock Units Performance Share Units Restricted Stock Units Number of Number of (1) (4) (3) (2) the rest of the executive officers as described the below. such vesting date. two years, 33% vesting in three years and the final 33% vesting in four years grant date. from the RSU award vests in four equal annual installments over a four-year vesting period based on the continued service of the executive officer on each on officer executive the of service continued the on based period vesting four-year a over installments annual equal four in vests award RSU Compensation Report for Fiscal Year 2020 Year Fiscal for Report Compensation Guerrino De Luca Bracken Darrell Nate Olmstead Named Executive Officer Named Executive Interim Chief Financial Officer Promotion to Chief Financial Officer Fiscal year 2020 annual equity award New hire (as VP of Business Finance) of Business New hire (as VP Reason for award In fiscal year 2020, the Compensation Committee approved equity awards for in our recognition executive of officers our contributions. future expected and 2019 year fiscal for performance individual officer’s executive each and results financial consideration into took Committee Compensation the award, equity officer’s executive each of amount the determining In the factors described above. have will employees, The other to awards as well as awards, Compensation equity these that impact overall the and practices, Committee compensation officer, executive each considers of holdings the equity existing the dilutive considered also Committee effect Compensation The of value. shareholder our on long-term incentive satisfy to holdings unvested these of ability the and awards equity unvested their of value economic current the including our retention objectives. in fiscal year 2020were as follows: The equity awards granted to our executive officers Mr. Olmstead joined Logitech in April 2019 as Vice President of Business Finance and was appointed interim Chief Financial Awards 2020 Equity Chief Year Nate Olmstead Fiscal interim appointed was and Finance Business of President Vice as 2019 April in Logitech joined Olmstead Mr. Officer as of June 2019, following the departure Pilette, of and Mr. Chief Financial Officer as of July Olmstead 2019. Mr. received the following in fiscal equity awards year 2020 related these to events: Other than as described below for Mr. Olmstead, equity awards granted to our executive officers in fiscal year 2020 were 2020 year fiscal in officers executive our to granted awards equity Olmstead, Mr. for below described as than Other composed 60% time-based of PSUs and 40% RSUs that may be settled for our registered shares. 1. The 2019. April in Finance Business of President Vice as Logitech joined Olmstead Mr. when package offer the of part as provided award hire New 4. Olmstead's fiscal year 2020 annual Mr. equity award was composed of 60% PSUs and 40% time-based RSUs and vests in the same manner as 2. received an Olmstead RSU grant with one-year annual vesting when he was appointed interim Chief Financial Officer. Mr. 3. Olmstead Mr. received an RSU grant when he was appointed Chief Financial The Officer. RSU award vests over four years with 33% vesting in

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement th 160% 49.5 100% 10.4% 160% $1,026M and above th 75 th $714M Non-GAAP Non-GAAP Operating Income over the percentile relative to the companies in the th 0%0% 8% 100% 12% 200% and below 50 th 25 Threshold Target Maximum Actual 67 against the Nasdaq-100 Index, or TSR or Index, Nasdaq-100 the against (“TSR”) return shareholder total relative measured currency; Revenue growth in constant three-year performance three-year performance period any for award to vest. Rank, over the three-year Rank, over the three-year performance period; and 2. Logitech's on based modifier A 3. A "gate" that requires achievement of a minimum level of cumulative 1. Three-year weighted average Vesting Level Vesting Achieved Under Primary Metric Level Modifier Factor on Vesting 80% 100% 120% Compensation Report for Fiscal Year 2020 Year Fiscal for Report Compensation Primary Metric: Revenue Growth (CC) Average Weighted 3-Year Modifier: TSR vs Nasdaq 100 (percentile rank) relative 3-Year Fiscal Years 2018-2020 PSUs (granted April 15, 2017 and vested May 15, 2020) April 15, 2017 2018-2020 PSUs (granted Years Fiscal Measure Overall Result Gate: Operating Income cumulative Non-GAAP 3-Year Nasdaq 100, which resulted in a modifier of 100%. Our average stock price at the beginning of the period was $30.26 and our ending average stock price was $41.99 (assuming $41.99 was price stock average ending our and $30.26 was period the of beginning the at price stock average Our 2017 1, April from period performance the over (TSR) Return Shareholder Total our Therefore, reinvested). were dividends through March 31, 2020 was 38.73% and our stock performed at the 49.5 The TSR Rank modifier will reduce the vesting level for periods when our shareholders’ value increase is below the median median the below is increase value shareholders’ our when periods for level vesting the reduce will modifier Rank TSR The shareholders’ our when periods for level vesting our enhance will and Index Nasdaq-100 the comprising companies the of that shares of number total The Index. Nasdaq-100 the comprising companies the of median the exceeds increase value of the three-year period may vest at the end at 200% the target number is capped shares. of of The Compensation Committee believes that measuring our performance with multiple metrics provides a more complete picture of our performance. The Compensation Committee believes the primary metric bottom-line on balance provides "gate" Income Operating Non-GAAP of the while performance top-line motivate will growth weighted average Revenue operational The rigor. modifying metric of relative TSR is well aligned to shareholders' interest as it focuses on relative share performance mid- large-size against other to technology companies. Logitech of price closing average 30-day the in change aggregate the (i) reflects TSR relative PSUs, the of purposes For shares against the companies in the Nasdaq-100 Index, and (ii) the value (if any) returned to shareholders in the form of dividends or similar distributions, assumed to be reinvested in shares when paid, each at the beginning and the end of a three-year performance period. Threshold between Rank Percentile TSR a and growth Revenue average weighted to attributable percentage vested The and Maximum, is determined by straight-line interpolation. Target or between Target, and 2020 Year in Fiscal PSUs Vesting 15, May on vested and 2020 31, March on period measurement three-year the completed 2017 April in granted PSUs The 2020at 160% of target. Performance-Based Performance-Based RSUs The target number of PSU awards granted to our executive in officers fiscal year 2020 is determined at the beginning of from range will period three-year the of end the at vest will that shares of number the and period performance three-year a target number shares 0% to 200% of the of depending on our corporate as measured performance, by: 68 Compensation Report for Fiscal Year 2020 Year Fiscal for Report Compensation Restricted Stock Unit Awards Stock Unit Restricted were 2020 year fiscal in officers executive our to granted awards RSU the Olmstead, Mr. for described otherwise as Except based installments annual equal four in period, vesting four-year a have and requirement vesting time-based a to subject on each such vesting date. on the continued service of the executive officer Table Compensation “Summary the in forth set are 2020 year fiscal in officers executive our to granted awards equity The 2020” below. Year for Fiscal Table Awards 2020” of Plan-Based and the “Grants Year for Fiscal and Health Benefits Welfare (the amended as 1986, of Code Revenue Internal the of 401(k) Section under plan retirement tax-qualified a maintain We for save to opportunity an with them provides that officers, executive our including U.S., the in employees our for “Code”), so Code the of 501(a) and 401(a) Sections under qualify to plan this for intend We basis. tax-advantaged a on retirement until employees to taxable not are contributions, plan on earned income and plan, the to employees by contributions that plan. distributed the In addition, all contributions from are deductible by us when made. made we 2020, year fiscal In plan. the under contributed when vested 100% are deferrals their in interests participants’ All matching contributions into the Section 401(k) plan for our employees, including our executive officers. Under the plan, pre-tax contributions are allocated to each participant’s individual directions. alternatives according to the participants’ account and then invested in selected investment These employees. full-time our of all as basis same the on officers executive our to benefits other provide we addition, In and short-term accounts, spending flexible care dependent and health benefits, vision and dental health, include benefits long-term disability insurance, accidental death and dismemberment insurance, and basic life insurance coverage. We provide vacation and other paid holidays to all employees, including our executive also We officers. our offer employees the opportunity participate Logitech to in the Employee Share Purchase Plans. compliant as well as market, the to relation in competitive and affordable be to programs benefits employee our design We of monitoring regular on based needed as programs benefits employee our adjust We practices. and laws applicable with needs. applicable laws the competitive market and and practices, our employees’ Deferred Plan Compensation Eligible employees, including our executive officers based in the U.S., may also participate in the Logitech Inc. Deferred Compensation Plan and a predecessor plan, which are unfunded and unsecured plans that allow employees of Logitech Inc., the Logitech subsidiary in the United States, who earn more than a threshold amount the opportunity to defer U.S. taxes on up to 80% of their base and up to 90% of their bonus salary or commission compensation. participants Under the the plan, compensation by may chosen be deferred benchmarks until investment termination of on employment or based other earnings specified dates with chosen credited by the are amounts deferred and participants, from a number of mutual 401(k) funds The earnings and selected Deferred by Logitech Compensation Inc.’s Committee. contributions make not does Logitech investments. plan the by solely funded be to intended are participants the to credited to this plan. Information regarding executive officer participation in the deferred compensation plans can be found in the 2020” below. Year for Fiscal Table “Non-Qualified Deferred Compensation compensation deferred the under return of rates above-market or preferential receive not do officers executive the Because “Non-Qualified the in included are but table, Compensation Summary the in included not are plan the under earnings plan, 2020” below. Year for Fiscal Table Deferred Compensation Personal Benefits Perquisites and Other compensation executive our of component significant a as benefits personal other or perquisites view not do we Currently, periodic to subject and approved be program. will Accordingly, Logitech’s benefits executive personal officer other benefit or programs perquisites are to substantially respect the with practices same future as All for all employees. other eligible review by the Compensation Committee.

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement 69 time-based vesting. Compensation Report for Fiscal Year 2020 Year Fiscal for Report Compensation Post-Employment Compensation Employment Arrangements Employment • No shares subject to performance-based vesting requirements would accelerate. determine the level of acceleration To of equity awards that may be provided in connection with a change of control, the market and shareholders, on impact the Ordinance, Minder the of requirements the considered Committee Compensation practices. Logitech does not provide any payments to reimburse its executive officers for additional taxes incurred (also known as “gross-ups”) in connection with a change of control. For a summary of the post-employment compensation arrangements with our executive officers, see or Change in Control” below. “Payments upon Termination In 2015, to comply with the Minder Ordinance, we eliminated all change of control and severance arrangements with our executive the officers, including Company all However, continues members to of provide our Group Management Team. “double trigger” change of control arrangements with effect. in remain respect awards equity outstanding in to arrangements acceleration vesting time-based equity control of change vesting trigger” “double in equity award agreements, and The purpose of the Change of Control provisions in equity award agreements is to support prospective change of retention control. The RSU and PSU in award agreements for the our executive officers generally provide event for the of a acceleration of vesting of the RSUs and PSUs subject to the award agreements if the executive officer is subject to an involuntary termination within 12 months after a change of control because his or her employment is terminated without cause or the executive good reason resigns for (a “double trigger”). In the event of an involuntary within termination 12 months after a change of control : • to subject are that shares to respect with full in accelerate would elements time-based containing PSUs and RSUs All We have extended written employment agreements or offer letters or both to each of our executive officers, including our including officers, executive our of each to both or letters offer or agreements employment written extended have We Directors of Board our by behalf our on approved was arrangements these of Each officers. executive other our and CEO or the Compensation Committee, as applicable. We believe that these arrangements were appropriate to induce these individuals to forego other employment opportunities or leave their current employer for the uncertainty of a demanding position and unfamiliar in a new organization. that aware was applicable, as Committee, Compensation the or Directors of Board our positions, executive these filling In business growing a manage to skills and experience requisite the with candidates retain or recruit to necessary be would it in a dynamic environment. it recognized that it Accordingly, would need to develop competitive compensation packages to attract or Committee, retain qualified Compensation the or Directors of Board our time, same the At market. labor competitive highly a in candidates that structure compensation executive the into officers executive new integrate to need the to sensitive was applicable, as it was seeking develop, to balancing both competitive and internal equity considerations. Each of these employment arrangements provides arrangements for for the executive “at officer, including an will” initial base salary, a employment target annual cash and bonus opportunity, and, sets in some instances, a recommendation for an equity award. forth the initial compensation 5x Base Salary 3x Base Salary 2x Base Salary Stock Ownership Minimum Required Level of Minimum Required 70 Compensation Report for Fiscal Year 2020 Year Fiscal for Report Compensation Named Executive Officer Named Executive Chief Executive Officer Chief Financial Officer Other Executive Officers Other Compensation Policies Compensation Other Equity interests that count toward the satisfaction of the ownership guidelines include shares owned outright by the executive the by outright owned shares include guidelines ownership the of satisfaction the toward count that interests Equity and 50% officer of vested, unexercised stock options. Newly hired or promoted executives have five years from the date of the commencement of their appointment to attain these ownership levels. If an executive applicable ownership guideline officer by the end of does the five-year period or is not below the guideline at any meet time after the five-year the period, the Chief must Executive hold Officer 100% of his or her after-tax shares resulting from option exercises or other equity incentive awards until the guideline is reached, and all other executive officers must hold at least 50% of the net shares resulting from option exercises or other equity incentive awards until the any at guideline guideline the below is or is period five-year the of reached. end the by guideline applicable In the meet not does addition, officer executive if an the under bonuses earned any of value after-tax the of 50% have will officer executive the period, five-year the after time Bonus Program paid in fully Leadership Team vested After Logitech reaching shares. the stock ownership guideline and the until have will officer executive the dropping, price stock Logitech's of result a as solely guideline the ownership below falling then stock required her or his satisfied currently either have later officers of the executive original five-year other period or our up to of two years from each falling below and the guideline CEO to return Our to compliance guideline. with the levels or have remaining to achieve the required time levels of ownership. these regarding information For directors. non-employee our for guidelines ownership stock instituted have we Additionally, guidelines, see the section entitled “Security Ownership - Share Ownership Guidelines” above. Compensation Recovery Policy executive an to paid compensation of recovery the regarding policy a adopted Committee Compensation the 2010, June In officer or the principal accounting officer of the Company (a “clawback”). Under the terms of the policy we may recover covered a to years three prior the within paid or awarded compensation incentive other or awards equity amounts, bonus met were that goals performance any on based was compensation the determines Committee Compensation the if officer or exceeded as a result, in whole or in part, of the officer’s fraud or existence of misconduct, fraud or or misconduct that the resulted in performance officer goals being knew met or at exceeded, and the a lower amount time would of the otherwise have been awarded In or addition, paid under to the the policy officer. Logitech may recover gains realized on the exercise of stock options or on the sale of vested shares by an executive or officer the principal accounting if, officer determines Committee Compensation the and within three years after the date of the gains or sales, Logitech discloses the need for a significant financial restatement, GAAP, U.S. to revisions of because solely restatement financial a than other knew officer covered the or restatement, the for need the caused partially or caused misconduct or fraud officer’s the that at the time of the existence of fraud or misconduct that resulted for such restatement. in the need the under awards that provide Plan Bonus Performance Management our and Plan Incentive Stock 2006 our addition, In plans are suspended forfeited the plan or if participant, whether or not an executive officer: • has committed an act of embezzlement, of fiduciary duty; fraud or breach • makes an unauthorized disclosure of any Logitech trade secret or confidential information; or • induces any customer to breach a contract with Logitech. Any decision to suspend or cause a forfeiture of any award held by an executive officer Compensation under the The 2006 Directors. Stock of Incentive Board the of approval the to subject is Plan Bonus Performance Management the or Plan Stock Ownership Policy Stock Ownership ownership stock a inherent rewards and risks the link adopted to important is officers executive has and directors our by ownership stock that Committee believe We Compensation The shareholders. our and individuals these of ownership stock in ownership mandatory These shares. registered our of number minimum a own to officers executive our requires that policy levels are intended to create a clear standard that ties a portion of net these worth individuals’ to the performance of our The current ownership levels are as follows: stock price.

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement 71 Compensation Report for Fiscal Year 2020 Year Fiscal for Report Compensation Tax and Accounting Considerations and Tax Accounting and Tax Treatment of Executive Compensation Treatment and Tax Accounting Favorable accounting and tax treatment of the various elements of our executive compensation program compensation is consideration in its design. flexible a relevant structuring on priority higher a placed have Committee Section Compensation the deductibility. tax and maximizing Company on the than However, officers our of performance and retention, recruitment, the promote Logitech that to compensation of programs amount the on million $1 of limit a places Code”), “Tax (the amended as through Code, ability the the of 162(m) had Committee Compensation The officers. executive certain to respect with year one any in deduct may the use of the Logitech International S.A. “performance-based 2006 compensation” Stock exempt from Incentive that Plan $1 to million grant limitation adopt not did Committee Compensation the goals, corporate varying promote to designed manner a in officers executive but, awards to that maintain would flexibility have in qualified compensating as a policy requiring all compensation to be deductible, and continued to make compensation awards that did not qualify to The objectives. compensation its meet to appropriate was it that believed it when limitation million $1 the from exempt be Cuts Tax and Act”) Act Jobs (the enacted on “Tax December 22, 2017, significantly modified Section 162(m) of the Tax Code. Act The Tax eliminated the “qualified performance-based maintain compensation” to intend exception we Regardless, 2017. to December 31, after the commencing years tax deductibility for Code limitation the of Section 162(m) under an approach to executive compensation that strongly links pay performance. to Committee Committee will amend to as the comply necessary, policy, with the final SEC rules regarding clawback policies required Act. Reform Protection and Consumer Street by the Dodd-Frank Wall Grant Practices Award Equity Determination long-term equity of incentive awards awards, incentive equity receive should officers executive which approving for responsible is Committee Compensation The when the awards should be made, the vesting schedule, and the number of shares or other rights to be granted. Long- Board full the or Committee Compensation the by only granted be may officers executive to awards incentive equity term including approvals of grants, to the Board. The Compensation regularly Committee reports its activity, of Directors. grants of Timing Long-term equity incentive award grants to executive scheduled, officers predetermined meetings of the are Compensation Committee. These meetings limited are On typically generally Board. scheduled full at least the and of meetings predetermined scheduled, predominantly regularly the before place approved take and advance at in months 18 regularly occasions, grants may be approved at an interim meeting of the Compensation Committee or by written consent, for the purpose of approving the hiring and compensation package for newly hired or promoted executives or for other special circumstances. In fiscal year 2020, grants were made to non-executive officer employees through regularly scheduled monthly written consents of the Compensation Committee or Compensation Committee. We do approval not have any program, plan, by or practice to select equity compensation the grant dates in CEO purpose the for information of release the pursuant time we do nor information, non-public material of release the with to coordination authority delegated to him by do not backdate options or grant options retroactively. value. We of affecting the Directors of Board Policies and Pledging Hedging, our Derivatives Trading, of members and officers, transaction executive our equivalent including any employees, or our box” prohibiting the policy against a “sales adopted sales, have short We of use the including securities, equity our in speculating from involving our equity securities. hold. In they that addition, securities they the may to not respect engage with arrangements, in related any or other similar hedging other and transactions, swaps such equity as sales, “cashless” forward collars, any in trade or sell, acquire, may Directors of Board our of member or officer executive an including employee, no Finally, interest or position future price of our equity relating to the securities. officers, executive our including employees, our by securities our of pledging the prohibiting policy a adopted have also We and members our of Board of Directors. 72

Compensation Report for Fiscal Year 2020 Year Fiscal for Report Compensation Report of the Compensation Committee Report of the Compensation Compensation Risks Assessment Risks Compensation Edouard Bugnion Neil Hunt The Logitech Compensation Committee, which is composed solely of independent members of the Directors, Logitech Report Board Compensation assists of this of the section Analysis” Board and Discussion “Compensation in the discussed fulfilling and reviewed has its Committee responsibilities with regard to compensation matters. with The management. Based Compensation on this review and Statement discussion, Proxy and the Invitation 2020 Compensation Logitech’s in Committee included be recommended Analysis" to and Discussion the "Compensation the Board that Directors of Annual Report. and Compensation Committee Michael Polk, Chairperson The Compensation Committee conducts an annual review, with the assistance of its compensation consultant, of Logitech’s Logitech’s of consultant, compensation its of assistance the with review, annual an conducts Committee Compensation The Compensation The controls. risk associated and design their with associated risks the assess to programs compensation Committee reviews in particular the following compensation programs and associated practices: • Equity awards 2006 granted under the Stock Incentive Plan. • Management Plan. Performance Bonus • Employee Bonus Plan. Performance • Sales Commission Plans. • Agreements. Change of Control As in past years, based on its March 2020 the review, Compensation Committee has concluded that our compensation on the Company. policies are and practices do create risks that reasonably likely not to have a material adverse effect In addition to considering the tax consequences, the Compensation Committee considers the accounting consequences, consequences, accounting the considers Committee Compensation the consequences, tax the considering to addition In Accounting Standards Codification Section 718, on its Accounting Standard Board’s including the impact of the Financial awards. equity decisions different in determining the forms of

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement Total ($) Total 9,498 4,174,204 (3) 18,761 7,239,855 96,306 183,806 19,17019,192 8,048,907 8,404,952 12,154 4,766,083 18,85618,772 1,548,131 24,876 1,899,957 1,596,618 14,067 4,056,660 ($) All Other Compensation — — — — — — — 2020. Deferred Changes in Earnings ($) Nonqualified Compensation — (2) 2018, 2019 or 575,000 — 509,600 530,000 890,000 910,000 — ($) 1,329,688 — 1,387,500 2,058,125 1,157,000 Non-equity Incentive Plan Compensation — — — — — — — ($) 73 Option Awards — (1) 499,275 491,185 ($) Stock 5,717,237 5,402,635 3,105,656 2,946,929 Awards Awards — 4,967,079 — — — — — ($) Bonus 135,508 ($) Salary 924,327 925,000925,000 — — FY18 FY18 649,038 — 2,483,555 — FY20 413,942 FY20 87,500 FY19 650,000 FY20 500,000 FY19 500,000 FY18 500,000FY20 —FY19 496,742 — in FY18, using the market value of our shares traded on Nasdaq Global Select Market on the grant date of the PSUs, (4) (5) allocated was: (a) in the case of Mr. De Luca, $600,048; (b) in the case of Mr. Darrell, $6,600,009; and (c) in the case of Mr. Pilette, $3,600,066. Pilette, Mr. of case the in (c) and $6,600,009; Darrell, Mr. allocated of in case FY19, using the the market in value of (b) our shares $600,048; traded Luca, on Nasdaq De Global Select Market Mr. on of the grant case date of the the PSUs, in (a) was: For FY18: The amount shown includes an aggregate grant date fair value of the shares issuable for PSUs granted in fiscal year and (d) in the case of Mr. Pilette $0. and Mr. (d) in the case of For FY19: The amount shown includes an aggregate grant date fair value of the shares issuable for PSUs granted in fiscal year 2018 at target achievement. Assuming the highest level of performance is achieved, the maximum possible value of the PSUs was: (a) in the case of Mr. De Luca, $600,042; (b) in the case of Mr. Darrell, $7,500,071; (c) in the case of Mr. Olmstead, $1,680,007; Olmstead, Mr. of case the in (c) $7,500,071; allocated Darrell, in FY20, using Mr. the of market value case of the our in shares traded (b) on $600,042; Nasdaq Global Luca, Select De Market on Mr. the grant of date case of the the PSUs, in (a) was: 2019 at target achievement. Assuming the highest level of performance is achieved, the maximum possible value of the PSUs as our Chief Financial Officer through that date. These amounts do not represent the actual economic value realized by the named executive officer. Under SEC rules, the economic value realized by the named executive officer. These amounts do not represent the actual the aggregate grant date fair value of stock awards granted to each of the column reflect Awards” values reported in the “Stock key assumptions and methodology of valuation of stock awards and stock options listed officers in the fiscal years shown. The Annual Report to Shareholders. No Financial Statements included in Logitech’s are presented in Note 5 to the Consolidated executive officers during fiscal years stock options were granted to our named For FY20: The amount shown includes an aggregate grant date fair value of the shares issuable for PSUs granted in fiscal year $3,000,031. Pilette, Mr. of case the in (c) and $6,000,001; Darrell, Mr. of case the in (b) $600,044; Luca, De Mr. of case the in (a) was: Group Management Team, and a fiscal year 2020 with annual stock award consistent other Named Executive Officers. Group Management Team, 2020 at target achievement. Assuming the highest level of performance is achieved, the maximum possible value of the PSUs Finance and compensation payable to him as interim Chief Financial Officer. The stock award value includes a new hire RSU award, RSU hire new a includes value award stock The Officer. Financial Chief interim as him to payable compensation and Finance an Interim CFO stock award, a stock award when he assumed the role of Chief Financial Officer and became a member of the was earned during the applicable fiscal year but, for executive officers, was paid during the next fiscal year in accordance with the the with accordance in year fiscal next the during paid was officers, executive for but, year fiscal applicable the during earned was terms of the Logitech Management Performance Bonus Plan. Former Chief Financial Officer President and Chief Executive Officer Chief Financial Officer Executive DIrector Compensation Report for Fiscal Year 2020 Year Fiscal for Report Compensation Nate Olmstead Summary Compensation Table for Fiscal Year 2020 Year for Fiscal Table Compensation Summary Bracken Darrell Pilette Vincent Name and Principal Position Year Guerrino De Luca The following table provides information regarding the compensation and benefits earned during fiscal years 2020, 2019, 2020, years fiscal during earned benefits and compensation the regarding information provides table following The and 2018 Table.” by Awards our Plan-Based Named of Grants Executive and Officers. For Table more Compensation Summary information, to Disclosure please “Narrative the refer as to well as the Analysis,” “Compensation Discussion and (1) (5) Pilette and resigned ceased Mr. from to the be Group an Management executive Team officer effective May 17, 2019. He served (2) compensation plan incentive non-equity This Plan. Bonus Performance Management Logitech the under earned amounts Reflects (3) Details regarding the various amounts included in this column are provided in the following table entitled “All Other Compensation.” Other “All entitled table following (3) the in provided are column this in included amounts various the regarding Details (4) Business of President Vice as Logitech joined he when paid bonus sign-on cash a includes Olmstead Mr. for amount "Bonus" The 9,498 18,856 18,772 24,876 19,170 19,192 18,761 96,306 12,154 14,067 Total ($) Total (2) — — — — — — — — — ($) 93,750 Payout Accrued Vacation Vacation ($) 556 LTD 2,414 3,904 5,621 Group 10,379 10,522 16,007 10,770 10,942 10,419 Term Life Term Insurance and 74 (1) ($) 8,477 8,250 8,869 8,400 8,250 8,342 7,084 2,000 8,250 8,446 401(k) All Other Compensation Table All Other Year FY20 FY19 FY18 FY20 FY19 FY18 FY20 FY20 FY19 FY18 payroll. Compensation Report for Fiscal Year 2020 Year Fiscal for Report Compensation Guerrino De Luca Name Bracken Darrell Nate Olmstead Vincent Pilette Vincent (2) Represents payout accrued of and unused vacation time. (1) Represents 401(k) savings plan matching contributions, which are available to all of our regular employees who are on our U.S.

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement — — — — (4) ($) Value Grant 192,488 Date Fair — 3,490,879 (3) 4,850 of (#) Stock Shares Awards Awards Number or Units of Stock All Other (#) 181,864 Maximum Growth Rate ("WACCR") and relative and ("WACCR") Rate Growth (#) Target Awards ———— ———— ———— Estimated Future Payouts (#) Under Equity Incentive Plan Threshold (2) $ 509,600 530,000 Actual 75 (1) ($) 728,000 883,334 Maximum ——————— ————————— — — — — — — — — — — — 22,117 — 44,234 — 26,330 (7) 14,745 533,582 — 952,813 842,215 — — — — 7,275 14,550 — 306,787 — — — — — — 60,621 2,226,358 — — — — 90,932 —— — — — — — — — — — — 10,450 (5) 10,450 383,785 (6) 393,261 (1) ($) Target Equity Incentive Plan Awards Equity Incentive Plan Estimated Future Payouts Under Non- Estimated Future Payouts — — — — — — — — — — (1) ($) Threshold Date Approval n/a n/a 136,500 364,000 n/a n/a 165,625 441,667 n/a n/a 433,594 1,156,250 2,312,500 1,387,500 Grant DD/YY) Date (MM/ Type n/a n/a n/a RSU 08/15/19 PSU 08/15/19 FY20 Bonus PSU 04/15/19 FY20 Bonus PSU 05/15/19 FY20 Bonus RSU 05/19/19 RSU 08/15/19 (8) 33% vesting in years, 33% vesting two in three years and the final 33% vesting in four years from the grant date. are based on non-GAAP Operating income, Weighted Average Constant Currency Revenue Currency Constant Average Weighted income, Operating non-GAAP on based are in April 2019. The RSU award vests in four equal annual installments over a four-year vesting period based on the continued 718 but does not include any reduction for estimated forfeitures. Performance-based RSUs (“PSUs”) granted in fiscal year 2020 year fiscal in granted (“PSUs”) RSUs Performance-based forfeitures. estimated for reduction any include not does but 718 service the of executive officer on each such vesting date. represent the grant date fair value of RSUs and PSUs calculated in accordance Accounting with Standards Codification (ASC) bonus programs under the Bonus Plan. The actual payout amounts are reflected in the "Non-Equity Incentive Plan Compensation" Compensation" Plan Incentive "Non-Equity the in reflected are amounts payout actual The Plan. Bonus the under programs bonus and Annual Report on Form 10-K for fiscal year 2020. All shares subject to the PSU vesting conditions are unvested. The actual The unvested. are conditions vesting PSU the to subject shares All 2020. year fiscal for 10-K Form on Report Annual and of shares that will under the PSU grants will vest not be known until May 15, 2022. amount, if any, column of the "Summary Compensation Table for Fiscal Year 2020. Year for Fiscal column of the "Summary Compensation Table is calculated by multiplying the value determined using the Monte Carlo method assuming the WACCR is at targeted growth and growth targeted at is WACCR the assuming method Carlo Monte the using determined value the multiplying by calculated Shareholders is to Report Annual Logitech’s in included Statements Financial Consolidated the to 5 Note in presented are PSUs the of Total Shareholder Return versus the (“TSR”) Nasdaq-100 Index TSR benchmark over the performance period and that number Total valuation the for assumptions key The awarded. units of number target the by achieved is gate income Operating non-GAAP the 2020 bonus programs under the Bonus Plan described in “Compensation Discussion and Analysis” above. 2020 bonus programs under the Bonus Plan described in “Compensation Discussion and any changes his to compensation fiscal year 2020 or grant any equity. for Compensation Report for Fiscal Year 2020 Year Fiscal for Report Compensation Name Guerrino De Luca RSU 04/15/19 Vincent Pilette Vincent Bracken Darrell RSU 05/15/19 Nate Olmstead RSU 05/15/19 Grants of Plan-Based Awards Table for Fiscal Year 2020 Year Fiscal for Table Awards of Plan-Based Grants (7) with years four over vests award RSU The Officer. Financial Chief appointed was he when grant RSU an received Olmstead Mr. (5) Finance Business of President Vice as Logitech joined Olmstead Mr. when package offer the of part as provided award hire New (6) Olmstead received an RSU grant with one-year annual vesting when he was appointed interim Chief Financial Officer. Mr. (4) These amounts do not represent the actual economic value realized by the named executive Amounts officer. in this column (3) (3) per year over four years, on each RSUs vest at a rate of 25% yearly anniversary of the grant date. (2) (2) The amounts in this column reflect actual payouts with respect to each applicable performance period for the fiscal year 2020 (1) (1) The amounts in these columns reflect potential payouts with respect to each applicable performance period for the fiscal year The following table sets forth certain information regarding grants of plan-based awards to each of our executive officers Analysis.” during 2020.For more information, fiscal year refer to the “Compensation please Discussion and (8) implement not did Committee Compensation the and 2019, May of as effective 2019, April in resignation his submitted Pilette Mr. 76 Compensation Report for Fiscal Year 2020 Year Fiscal for Report Compensation Outstanding Equity Awards at Fiscal Year 2020 Year-End Table Year-End 2020 Year Fiscal at Awards Outstanding Equity Narrative Disclosure to Summary Compensation Table and Grants of and Table Compensation to Summary Disclosure Narrative Table Awards Plan-Based The following table provides information regarding outstanding equity awards for each of our named executive officers as officers executive named our of each for awards equity outstanding regarding information PSUs, provides table following The unvested options, stock performance unexercised options, stock unexercised includes table This 2020. 31, March of and unvested RSUs. the of anniversaries four first the of each Options on year per 25% of rate a Stock at vest RSUs and options specified, otherwise Performance Unless and PPOs or Options Priced Premium including options, stock for value market The date. grant Select Global Nasdaq the on shares Logitech of price closing the between difference the taking by calculated is PSOs, or multiplying and price, exercise option the and 2020) 31, March on ($42.93 year fiscal the of day trading last the on Market it by the number of The outstanding market options. value for stock awards (RSUs and PSUs at target) is determined by multiplying the number of shares subject to such awards by the closing price of Logitech shares on the Nasdaq Global Select Market on the last trading of the fiscal year. day Employment Agreements and Offer Letters Employment employment The officers. executive named our of each with letters offer or agreements employment into entered have We sole the to subject is officer executive named the of compensation the that provide generally letters offer and agreements discretion of The the compensation Compensation Committee earned by or the the Board named of executive Directors. letters. fiscal year 2020 in agreements of any terms of their employment was not the result or offer officers Conditions Vesting Performance-Based Please refer to “Compensation to refer please addition, In 2020. year fiscal during Plan Bonus the to applicable measures performance Discussion the of discussion discussion a and for Analysis—Compensation Compensation” Incentive Elements—Annual Elements—Long-Term Analysis—Compensation and Cash Discussion “Compensation Bonuses” for a during fiscal year 2020. of performance measures PSUs granted under the to executive officers

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement — — — — — — — — — — 415,348 347,733 312,316 949,483 949,483 4,153,177 3,824,762 3,903,711 1,075,397 7,977,939 Equity Awards: or Other Have Not Market or Vested (#) Vested Rights That of Unearned Payout Value Payout Value Shares, Units Incentive Plan Incentive Plan (2) (1) (1) (2) (1) (1) (1) — — — — — — — — — — 9,675 7,275 8,100 Equity or Other Have Not Incentive Unearned Vested (#) Vested Number of Rights That Plan Awards: Plan Shares, Units — — — — — Stock Awards Stock 448,619 448,619 1,130,347 Market Units of Value of Value Have Not Shares or Vested ($) Vested Stock That (4) (5) (3) — — — — — Not Number or Units of Stock of Shares Vested (#) Vested That Have —— 3,116 3,224 133,770 138,406 — 28,049 1,204,144 — 61,975 2,660,588 22,117 —— 10,450 26,330 —— 44,547 60,621— 1,912,403 2,602,460 10,450 89,093 90,932 — 14,745 633,003 22,117 — — 32,248 1,384,407 96,743 —— 4,050 4,850 173,867 208,211 of 4,563,000 15,240 654,254 25,050 30,285,406 165,465 4,500,954 276,768 77 Options ($) Unexercised Market Value — — — — — — — — — — — — — Date Option Exercise (MM/DD/YY) Option Awards Option Share Option Price ($) Exercise Committee subsequently in May 2020. ———— —— ———— —— ———— —— —— —— ———— (#) Options Securities Number of Underlying Exercisable Unexercised n/a Total 130,000 Total Total 1,160,021 YY) 04/15/16 04/15/17 04/15/16 05/15/19 08/15/19 04/15/18 05/15/19 08/15/19 04/15/17 04/16/12 400,000 20.08 04/16/22 9,140,000 04/15/18 04/15/19 04/16/12 400,000 16.06 04/16/22 10,748,000 (MM/DD/ Grant Date (6) Name 33% vesting in years, 33% vesting two in three years and the final 33% vesting in four years from the grant date. amount, based on the achievement of Weighted Average Constant Currency Revenue Growth Rate ("WACCR"), non-GAAP operating non-GAAP ("WACCR"), Rate Growth Revenue Currency Constant Average Weighted of achievement the on based amount, income, and Logitech’s TSR performance versus the Nasdaq-100 index TSR benchmark from April 1, 2017 to March 31, 2020, which 2020, 31, March to 2017 1, April from benchmark TSR index Nasdaq-100 the versus performance TSR Logitech’s and income, Index TSR benchmark over the performance period. Index TSR benchmark over the performance of the executive officer on each such vesting date. Average Average Constant Currency Revenue Growth Rate ("WACCR"), non-GAAP operating income, and TSR versus the Nasdaq-100 was confirmed by the Compensation 3-year performance period will range between 0% and 200% of that target amount, depending upon on the achievement of Weighted Weighted of achievement the on upon depending amount, target that of 200% and 0% between range will period performance 3-year April 2019. The RSU award vests in four equal annual installments over vesting a period four-year based on the continued service Vincent Pilette Vincent Guerrino De Luca 01/04/13 130,000 7.83 01/04/23 4,563,000 Nate Olmstead 05/15/19 Bracken Darrell 04/16/12 360,021 14.05 04/16/22 10,397,406 Compensation Report for Fiscal Year 2020 Year Fiscal for Report Compensation (6) April as of May 2019. 2019, effective Pilette submitted his resignation in Mr. (2) target that of 160% was shares Logitech into 2018 year fiscal in granted TSR relative on based PSUs the of conversion actual The (4) Olmstead received an RSU grant with one-year annual vesting when he was appointed interim Chief Financial Officer. Mr. (5) Mr. Olmstead received an RSU grant when he was appointed Chief Financial Officer. The RSU award vests over four years with (3) in Finance Business of President Vice as Logitech joined Olmstead Mr. when package offer the of part as provided award hire New (1) the of conclusion the following shares Logitech into 2020 and 2019 year fiscal in granted PSUs the of any, if conversion, actual The — — — — — — — — (2) ($) ($) Value Aggregate Vesting Vesting ($) Balance at Last Fiscal Year End Year Fiscal Realized on — — Present Value of Present Value — Accumulated Benefit Stock Awards Stock ($) 26,951 1,111,459 250,596115,845 10,334,579 4,777,448 Aggregate (#) Withdrawals/ Distributions Shares Vesting Number of Acquired on — — 5,386 836,599 (2) — — — (#) ($) n/a n/a n/a n/a Aggregate Fiscal Year Fiscal (1) Earnings in Last ($) Number of Years Number of Value Value of Credited Service Exercise — — — Realized on 78 ($) Logitech — — — Option Award Option Last Fiscal Year Last Fiscal Contributions in 539,979 18,610,998 (#) — — — Shares Exercise Number of Acquired on (1) ($) Executive Last Fiscal Year Last Fiscal Contributions in n/a n/a n/a n/a Plan Name column for fiscal year 2020. All contributions were made under the Logitech Compensation Inc. Deferred Plan. column for fiscal year 2020. preferential or above market. of exercise, multiplied by the number of shares for which the of exercise, multiplied the by number of shares for option was exercised. awards. Nate Olmstead Vincent Pilette Vincent Bracken Darrell Name Guerrino De Luca Compensation Report for Fiscal Year 2020 Year Fiscal for Report Compensation Pension Benefits Table for Fiscal Year 2020 Year for Fiscal Table Pension Benefits Option Exercises and Stock Vested Table for Fiscal Year 2020 Year Fiscal for Table and Stock Vested Exercises Option Non-qualified Deferred Compensation Table for Fiscal Year 2020 Year for Fiscal Table Non-qualified Deferred Compensation Guerrino De Luca Bracken Darrell Nate Olmstead Pilette Vincent Name Guerrino De Luca Name Bracken Darrell Nate Olmstead Pilette Vincent (2) Based on the closing trading price of Logitech shares on the Nasdaq Global Select Market on the date of vesting of the underlying (2) These amounts are not included in the "Summary Compensation Table for Fiscal Year 2020" because plan earnings were not No executive officers are beneficiaries are under any pension plan benefits maintained by Logitech. No executive officers (1) The value realized equals the difference between the option exercise price and the fair market value of Logitech shares on the date the on shares Logitech of value market fair the and price exercise option the between difference the equals realized value (1) The The following table provides the number of shares acquired and the value realized upon exercise of stock options and the and options stock of exercise upon realized value the and acquired shares of number the provides table following The RSUs vesting of PSUs and during fiscal year 2020 by each of our named officers. executive The following table sets forth information regarding the participation by our named executive in officers the Logitech Inc. U.S. Deferred Compensation Plan during fiscal year 2020 fiscal year-end. and at (1) Amounts are included in the "Summary Compensation Table for Fiscal Year 2020" in the “Non-equity Incentive Plan Compensation” Plan Incentive “Non-equity the in 2020" Year Fiscal for (1) Table Compensation "Summary the in included are Amounts

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement 79 receive a 12 or nine-month notice period employment he or if resigns. or becomes subject to non-competition provisions if we terminate his under certain described circumstances below. Compensation Report for Fiscal Year 2020 Year Fiscal for Report Compensation Payments upon Termination or Change in Control Termination Payments upon Narrative Disclosure to Non-Qualified Deferred Compensation Table Compensation Deferred to Non-Qualified Disclosure Narrative Other than the agreements above, there are no agreements or arrangements for the payment of compensation to a named a to compensation of payment the for arrangements or agreements no are there above, agreements the than Other Directors his in event of involuntary termination the with or without cause. executive officer of Board the of member non-executive any to consideration any of payment for providing agreements no are There upon termination with of his or her service the Company. Agreements Award PSU and RSU The treatment of equity upon termination of employment depends on the reason for termination and the age employee’s and length of service at termination. Change of Control employment of termination involuntary an to subject is officer The PSU executive and RSU award named agreements for named the executive officers provide if for the acceleration agreements of vesting of award the equity the to subject awards within 12 months after a change of control because his or her employment is terminated without cause or the executive to subject shares all control of change a following termination involuntary an such of event the In reason. good for resigns the RSUs will vest. Death and Disability PSUs, For vest. will RSU the to subject shares all prorated disability, a to due receives service of estate separation a employee’s has or the dies officer or executive an employee If the period, performance the during occurs service of separation the if number of the target shares based on the length of service performance during the period. Retirement For grants awarded in April 2017 or later, if an executive officer has service a of separation if separation PSUs, For vest. of to continue will service RSUs the to after subject shares all applicable, meeting as requirement, service the age and occurs during the performance period, the award continues to vest and the employee receives a prorated number of the actual earned shares at the regular vesting date based on the length of service during the performance period. The age is generally age 55 with at least ten years service. of and service requirement for the named executive officers Control or Change in Potential Payments Upon Termination of Tables The table below estimates the amount of compensation that would be terminations paid the in of the each event that of assuming an control, involuntary in termination change of a after cause without Officer Executive Named a of employment was effective as of March 31, 2020, subject to the terms of the PSU and RSU award agreements with each of the listed executive officers. Since December 2015, we do not have any cash payment related to change control of in compliance with the Minder Ordinance. termination of employment or As of March 31, 2020, no compensation amounts were payable to any in Named the Executive event Officer of a mutual agreement terminate to employment, whether upon retirement or otherwise. • Employment or other agreements with Bracken Darrell and Nate Olmstead, under which each of them is entitled to We We have entered into agreements that provide for payments under certain circumstances in the event of termination of These agreements include: employment service of our executive officers. or agreements award the to subject shares the of • vesting accelerated the for provide that agreements award RSU and PSU Please refer Analysis—Compensation to Elements—Deferred “Compensation Compensation Discussion Plan” and for a discussion of the Logitech Inc. U.S. Deferred Compensation Plan, effective January 1, 2009, as amended and restated January 1, 2017. effective — ($) (1) 1,185,040 1,763,350 13,236,521 Equity Value of Value Accelerated Awards 80 AFTER CHANGE IN CONTROL AFTER CHANGE POTENTIAL PAYMENTS UPON INVOLUNTARY TERMINATION TERMINATION UPON INVOLUNTARY PAYMENTS POTENTIAL have percentage produced payout a of 160%; therefore, 160% such of value was attributed to the shares subject to such PSUs. Revenue Growth and relative Rate ("WACCR") TSR, as of March 31, 2020 the performance condition was at a level which would held by the Named Executive Officer as of March 31, 2020 that are subject to acceleration according to the terms of an equity award equity an of terms the to according acceleration to subject are that 2020 31, March of as Officer Executive Named the by held Represents, as of March 31, 2020, the aggregate market value of shares underlying all unvested RSUs and PSUs, in each case Currency Constant Average Weighted income, Operating non-GAAP on based 2017 15, April on granted PSUs the For agreement. Compensation Report for Fiscal Year 2020 Year Fiscal for Report Compensation Name Guerrino De Luca Bracken Darrell Pilette Vincent Nate Olmstead (1) below was the closing price of Logitech’s shares on the Nasdaq Global Select Market on March 31, 2020, the last business business The price used for determining last the value of accelerated the vesting of outstanding and unvested 2020, equity awards in the 31, tables March on Market Select Global Nasdaq the on shares Logitech’s of price closing the was below of $42.93 per share. fiscal year, day of the

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement 1934. 31, 2020 was $14,948. 81 Securities Exchange Act of the fiscal year ended March our employee population. 2020". Officer) was $14,948; and was Officer) was $8,048,907. Darrell, Bracken Officer our President and Chief Executive the annual total compensation Mr. of annual company (other than our Chief Executive of all employees our the median of the total compensation of Compensation Report for Fiscal Year 2020 Year Fiscal for Report Compensation Pay Ratio Based on this information, for fiscal year 2020 the ratio of the annual total compensation of Mr. Darrell to the median of Based on for fiscal this information, year 2020 the ratio of the annual total compensation of Mr. This is a reasonable ratio estimate calculated in a manner the annual compensation total of all employees was 538to 1. the under Regulation S-K 402(u) of consistent with Item annual which we calculated as base we selected base pay, to identify our median employee, SEC rules, As permitted by pay using a reasonable estimate of the hours worked during fiscal year 2020 for hourly employees and using annual salary levels for our remaining employees, as the compensation measure to be used to compare the compensation of our annualized 2019. We 2018 through January 31, April 1, period ten-month from 2019 for the employees as of January 31, did not include any contractors year 2020. We commenced work during fiscal any permanent employees who for base pay or other non-employee workers in Using this approach, the individual we selected at the median of our employee population, an employee who was based then calculated annual total compensation for this individual same methodology using the we use for our in India. We determined that 2019". We Year for Fiscal Table "Summary Compensation in our set forth as Named Executive Officers total compensation for annual such individual’s annual Darrell’s determined Mr. We Darrell served as our President and Chief Executive Officer. During fiscal year 2020, Mr. Compensation 2020was $8,048,907,as reported in our "Summary March 31, fiscal year ended total compensation for the for Fiscal Year Table For fiscal year 2020:For fiscal

(1) 5,051 5,051 60,612 20,204 40,408 40,408 15,153 11,112 20,204 15,153 5,000 5,000 20,000 40,000 40,000 15,000 11,000 20,000 15,000 60,000 150,000 151,530 200,000 202,040 Amount (CHF) Amount ($) 82 to 1.0102 U.S. Dollars. Compensation Report for Fiscal Year 2020 Year Fiscal for Report Compensation Compensation of Non-Employee Directors Non-Employee of Compensation An additional annual cash retainer for the non-executive chairperson An additional annual cash retainer for the lead independent director An additional annual cash retainer for Audit Committee chair Annual retainer for the Committee chair Annual retainer for the Compensation chair Annual retainer for the Nominating Committee and Innovation Committee chair Technology Annual retainer for the Audit Committee members Annual retainer for non-chair Committee members Annual retainer for non-chair Compensation Committee members Annual retainer for non-chair Nominating and Innovation Committee members Technology Annual retainer for non-chair Annual RSU grant Reimbursement of reasonable expenses for non-local travel (business class) Annual cash retainer Non-employee director compensation for the 2019 to 2020 Board Year the following consists of elements: Year Non-employee director for the 2019compensation to 2020 Board For fiscal year 2020, the compensation of the members of the Board of Directors that non-employee directors, are was determined not by the Compensation Logitech Committee, consisting employees, entirely of or independent directors, and recommended to the full Board for approval. The general policy is that compensation for non-employee directors compensation, director should of review annual consist its in Committee of Compensation the assist a to 2020, year mix fiscal For compensation. of cash and equity-based reports annual the from compiled data compensation and practices pay director of analysis written a provided Compensia of companies and proxy statements within our peer compensation group. For fiscal year 2020, cash compensation of non-employee directors consists solely of annual retainers based on Board During value. market fixed a on based grant RSU annual an receive also directors Non-employee service. committee and vesting one-year a with Meeting General Annual our of day the on made were grants RSU annual these 2020, year fiscal period. Directors who are Logitech employees do not receive any compensation for their service on the Board of Directors. Non-employee Board members may elect to receive their Board fees in shares, net of withholdings at the market price on price market the at withholdings of net shares, in fees Board their receive to elect may members Board Non-employee Any such shares are to be issued under the 2006 Incentive Stock Plan. Annual General Meeting. the date of the of members to 2020 year fiscal during Logitech by paid or earned compensation total the summarizes table following The the Board of description Directors who were the not executive officers with as of March align 31, 2020. Because necessarily the table is not based on Logitech’s do table Annual the Logitech’s of dates the between measured is compensation Board of purposes for service annual and in year, fiscal amounts the year, each September in held usually Meetings, General of Board compensation above. presented are 2020, year-end fiscal Information of regarding as compensation officers paid executive to Logitech and are the that Directors option of and Board stock the awards of held members by the Darrell, Guerrino Year- 2020 De Luca Year Fiscal and at Bracken Awards Equity "Outstanding the and 2020" Year Fiscal for Table Compensation "Summary the in respectively. Table", End (1) Franc Swiss 1 of rate exchange 2020) March to 2019 (April average 12-month the using converted were Francs Swiss in Amounts

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement 16,582 35,778 ($) Total — — (2) ($) Stock Awards 73,240 199,573 272,813 86,87738,304 199,57389,234 199,57372,39880,816 286,450 199,57316,582 237,877 199,57358,928 199,57335,778 288,807 271,971 199,573 280,389 258,501 (1) 176,785 199,573106,071 376,358 199,573 305,644 ($) in Cash Fees Earned 83 (6) (3)(4) (5) (5) (7) NON-EMPLOYEE DIRECTOR COMPENSATION TABLE FOR FISCAL YEAR 2020YEAR FOR FISCAL TABLE COMPENSATION DIRECTOR NON-EMPLOYEE to 1.0102 U.S. Dollars. award for the 2018 to 2019 Board Year was forfeited. Year award for 2019 Board the 2018 to date fair value of stock-related awards granted in fiscal year 718 2020 -- computed Compensation in ASC accordance Topic with -- Stock Compensation, disregarding forfeiture assumptions. The grant date fair value used to calculate the aggregate value for per share. 39.43 fiscal 2020CHF year was Compensation Report for Fiscal Year 2020 Year Fiscal for Report Compensation Patrick Aebischer Patrick Becker Wendy Michael Polk Name Edouard Bugnion Guy Gecht Didier Hirsch Neil Hunt Marjorie Lao Neela Montgomery Dimitri Panayotopoulos Yeh Lung (6) Dimitri Panayotopoulos stepped down as a director in June 2019. He received a pro-rated portion of his retainers and the stock (5) Annual General Meeting September in 2019. Guy Gecht and Michael Polk were first elected as directors at the (2) grant aggregate the is shown amount the Instead, directors. the by received actually compensation reflect not do shown Amounts (7) Annual General Meeting in September 2019. did not stand for re-election as a director at the Yeh Lung (4) Meeting Annual General in September 2019. Becker was elected Chairperson first as the at Wendy members by 2020 31, March of as held awards equity the to respect with information additional presents table following The as of fiscal year-end. of the Board of Directors who were not executive officers of price closing the by award the to subject shares of number the multiplying by determined is RSUs for value market The Logitech shares on the Nasdaq Global Select Market on the last trading day of the fiscal year. (1) Franc Swiss 1 of rate exchange 2020) March to 2019 (April average 12-month the using converted were Francs Swiss in Amounts (3) Becker elected to receive a portion shares. her Board of fees in Wendy ($) Market Vested Units of Value of Value Have Not Shares or Stock That (1) Stock Awards Stock That (#) Stock Vested Units of Have Not Shares or Number of ($) Market Options Value of Value Unexercised ($) Share Price / Option Exercise ———— —— —— — —— — —— — —— — 4,982 — — 4,982 — 210,573 — 4,982 — 210,573 — 4,982 — 210,573 4,982 — 210,573 4,982 — 210,573 4,982 210,573 4,982 210,573 4,982 210,573 210,573 (#) Option Awards Option Options 84 Securities Number of Underlying Unexercised Unexercisable YEAR-END (#) Options Securities Number of Underlying Exercisable Unexercised 09/04/1909/04/19 — 09/04/1909/04/19 — 09/04/19 — — 09/04/19 — — Grant Date (MM/DD/YY) non-employee director ceases to provide service prior to the applicable vesting date (for reasons other than death or disability),all or death than other reasons (for date vesting applicable the to prior service provide to ceases director non-employee unvested stock awards are forfeited. If a non-employee director dies or has a separation of service due to disability, all shares subject the stock award will vest. to Compensation Report for Fiscal Year 2020 Year Fiscal for Report Compensation OUTSTANDING EQUITY AWARDS FOR NON-EMPLOYEE DIRECTORS AT FISCAL YEAR 2020YEAR FISCAL AT DIRECTORS NON-EMPLOYEE FOR AWARDS EQUITY OUTSTANDING Wendy Becker Wendy Edouard BugnionGuy Gecht Didier Hirsch 09/04/19Neil Hunt Marjorie Lao Neela Montgomery — Michael Polk 09/04/19 — Patrick AebischerPatrick 09/04/19 — Name (1) Unless otherwise indicated, the shares subject to these stock awards vest in full on the first anniversary of the grant date. If the

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement

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1 0 consolidated 4 consistent with other members of the Group (3) (3) to Chief Financial Inc. insurance Stock Stock Awards Awards Logitech’s — — 545,955 545,955 — — 101,000 187,617 (2) (2) Performance Bonus Plan. For fiscal year 2020, 85 578,698 2,305,098 100,821 3,287,775 373,855 972,824296,351 364,345 251,167 2,137,061 143,429 1,210,670 of stock awards granted in such fiscal year. 1,373,490 5,659,510 237,455 8,186,115 1,952,188 7,964,608 985,231 12,207,462 2,035,531 5,343,3241,144,298 2,914,577 243,930 8,537,630 152,559 4,854,298 3,850,035 9,595,070 791,085 16,739,659 Olmstead's promotion Mr. — Management after 86,617 Base Base 915,660 303,158 Salary Bonus 914,845 642,864 539,215 406,545 Salary Bonus 1,305,435 2,503,469 made by the Company to the Logitech (6) (7) Report. For fiscal year 2020, the amount for Nate Olmstead includes when he a stock award bonus received (5) date fair value, by fiscal year, (9) term life insurance premiums, long-term disability contributions amounts converted to Swiss Francs using the 12 month average a special Dollar for valuation of stock awards are presented in Note 5 to 2019 2020 (8) (1) 4 rate of 1CHF = US$1.0102. rate of 1CHF Nate Olmstead includes and methodology the Group Management Team. medical premiums, matching 7 of the Company's 2020 Annual assumed the role of Chief Financial Officer and a fiscal year 2020 annual stock award Management Team. President, Worldwide Operations President, Worldwide Compensation Report for Fiscal Year 2020 Year Fiscal for Report Compensation L. Joseph Sullivan, former Senior Vice Bracken and Darrell, President CEO former Chief Pilette, Financial Officer Vincent Marcel Stolk, former Executive Chairman, Logitech Europe S.A. and Senior Vice President, Business Model Innovation (in CHF) Total Group Management Team Total Total Group Management Team Group Total Nate Olmstead, Financial Officer Chief former Chief Pilette, Financial Officer Vincent Marcel Stolk, former Executive Chairman, Logitech Europe S.A. and Senior Vice President, Business Model Innovation (in CHF) Bracken and Darrell, President CEO Compensation Tables Audited Under Swiss Law Under Swiss Audited Tables Compensation 4) Other compensation includes ______Fiscal Year Year Fiscal Fiscal Year Year Fiscal The following tables March ended years fiscal sets the in performed services for forth Team Management Group the of the members to paid compensation compensation paid to the Group Management 31, 2020and 2019: Team and the total amount of This section includes the compensation tables that are audited according Article to 17 of the Swiss Ordinance against Excessive Compensation in Listed Stock Corporations. 1) Fiscal year 2020 U.S. 2) Bonus reflects amounts earned under the Logitech 3) Amounts shown reflect the grant 2. 2020 and 2019 Years in Fiscal of the Group Management Team Compensation of members 1. Introduction Total

(5) — 302,558 —— 16,415 35,417 Other Compensation

— — (4) Stock Awards

—— 197,558 197,558 35,351 27,331 407,909 310,889 ——— 197,558 — 197,558 197,558 197,558 27,541 26,039 26,790 313,432 295,264 304,348 — 197,558— 26,114 197,558 296,172 — 22,998—— 258,473 197,558 24,838 280,729 (3) 524,649 494,234 77,002 1,590,836 524,649 2,272,256 294,004 4,412,442 Bonus 86

(2) 86,000 88,333 71,667 80,000 72,500 37,917 16,415 58,333 35,417 175,000 494,951 105,000 Base Salary 1,321,533 (9) (11) (7)

(6) (8) 2020 (8) (10) (1) February 2, 2019, the end February 2, 2019, the of his contractual notice period. Innovation, effective as of April 30, 2019, and the Company accepted his resignation from the Group Management Team, effective Team, Management Group the from resignation his accepted Company the and 2019, 30, April of as effective Innovation, vacation time for departing vacation time and employer’smembers, contribution to social security and Medicare. rate of 1CHF = US$1.0111. rate of 1CHF effective as of May 17, 2019. effective as of May 17, as of March 31, 2019. Other Compensation for Mr. Stolk includes compensation payments made over the course of fiscal year 2020 in connection with non-compete agreement. a interim Chief Financial effective Officer, as of June 1, 2019, and was appointed as the Company’s Chief Financial Officer and a member of the Group Management on Team July 22, 2019. His reported compensation reflects payments received and stock to Chief Financial Olmstead's promotion and to the Group Officer appointment Team. Management grants awarded after Mr. Compensation Report for Fiscal Year 2020 Year Fiscal for Report Compensation Edouard Bugnion Guerrino De Luca Guy Gecht (in CHF) Aebischer Patrick Neil Hunt Marjorie Lao Neela Montgomery Dimitri Panayotopoulos Wendy Becker Wendy Didier Hirsch Yeh Lung Michael Polk Board Members Total Fiscal Year Year Fiscal Board the of members individual the to payment for accrued or paid Logitech compensation forth set tables following The of Directors for services performed in the fiscal years ended March 31, 2020 and 2019: 5) Company’s the as appointed was 2019, 1, April on Analysis & Planning Financial of head as Company the joined Olmstead Nate 3. 2020 and 2019 Years in Fiscal Compensation of Board of Directors 9) L. effective Joseph as Sullivan of resigned May from 2, the 2018 Group and Management retired Team from the Company as of 6) Team, Management Group the from resignation his accepted Company the and Officer Financial Chief as resigned Pilette Vincent 7) Marcel Stolk resigned as Executive Chairman, Logitech Europe S.A. and Logitech’s Senior Vice President, Business Model 8) Fiscal year 2019 U.S. Dollar amounts converted to Swiss Francs using the 12 month average (April 2018 to March 2019) exchange 8) 2019) March to 2018 (April average month 12 the using Francs Swiss to converted amounts Dollar U.S. 2019 year Fiscal

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement Total

(5) —— 33,333 271,083 —— 240,255 249,000 3,465 39,298 Other 4 Compensation

— — (4) Stock Awards

——— 165,255— 165,255 165,255— 21,827— 23,083— 23,556 258,499 — 166,083 274,588 — 166,083 280,644 — 165,255— 166,083 24,318 165,255 18,742 166,083 21,918 290,401 218,997 259,668 (3) 87 880,229 485,793 83,648 1,944,181 880,229 1,976,400 220,557 4,359,947 Bonus

(2) 71,417 86,250 91,833 35,833 33,333 35,000 71,667 75,000 82,917 494,511 105,000 100,000 Base Salary 1,282,761 (11) (7) (14) 2019 (13) (13) (12) officers. He does officers. He not receive the retainers or equity awards used to compensate the non-employee members the Board. of of the Board of Directors and his compensation is structured similarly to the members of the Group Management Team and other and Team Management Group the of members the to similarly structured is compensation his and Directors of Board the of of stock awards are presented in Note 5 to Logitech’s consolidated financial statements on page 7page on statements Annual financial consolidated 2020 Logitech’s Company's to the 5 of Note in presented are awards stock of Report. contributions security. to social contribution to medical premiums, matching contributions made by the Company to the Logitech Inc. 401(k) plan and employer’sand plan 401(k) Inc. Logitech the to Company the by made contributions matching premiums, medical to contribution rate of 1CHF = US$1.0111. = US$1.0111. rate of 1CHF contribution to social security and Medicare. Other compensation for the non-employee members of the Board includes Logitech's includes Board the of members non-employee the for compensation Other Medicare. and security social to contribution who is also a member of the Board. Mr. Darrell’s compensation is included as part of Total Group Management Team. Group Management Team. compensation is included as part of Total Darrell’s who is also a member of the Board. Mr. rate of 1CHF = US$1.0102. rate of 1CHF award for the 2018 to 2019 Board Year was forfeited. was Year award for the 2018 to 2019 Board Compensation Report for Fiscal Year 2020 Year Fiscal for Report Compensation Sue Gove (in CHF) Aebischer Patrick Wendy Becker Becker Wendy Edouard Bugnion Sally Davis Guerrino De Luca Didier Hirsch Neil Hunt Marjorie Lao Neela Montgomery Dimitri Panayotopoulos Yeh Lung Members Board Total There were no loans or credits made or outstanding loans or paid at was compensation any no addition, In time during Team. fiscal Management Group years or Directors of 2020 Board the and of members former 2019 to any current or made during fiscal years 2020 and 2019 to parties Team. Management closely related to members of the Board of Directors or Group No additional fees or compensation have been paid during fiscal years 2020 and 2019 to any current or former above. other than as noted Team members of the Board of Directors or Group Management ______Fiscal Year Year Fiscal 9) Dimitri Panayotopoulos stepped down as a director in June 2019. He received a pro-rated portion of his retainers and the stock 8) Annual General Meeting in September 2019. Michael Guy Gecht and Polk were first elected as directors at the 7) Guerrino De Luca, Logitech's former Chairperson through the Annual General Meeting in September 2019, is an executive member executive 7) an is 2019, September in Meeting General Annual the through Chairperson former Logitech's Luca, De Guerrino 6) Annual Meeting General in 2019. September Becker is Logitech's Chairperson as of the Wendy 4) Amounts shown reflect the grant date fair value of the annual stock award. The key assumptions and methodology for valuation 14) Annual General Meeting in September 2018. Marjorie was a director at the Lao first elected as 3) Bonus includes amounts earned under the Logitech Management Performance Bonus Plan. 5) employer’spremiums, insurance disability long-term premiums, insurance life term includes Luca De Mr. for compensation Other 13) Annual General Meeting in September 2018. Sally and Sue Gove did for re-election directors the Davis not stand as at 11) 11) Board Total Members does not include the compensation of Bracken Darrell, Logitech’s President and Chief Executive Officer, exchange 2019) March to 2018 (April average month 12 12) the using Francs Swiss to converted amounts Dollar U.S. 2019 year Fiscal 2) Base salary for non-employee members of the Board of Directors includes annual Board and retainers. committee 4. Loans, credits and other payments 1) Fiscal year 2020 U.S. Dollar amounts converted to Swiss Francs using the 12 month average (April 2019 to March 2020) exchange 1) 2020) March to 2019 (April average month 12 the using Francs Swiss to converted amounts Dollar U.S. 2020 year Fiscal 10) Annual General Meeting in September 2019. did not stand for re-election as a director at the Yeh Lung Regula Tobler Audit Licensed Expert 88 Licensed Audit Expert Auditor in Charge Zurich, May 27, 2020 Rolf Hauenstein KPMG AG Remuneration report Enclosure: Report of the Statutory Auditor of the Statutory Report Apples Logitech International S.A., the General Meeting of To March 31, 2020. Logitech International S.A. for the year ended accompanying remuneration report of have audited the We Responsibility of the Board of Directors with the preparation and overall fair presentation of the remuneration report in accordance The Board of Directors is responsible for The Board of compensation in Stock Exchange Listed Companies (Ordinance). Swiss law and the Ordinance against Excessive the remuneration system and defining individual remuneration packages. Directors is also responsible for designing Auditor's Responsibility conducted our audit in accordance with on the accompanying remuneration report. We Our responsibility is to express an opinion requirements and plan and perform the audit to obtain Those standards require that we comply with ethical Auditing Standards. Swiss remuneration report complies with Swiss law and articles 14 – 16 of the Ordinance. reasonable assurance about whether the to to obtain audit evidence on the disclosures made in the remuneration report with regard An audit involves performing procedures selected depend on the The procedures with articles 14 – 16 of the Ordinance. compensation, loans and credits in accordance auditor’s of material misstatements in the remuneration report, whether due to fraud judgment, including the assessment of the risks of remuneration, as well also includes evaluating the reasonableness of the methods applied to value components This audit or error. remuneration report. as assessing the overall presentation of the and appropriate to provide a basis for our opinion. believe that the audit evidence we have obtained is sufficient We Opinion law and the year ended March 31, 2020 of Logitech International S.A. complies with Swiss In our opinion, the remuneration report for articles 14 – 16 of the Ordinance. –

2020 Annual General Meeting Invitation, Proxy Statement 2020 Annual General Meeting Invitation, Proxy Statement (5) — 13,467,401 13,467,401 (a)) (#) (c) Number of Available for Future Available Reflected in Column Compensation Plans (Excluding Securities Securities Remaining Issuance Under Equity (1) $30 $17 $22 Price of Outstanding and Rights (b) Weighted (b) Weighted Average Exercise Average Options, Warrants Options, Warrants 89 (2) (3) (4) 4,760,743 1,160,021 5,920,764 Exercise of Outstanding Issued Upon (a) Number of and Rights (#) Securities to be Options, Warrants rules. Share (Non-U.S.) Purchase Plan and 2006 Stock Incentive Plan. Equity Compensation Plan Information Plan Compensation Equity Equity Compensation Plans Equity Compensation Holders Approved by Security Plan Category Total Equity Compensation Plans by Security Approved Not Holders (5) Represents approximately 8.1% of the issued and outstanding share of the Company capital as of March 31, 2020. (4) Represents approximately 3.5% of the issued and outstanding share of the Company capital as of March 31, 2020. (3) Includes options and rights to acquire shares outstanding under our 2012 Stock Inducement Equity Plan adopted under the Nasdaq the under adopted Plan Equity Inducement Stock 2012 our (3) under outstanding shares acquire to rights and options Includes 2012 Stock Inducement Equity Plan as serve to employees eligible to granted be may RSUs and options stock Plan, Equity Inducement Stock 2012 the Under under Awards the 2012 Stock Inducement inducement Equity material Plan to enter into employment with the Company. may be conditioned on continued employment, the passage of time or the satisfaction of performance based vesting on Stock individual criteria, 2012 written the employment offer under letters. The issuance 2012 for Stock reserved Inducement Equity was Plan shares has 1,800,000 an expiration of date aggregate of an 2020, 31, March of As 2022. 31, March of March 31, 2020,As no shares were available for issuance under this plan. Inducement Equity Plan. 2006 Stock Incentive Plan non-employee and employees eligible to grant the for provides Plan Incentive Stock 2006 S.A. International Logitech The members of the Board of Directors of stock options, stock appreciation rights, restricted stock, and restricted stock units. As of March 31, 2020, Logitech has granted stock options (including PSOs), RSUs, Incentive Plan and has made no grants of restricted shares or stock appreciation rights. Stock options granted under the continued and on PSUs conditioned under the be 2006 may Stock Plan less not prices Incentive exercise at issued be Stock will and years ten 2006 exceeding not terms have the will generally Plan Incentive under Stock 2006 Awards grant. of date the on value market fair the than aggregate an 2020, 31, March of As criteria. vesting performance of satisfaction the or time, of passage the employment, of 30,550,000 shares was reserved for issuance under the 2006 Stock Incentive As Plan. of March 31, 2020, a total of 8,579,880 shares were available for issuance under this plan. Employee Share Purchase Plans Purchase Logitech maintains two employee share Share purchase plans, one for Employee employees in the United States 2006 and one for employees the named is States United the outside employees for plan The States. United the outside the in worldwide employees for plan The the 2006. June was in Directors of Board the ESPP by approved was and 1996 The ESPP, 2006 or (Non-U.S.), Plan ESPP. 1996 or (U.S.), Plan Purchase Share Employee 1996 the named is States United (1) The weighted average exercise price is calculated based solely on outstanding options. (2) Employee 2006 (U.S.), Plan Purchase Share Employee 1996 our under outstanding shares acquire to rights and options Includes The following table summarizes the shares that may be issued upon the exercise of options (including PSOs and PPOs), and PSOs (including options of exercise the upon issued be may that shares the summarizes table following The include plans These 2020. 31, March of as plans compensation equity employee our under rights other and PSUs, RSUs, the 1996 Employee Share Purchase Plan (U.S.) and 2006 Employee Share Plan and 2006 Stock Incentive “ESPPs”), Equity Stock Inducement 2012 Plan. Purchase Plan (Non-U.S.) (together, the 90 **************** Equity Compensation Plan Information Plan Compensation Equity plan until the adoption of the 2006 in ESPP June 2006. Under both plans, eligible employees may purchase shares with up to 10% of their earnings at the lower of accordance in 85% calculated of year, the one any in fair $25,000 of market value fair value a to limited at are plans the the under Purchases beginning period. offering or the end of each six-month with U.S. tax laws. During each offering period, payroll deductions of employee participants are accumulated under the executed automatically are agreements purchase plans, these in participation continued to Subject plan. purchase share under issuance for at available the end of As were each of offering period. March 31, shares 2020, an aggregate 4,887,521 of 29,000,000 shares of was reserved for total issuance a 2020, 31, March of As ESPPs. 2006 and 1996 the both under the ESPPs.

2020 Annual General Meeting Invitation, Proxy Statement 2019 Annual General Meeting Invitation, Proxy Statement Annual Report Fiscal Year 2019 Annual Report Annual Report Fiscal Year 2020 Fiscal Year 2020

1 Annual Report Fiscal Year 2020

3 S DISCUSSION ANDANALYSIS ’ OF OPERATIONS OF OF FINANCIAL CONDITION AND RESULTS AND CONDITION FINANCIAL OF MANAGEMENT

Annual Report Fiscal Year 2020

19") as a - eamlabs) for a s, and accessories

19 has caused public health -

essential businesses and people to be category company designing productsthat - Logitech's brands include Logitech, Logitech G,

created products to improve experiences around 7A, Quantitative7A, and Qualitative Disclosures about

brand, multi - 5 in cash, which included a working capital adjustment and

ailers, and indirect sales through distributors. Our worldwide 30, 2020 (the Streamlabs Acquisition). Streamlabs is a leading K. added resellers and online merchants. 19 pandemic has significantly curtailed global economic activity, -

1A, Risk Factors, Item in

More than 35 yearsago, Logitech payable in stock only upon the achievement ofcertain net revenues for the period

acquired all equity interests in Blue Microphones Holding Corporation (Blue

home. The COVID K filedK with the U.S. Securities and Exchange Commission and posted to the Company's - at - 1, 2020 and ending on June ng statements that involverisks and uncertainties. Our actual results could differ materially

19 to Our to Business 19 -

ary looki $29.0 million 31, 2019, the Company acquired all equity interests in GeneralWorkings, Inc. (Str

Our products participate in five large market opportunities: Creativity & Productivity, Gaming, Video Logitech is a world leader in designing, manufacturing marketing and products that help connect people to In March 2020, theWorld Health Organization declared the outbreak of a novel coron ("COVID avirus From time to time, may we seek to partner with or acquire when appropriate companies that have products, On August 21, 2018, we On October provider of software and tools for professional streamers. The Streamlabs Acquisition is complementary to the Company's gaming portfolio. Collaboration, Music and SmartWe Home. sell our products to a broad network of domestic and international customers, including direct sales to retailers and e-t digital and cloud experiences. the personal computer (PC) platform, today and it is a multi Overview of Our Company Our Overview of OF OPERATIONS OF RESULTS CONDITIONAND FINANCIAL ANALYSIS MANAGEMENT'SAND DISCUSSION The following Management's Discussion and Analysis of Financial Condition and Results of Operations contains forward- Investor Relations website, under Item Market Risk (which also appears below), and elsewhere. Please read the followingdiscussion and analysis of our financial condition and results of operations together with our consolidated financial statements and related notes included in this Annual Report. Terms used and not otherwise defined in this Annual Report have the meanings set forth in the Company's Annual Report on Form 10- from those anticipated thesein statements as a result of certain factors, including those set forth thein Company's Annual Report on Form 10- pandemic, which continues to spread throughout the world. The spread of COVID officials to recommend precautions to mitigate the spread of the virus and, certainin markets in which we operate, government authorities have issued orders that require the closure of non- quarantined or to shelter total consideration of $105.7million, which included a working capital adjustment, plus additional contingent consideration of beginning on Janu for audio professionals, musicians and consumers. The Blue Microphones Acquisition supplements our product portfolio. COVID of Impacts Microphones) for a total consideration of $134.8 million repayment of debt on behalf of Microphones Blue (the Blue Microphones Acquisition). Blue Microphones is a leading audio manufacturer that designs and produces microphones, headphones, recording tool personnel, and technologies that complement our strategic direction.We continually review our product offerings and our strategic direction in light of our profitability targets, competitive conditions, changing consumer trends and the evolving nature of the interface between the consumer and the digital world. channel network includes consumer electronics distributors, retailers, massmerchandisers, specialty stores, computer and telecommunications stores, value- ASTRO Gaming, Streamlabs, Ultimate Ears, Jaybird, and Blue Microphones.Our Company's website is www.logitech.com. enable better experiences consuming, sharing and creating digital content such as computing, gaming, video and music, whether it is on a computer,mobile device or in the cloud. caused significant volatility and disruption in global financial and commercial markets, and is likely to lead to recessionary conditions for an indeterminate amount ofWe time. are conducting our business with substantial modifications, such as employee work locations and virtualization among other changes.We are continuing to actively monitor the situation and may take further actions that alter our business operations as may be required by federal, state or local authorities thein countries in which we operate, or that we determine are thein best interest of our employees, customers, partners, suppliers or shareholders. It is not clear what the potential effects of " 19 to -

China tariffs -

home requirements - at - 19 pandemic is - from cost savings and fiscal 2019. year

based applications has led to

Liquidity and Capitalresources party costs primarily in S&M and R&D to various cloud-

19, when business closure and shelter at home - 19 in China, we experienced disruptions to our - The full effect of the COVID

6

" category market opportunities, including Creativity Productivity,&

19 pandemic. - basis points to 37.7% during fiscal year 2020, compared to fiscal year 2019. ", including", under the caption "

New PC shipments remain lackluster but the installed base of PC users remains

19 on our business and our operational and financial performance is currently uncertain and - condition andstock price.

related costs due to additional headcount from business acquisitions as well as from and S&M term growth opportunities, $3.3 million higher amortization of intangible assets from the business - 19 related costs primarily due to disruptions and higher costs in our manufacturing, supply chain and Item IA: Risk Factors - 19 or any suchmodifications or alterations may have on our business, results of operations, financial - Our total sales for fiscal year 2020 increased 7% in comparison to fiscal year 2019. The growth broadwas - Sales for fiscal year 2020 increased 8%, 9% and 2% in the Americas, EMEA and Asia Pacific, respectively, in Operating expenses for fiscal year 2020 were $845.9 million, or 28.4% of sales, compared to $773.8 million, or Income tax benefit for fiscal year 2020 was impacted by $153.2 million frommeasurement the of deferred tax Net income forfiscal year 2020 was $449.7 million, compared to $257.6 million for During February 2020, following the initial outbreak of COVID Grossmargin increased by 50 Trends Specific to Our Five Market Opportunities Five Our Market to Specific Trends & Productivity: Creativity Our products participate in five large multi - continue at least during the first half of fiscal 2021.year However, due to the ongoing shelter COVID operations, financial manufacturing, supply chain and logistics services, resulting in temporary inventory declines and an increase in logistics costs.We expect the increased logistics costsand adverse effects our on gross margins from COVID or recommendations in many countries, there highwas demand and consumption of our products. It is difficult to predict the progression, the duration and all of the effects of COVID guidelines may be eased or lifted, and how consumer demand, inventory and logistical effects and costsmay evolve over time, or the impact on our future sales and results of operations. Some of this impact will undoubtedly occur over multiple financial periods mayand have a lag effect between periods, such as what we are able to manufacture one in period affecting sales, channel inventory or logistics costs subsequent in periods. The full extent of the impact of COVID will depend on many factors outside our control. For additional information, see " below and " uncertain and cannot be predicted, and the Company's business, results of operations and financial condition could be adversely affected by the COVID Summary of Financial Results Financial of Summary and COVID operational efficiencies, partially offset unfavorable by currency exchange rates, an increase in U.S. based across our regions and across most of our product categories. The results of operations for Streamlabs have been included in our consolidated statements of operations from the acquisition date. comparison to fiscal year 2019. The increase in gross margin was primarily driven by favorable product mix and benefits 27.8% of sales, for fiscal year 2019. The increase in operating expenses was primarily driven by $39.0 million higher personnel R&D departments to support business growth, $13.9 million higher third- support our long- acquisitions, and a $23.2 million change in fair value of contingent consideration from the Streamlabs Acquisition, partially offset a decrease by of $11.2 million restructuringin charges as we substantially completed our restructuring plan thein first quarter of fiscal year 2020. logistics operations and outsourced services. assets and liabilities, net of assessment of uncertain tax positions in Switzerland as a result of the enactment of TRAF the in canton of Vaud in Switzerland during the fourth quarter of fiscal year 2020. Business Our in Trends Gaming, Video Collaboration, Music and Smart Home. We see opportunities to deliver growth with products in all these markets. The following discussion represents key trends specific to our market opportunities. multiple unique consumer use cases, which we are addressing with our innovative product portfolio and a deep large. Welarge. believe that innovative PC peripherals, such as our mice and keyboards, can renew the PC usage experience,thusproviding growth opportunities.Increasing adoption of

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020 -

es. Product introductions

year while traditionalyear while wirelessheadphones have - increased consumer demand for our products during the 7 over - structural growth opportunities in the video collaboration market

s environment, as commercial and consumer adoption of video has term ’ end spending by enterprises. Additionally, new product introductions and -

sized rooms such as huddle rooms.Wewill continue to invest in select - platform experiences, and esports gain greater popularity and gaming content

enabled speakers has not yet gained traction. Moreover, the marketformobile - : The near and long - Our remote business declined substantially in fiscal year2020, offset by growth ourin Circle 2 party, voice The PC gaming and console gaming platforms continue to show strong structural growth

The mobile speaker market has remained weak, although the consumption of music continues to grow. based solutions that can provide their employees with the ability to workfrom We anywhere. are home trend, provides additional growth opportunities for our webcam products, as well as other products sized meeting rooms to small - specific products (both hardware and software), targeted product marketing and sales channel - e- from end holiday buying season and year Gaming: Business Seasonality, Product Introductions and Business Acquisitions and Business Introductions Product Seasonality, Business We historically have experienced higher sales in our third fiscal quarter ending December 31, compared to Video Collaboration As describedwe above, the canton of Vaud in Switzerland enacted TRAF on March 10, 2020 which took effect Music: Smart Home: Swiss Federal Tax Reform - - nsumers increasingly adopt wireless headphones over wired headphones.With Blue Microphones, we opportunities as online gaming, multi- understanding ofour customer base. The increasing popularity of streamingand broadcasting, as well as the rising work ourin portfolio. Smaller mobile computing devices, such as tablets, have created new markets usage and models for peripherals and accessories.We offer a number of products to enhance the use ofmobile devices, including a combo backlit keyboard case for the iPad Pro and keyboard folios for other iPad models. In fiscal year 2020, we achieved our third consecutive year of growth in our Tablet Other & Accessories category. other fiscal quarters ourin fiscal year, primarily due to the year family of security cameras. In general, the space is under pressure as the way people consume content is changing.We continue will to explore other innovative experiences for the SmartHome category. becomes increasingly more demanding and social. In fiscal year 2020, the gaming headset market has declined due to challenging comparisons against the launch of the game Fortnite fiscalin year 2019, which boosted gaming product market demand fiscal in year 2019. The new console refresh cycle during the holiday season of 2020 is expected to drive subsequent growth opportunities for our ASTRO family ofheadsets and controllers.We believe Logitech is well positioned to benefit from the overall gaming marketWith growth. ASTRO Gaming, alsowe strengthened our portfolio in adjacent categories, such as the console controller market. Our recent acquisition of Streamlabs provides a solid platform to deliver recurringservices and subscriptions to gamers. seen explosive growth in recent months. Video meetings are on the rise, and companiesincreasingly want lower have never been more relevant than todayin cost, cloud- continuing our efforts to create and sell innovative products to accommodate the increasing demand frommedium and larg business business acquisitions can significantly impact sales, product costs and operating expens can also impact our sales to distribution channels as these channels are filled with new product inventory following a product introduction, and often channel inventory of an earlier model product declines as the next related major product launch approaches. Sales can also be affected when consumers and distributors anticipate a product introduction or changes in business circumstances. However, neither historical seasonal patterns nor historical patterns of product introductions should be considered reliable indicators of our future pattern of product introductions, future sales or financial performance. Furthermore, cash flow is correspondingly lower as typicallywe build inventories in advance for the third quarter and we pay an annual dividend following our AnnualGeneral Meeting, which is typically in September. as of January 1, 2020. Our cash tax payments have increased in Switzerland beginning fiscalin year 2020 as a result of our transition out of our longstanding tax ruling from the canton of Vaud. development. The integration of personal voice assistants has become increasingly competitive in the speaker categories, but the market for third- speakers appears to be maturing, which led to a decline in Ultimate Ears sales in the past two years. In fiscal year 2020, the wireless headphone industry continued to flourish with strong revenue growth. The largest growth was in true wireless headphones where the market tripled year declined significantly. Continued growth in the wireless headphone market is expected for the next several years as co strengthened our portfolio in adjacent categories, such as the microphones market.

an

GAAP requires us to

based incentives and negotiated terms, historical are considered variable consideration,

by by our customers to increase sales of our

8 requires management to make judgments estimates and

is important to an understanding of our financial condition and

We enter into customermarketing programs with manyof our

based incentives to our customers and indirect partners based on pre- cycle. Customer incentive programs include performance -

We have agreements with certain customers that contain terms allowing price protection We grant limited rights to return products. Return rights vary customer by and range from

users.

The preparation of financial statements and related disclosures in conformity with U.S. We consider an accounting estimate critical if it: (i) We base our estimates on historical experience and on various other assumptions we believe to be We record accruals for cooperative marketing, customer incentive, pricing programs (Customer Programs) We believe thefollowing accounting estimates are most critical to our business operations and to Customer Incentive Programs. Cooperative marketing arrangements and customer incentive programs Pricing Programs. Cooperative Marketing Arrangements. Product Returns. Accruals for Customer Programs and Product Returns Product and Programs for Customer Accruals Estimates Accounting Critical makejudgments, estimates, and assumptions that affect reported amounts of assets, liabilities, sales and expenses, and the disclosure ofcontingent assets and liabilities. about matters that are inherently uncertain; and (ii) operating results. reasonable under the circumstances. Although these estimates are based on management's best knowledge of current events and actions that may impact us in the future, actual results could differ from those estimates. Management has discussed the development, selection and disclosure of these critical accounting estimates with the Audit Committee of the Board of Directors. experiences, forecasted incentives, the anticipated volume offuture purchases, and inventory levels in the channel. and product returns. The estimated cost of these programs is usually recorded as a reduction of revenue. Significant management judgments and estimatesmust be used to determine the cost of these programs any in accounting period. Certain Customer Programs require management to estimate the percentage of those programs that will not be claimed or will not be earned customersby based on historical experience and on the specific terms and conditions of particular programs.The percentage of these customer programs that will not be claimed or earned is commonly referred to as "breakage". If receivewe a separately identifiable benefit from a customer and can reasonably estimate the fair value of that benefit, the cost of the Customer Programs is recognized in operating expenses. understanding of our financial condition and results of operations and reflect the more significant judgments and estimates used in the preparation of our consolidated financial statements. consumerWe rebates. offer performance- determined performance criteria. Consumer rebates are offered from time to time at our discretion for the primary benefit of end- products. which we estimate and record as a reduction to revenue at the time of sale based on credits to be issued thein event of a subsequent price reduction. ourAt discretion, we also offer special pricing discounts to certain customers. Special pricing discounts are usually offered only for limited time periods or for sales of selected products to specific indirect partners. Our decision to make price reductions is influenced by product life cycle stage, market acceptance of products, the competitive environment, new product introductions and other factors. Accruals for estimated expected future pricing actions are recognized at the time of sale based on analysis of historical pricing actions customerby and by product, inventories owned by and located at distributors and retailers, current customer demand, current operating conditions, and other relevant customer and product information, such as stage of product life- customers, and with certain indirect partners, allowing customers to receive a credit equal to a set percentage of their purchases of our products, or a fixed dollar credit for various marketing programs. The objective of these arrangements is to encourage advertising and promotional events just the right to return the defective product to stock rotation rights limited to a percentage of sales approved by management. Estimates ofexpected future product returns are recognized at the time of sale based on analyses of historical return trends by the customer and by product, inventories owned by and located at customers, current customer demand, current operating conditions, and other relevant customer and product information. Upon

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020 - - down is Scholes -

s ors purchase offerings, downs of inventories that - ite

downsthat could adversely affectgross

basedcompensation expenserelated and tax of restricted stockunits (RSUs) that vest upon Carlo simulation method. The grant date fair value cost basis for that inventory are established and term customer commitments and rapid changes in - -

9 the estimated return. Return trends are influenced by

downs are recorded. based compensation expense could be materially different the in future from imate these costs change, or if actual costs differ significantly from the estimates, we own in the cost of goods sold at the time of such determination. The write- based compensation expense require a number of complex and subjective

pricing valuation model. The grant date fair value Based Compensation Expense Compensation Based -

based RSUs and RSUs with performance conditions is calculated based on the closing market price on the - ns the in period when the write- We record inventories at the lower of cost and net realizable value and record wr Wemust order components for our products and build inventory in advance of customer orders. Further, our We regularly evaluate the adequacy of our accruals for Customer Programs and product returns. Future We apply a breakage rate to reduce our accruals of Customer Programs based on the estimated percentage Valuation Inventory Share The grant date fair value for stock options and stock purchase rights is estimated using the Black Our estimates of share- The assumptions used in calculating the fair value of share- recognition, we reduce sales and cost of goods sold for product life cycle status, new product introductions, market acceptance of products, sales levels, product sell through, the type of customer, seasonality, product quality issues, competitive pressures, operational policies and procedures, and other factors. Return rates can fluctuate over time but are sufficientlypredictable to allow us to estimate expected future product returns. demand. industry is characterized by rapid technological change, short are obsolete or excessin of anticipated demand or net realizable value. reviewA of inventory is performed each fiscal quarter that considers factors including the marketability and product lifecycle stage, product development plans, component cost trends, historical sales, and demand forecasts that consider the assumptions about future demand and market conditions. Inventory on hand that is not expected to be sold or utilized is considered excess, recognizeand we the write-d market conditions and product transitions may require us to take action to increase such programs. In addition, when the variablesusedto est would be required to record incremental increases or reductions to revenue or operating expenses. of these customerprograms that will not be claimed or earned. The breakage rate is applied at the time of sale. Significant management judgments and estimates are used to determine the breakage of the programs any in accounting period. determined by the excess of cost over net realizable value. Net realizable value is theestimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. theAt time of loss recognition, new cost basis per unit and the lower Merton option- meeting certain market conditions is estimated using the Monte- of time date of grant, adjusted by estimated dividends yield prior to vesting. assumptions including our stock price volatility, the probability of achievement of the set performance conditions, dividend yield, related tax effects, and the selection of an appropriate fair value model.We estimate expected share price volatility based on historical volatility using daily prices over the term of options, RSU as we consider historical share price volatility as most representative of future volatility. The dividend yield assumption is based on our history and expectations of future dividend payouts. effectsrepresent our best estimates, but these estimates involve inherent uncertainties and the application of management judgments. As a result, if factors change and we use different assumptions, or if we decide to use a different valuation model, our share- what we have recorded in the current period, which could materially affect our results of operations. subsequent changes facts in circumstances and would not result anin increase in the cost basis. If there is an abrupt and substantial decline in demand for Logitech's products or an unanticipated change in technological or customer requirements, we may be required to record additional write - margi

er efits. In 31, 2020,

31 or more frequently if indicators of

in warranty claim activity or costs associated with

10 purposes. These differences result in deferred tax assetsand specific events such as changes in management,key personnel, - port for the disclosures. Significant judgments are involved in determining if

mrates, historical and projected costs, and knowledge of specific product failures that ng for Income Taxes Income for ng

n may differ fromthat used to evaluate the impairment of goodwill. en jurisdiction, utilization of net operating loss and tax credit carryforwards, changes in geographical mix of We operate in multiple jurisdictions and our profits are taxed pursuant to the tax laws of these jurisdictions. We assess the likelihood that our deferred tax assets will be recovered fromfuture taxable income, We estimate the cost of product warranties at the time the related revenue is recognized based on historical Wemake certain estimates and judgments about the application of tax laws, the expected resolution of Accounti Goodwill Impairment Analysis We conduct a goodwill impairment analysis annually at December In reviewing goodwill for impairment, we have the option to first assess qualitative factors to determine whether Product Warranty Accrual Warranty Product

Our effective income tax rate may be affected by the changes in or interpretations of tax laws and tax agreements in givany income and expense, and changes in our assessment ofmatters such as the ability to realize deferred tax assets. As a result of these considerations, mustwe estimate income taxes in each of the jurisdictions in which we operate. This process involves estimating current tax exposure together with assessingtemporary differences resulting from the different treatment ofitems for tax and accounting liabilities, which are included in the consolidated balance sheet. considering all availableevidence such as historical levels of income, expectations and risks associated with estimates of future taxable income and ongoing prudent and feasible tax strategies.When we determine that it is not more likely than notthat we will realize all or part of our deferred tax assets, an adjustment is charged to earnings in the period when such determination is made. Likewise, if we later determine that isit more likely than not that all or a part of our deferred tax assets would be realized, the previously providedvaluation allowance would be reversed. the event that uncertain tax positions are resolved for amounts different than our estimates, or the related statutes of limitations expire without the assessment of additional income taxes, we will be required to adjust the amounts of the related assets and liabilities in the period in which such events occur. Such adjustmentsmay have a material impact on our income tax provision and our results of operations. impairment exist or if a decision is made to sell or exit a business. Refer to Note 11 to the consolidated financial statementsincluded this in AnnualRe an indicator of impairment has occurred. Such indicatorsmay include deterioration in general economic conditions, negative developments in equity and credit markets, changes adverse in the markets which in an entity operates, increases in input costs that have a negative effect on earnings and cash flows, a trend of negative or declining cash flows, a decline in actual or planned revenue or earningscompared with actual and projected results of relevant prior periods, or other relevant entity strategy or customers, contemplation of bankruptcy, or litigation. The fair value that could be realized in an actual transactio are outside of our typical experience. Each fiscal quarter, reevaluatewe estimates to assess the adequacy of recorded warranty liabilities.When we experience changes and projected warrantyclai uncertain tax positions and other matters surrounding the recognition and measurement of uncertain tax ben fulfilling those claims, the warranty liability is adjusted accordingly. If actual product failure rates or repair costs diff from estimates, revisions to the estimated warranty liabilities would be required and could materially affect our results of operations. the existence of events or circumstances leadsto a determination that it is more likely than not (greater than 50%) that the estimated fair value of a reporting unit isless than its carrying amount. For the year ended March we elected to perform a qualitative assessment and determined that impairment was not more likely than not and no further analysis was required.We may also elect not to perform the qualitative assessment and, instead, proceed directly to the quantitative impairment test. The ultimate outcome of the goodwill impairment review for a reporting unit should be the same whether an entity chooses to perform the qualitative assessment or proceeds directly to the quantitative impairment test. Goodwill is allocated among and evaluated for impairment at the reporting unit level, whichdefined isas an operati ng segment or one level below an operating segment.We currently have only one reporting unit.

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

r information on the fo ”

If currency exchange rates had

Results of Operations

11

s average exchange rate for that currency and comparing that to

digit growth in our Video Collaboration product category and strong

basednet revenuesforecast; and means net sales, except as otherwise specified and the sales growth discussion and sales - ”

es sales

assumptions regarding royalty rate range and forecasted revenue growth rate; assumptions regarding the estimated useful life of the acquired intangibles; discountrates; projected risk asset volatility.

• • • • • Accounting for businessacquisitions requires usto make significant estimatesassumptions, and especially at Examples of critical estimates in valuing certain intangible assets and goodwill we have acquired and liabilities Unanticipated events and circumstances may occur that may affect the accuracy or validity of such The economic useful life of the developed technology from the business acquisitions was determined based The economic useful life of the trademarks and trade namesfrom the business acquisitions determinedwas The economic useful life of the customer relationships from the business acquisitions was determined based During fiscal year 2020, sales increased 7% comparisonin to fiscal year 2019. If currency exchange rates had During fiscal year 2019, sales increased 9% comparisonin to fiscal year 2018. The term “ Refer to Note 2 to the consolidated financial statements included in this Annual Report for recent accounting We refer to our net sales growth rates excluding the impact of currency exchange rate fluctuations as "constant Given our global sales presence and the reporting of our financial results in U.S. Dollars, our financial results Business Acquisitions Business Net Sales

the acquisition date with respect to tangible and intangible assets acquired and liabilities assumed and pre- acquisition contingencies. We use our best estimates and assumptions to accurately assign fair value to the tangible and intangible assets acquired and liabilities assumed atthe acquisition date. we have assumed include but are not limited to: assumptions, estimates or actual results. on the technology cycle related to developed technology of existing products, as well as the cash flows over the forecasted periods. based on the expected life of the trade names and the cash flows anticipated over the forecasted periods. been constant in 2020 and 2019, our constant currency sales growth rate would have beenWe 9%. across grew most of our product categories, with double - on historical customer turnover rates and the industry benchmarks. Pronouncements Accounting New of Adoption effect of currency exchange results on our sales. If the U.S. Dollar appreciates or depreciates in comparison to other currencies in future periods, this will affect our results of operations in future periods as well. Reference to Sal growth rate percentages are in U.S. Dollars, except as otherwise specified. Operations of Results growth in Keyboards & Combos,Webcams, PC and Gaming. Sales declined for Mobile Speakers and Smart Home product categories. pronouncements adopted and to be adopted. Constant Currency Constant currency" sales growth rates. Percentage of constant currency sales growth is calculated by translating prior period sales in each local currency at the current period’ current period sales. could be affected significant by shifts currency in exchange rates. See “ been constant in 2019 and 2018, our constant currency sales growth rate would have been 10%.We across grew

%

es

7 7 19

Sales Growth Rate in Constant Currency

%

2019 vs. 2018 6 5 17 was driven by growth in Video

Rate Sales Growth

%

8 4 13 12

Sales Growth Rate in Constant Currency

%

2020 vs. 2019 8 9 2

Rate Sales Growth

sales declines in Smart Home and Audio Wearables.PC &

Although our financial results are reported U.S.in Dollars,a portion of our sales was generated in currencies The following table presents the change salesin by region for fiscal year 2020 compared with fiscal year 2019, The increase in sales in fiscal year 2020 of 8% compared with fiscal year 2019 The increase in sales in fiscal year 2019 of 6% compared with fiscal year 2018 was driven by growth in The increase in sales in fiscal year 2020 of 9% compared with fiscal year 2019 was driven severalby of our The increase in sales in fiscal year 2019 of 17% compared with fiscal year 2018 was primarily driven by sal The increase in sales in fiscal year 2020 of 2% compared with fiscal year 2019 was primarily driven salesby The increase in sales in fiscal year 2019 of 5% compared with fiscal year 2018 was driven severalby of our ssories product categories and strong growth in Keyboards and Combos. Sales declined for Mobile Speakers Sales by Region Sales Denominated in Other Currencies Other in Denominated Sales Asia Pacific Americas EMEA and fiscal year 2019 compared with fiscal year 2018: Americas Collaboration, Keyboards and Combos, Tablet Other& Accessories, Audio PC & Wearables, Gaming, Pointing Devices, and Webcams,PC partially offset sales by declines in Mobile Speakers Smart and Home. other than the U.S. Dollar, such as the Euro, Chinese Yuan, Japanese CanadianYen, Dollar, Taiwan Dollar, British Pound and Australian Dollar. For each of the fiscal years 2020, 2019 and 2018, 50% of our sales were denominated currenciesin other than the U.S. Dollar. and Smart Home product categories. Blue Microphones contributed approximately 2 percentage points to the net sales growth. The adoption of Topic 606 increased our sales for fiscal year 2019 by $3.7 million. most of our product categories, with double digits growth in our Gaming, Video Collaboration and Tablet Other & Acce Gaming, Video Collaboration, AudioWearables, PC & Keyboards and Combos, Tablet & Other Accessories and PC Webcams, partially offset sales by declines in Mobile Speakers, Smart Homeand Pointing Devices. product categories, with strength in Video Collaboration, Gaming, Mobile Speakers, and Webcams,PC partially offset by EMEA increases in Video Collaboration, Keyboard Combos& and Pointing Devices, offset sales by declines in Mobile Speakers. increases in Video Collaboration, Gaming, Keyboards and CombosWebcams, and PC partially offset sales by declines in Mobile Speakers, Audio WearablesPC & and Tablet and Other Accessories. Asia Pacific product categories, with strength in Video Collaboration, Gaming, Pointing Devices and Tablet & Other Accessories, partially offset sales by declines Mobilein Speakers and Smart Home.

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

% ) ) ) 4 8 8 9 (4 19 42 10 32 (27 (45 2018

2019 vs.

% ) ) ) )

1 7 7 5 6 7 Change (4 (1 41 (12 (10 2019 2020 vs.

433 89,373 498,472 112,147 107,942 182,717 314,817 252,330 491,995 516,637 2018 2,566,863

$ $

31,

414 49,344 536,890 536,619 121,282 128,315 259,521 230,378 277,429 648,130

2019 related mice including trackballs touchpads and - 2,788,322

13 $ $

Years Ended March Years and Mac 373 - based webcams targeted primarily at consumers. 43,404 - 544,519 571,720 129,193 135,309 365,616 221,791 273,752 690,174 2020 2,975,851

& & Combos sales increased 8%, compared tofiscal year 2018. The & & Combos sales increased 7%, compared tofiscal year 2019. The $ $

ivity market:

& & Combos category comprises PC keyboards, living roomkeyboards and keyboard/mice

second quarter of fiscal year 2019 as well as continued performance for MX MasterWireless 2S

& Combos&

& Combos&

& Other Accessories because they are no longer strategic to our business. & Wearables& (1)

Othercategory includes productscurrently which we intendto phasehaveout, or already phased out,

uring fiscal year 2020, Keyboards Sales by product categories forfiscal years 2020, 2019 and 2018 were as follows (Dollars in thousands): Our Pointing Devices category comprises PC OurWebcams PC category comprises PC During fiscal year 2019, Keyboards Our Keyboards D During fiscal year 2020, Pointing Devices sales increased 1%, compared to fiscal year 2019. The increase was During fiscal year 2019, Pointing Devices sales increased 4%, compared to fiscal year 2018. The increase was During fiscal year 2020,Webcams PC sales increased 7%, compared to fiscal year 2019. The increase was s of our MK 540, MK270 and MK110 wireless combo, and an increase salesin of wirelessPC keyboards. (1) Smart Home Smart Other Total Sales PC Webcams Tablet Video Collaboration Mobile Speakers Audio Gaming Pointing Devices Keyboards

Categories Product by Sales Sales bySales Product Categories: Creativity & Product Pointing Devices increase was primarily driven by an increase salesin of wireless keyboard/mice combos, mainly from increased sale presenters. primarily driven by the increases sales in of cordlessmice, partially offset a by decline salesin of our corded mice and presentation tools. Keyboards combo products. increase was primarily driven by an increase salesin of our cordless and corded keyboards and wireless keyboard/mice combos, partially offset a by decline in sales of our living room keyboard products. PC Webcams primarily driven by the increases sales in of cordlessmice and presentation tools. The increase in cordless mice was led by strong contribution fromfamily MX of premium cordlessmice, including the VerticalWireless Mouse introduced the in Mouse and B220 SilentMouse. primarily driven by an increase in sales Webcamof our C260, Logitech StreamCam launched in AMR and EMEA in -

Webcam based Rugged

of our Slim for Folio the

HD PTZ Conference Camera in

Proforthe 11" and 12.9" introduced iPad Pro in s ConferenceCams, which combine affordable enterprise HD PTZ Conference Camera, our TapTouch Controller 14 gaming products, and ASTRO console gaming headsets,

& Other& Accessories sales increased 5%, compared to fiscal year 2019. The & Other& Accessories sales increased 19%, comparedto fiscal year 2018. The

& Other Accessories category primarily compriseskeyboards for tablets.

market: oration en by an increase in sales of our gaming mice, gaming keyboards, console gaming controllers, and

& Other Accessories

During fiscal year 2020, Tablet Our Tablet During fiscal year 2019,Webcams PC sales increased 8%, compared to fiscal year 2018. The increase was During fiscal year 2019, Tablet During fiscal year 2019, Gaming sales increased 32%, compared to fiscal year 2018. The increase was During fiscal year 2020, Gaming sales increased 6%, compared to fiscal year 2019. The increase was Our Video Collaboration category includes Logitech’ Our Gaming category comprises gaming mice, keyboards, headsets, gamepads, steering wheels, simulation Our Mobile Speakers category is made upentirely of Bluetooth wireless speakers. During fiscal year 2019, Video Collaboration sales increased 42%, compared to fiscal year 2018. The increase During fiscal year 2020, Video Collaboration sales increased 41%, compared to fiscal year 2019. The increase Tablet primarily driven by the increases sales in of our HDWebcam Pro C920and 1080 Pro StreamWebcam. C170. the fourth quarter of fiscal year 2020, and C270i iPTV CAM, partially offseta by decline in sales of our the first quarter of fiscal year 2020 and sales of our Rugged Combo and Slim for Folio a newer generation of iPads introduced the third in quarter offiscal 2020,partially year decline offsetsales a in by increase was primarily driven by the introduction of our Slim Folio 2017/2018 iPad and Slim Combos Keyboard cases for 10.5" iPad. primarily driven by an increase in sales of our core PC primarily driv gaming steering wheels, and sales from Streamlabs services as a result of our business combination (see Note 3 to the consolidated financial statements). The growth was partially offset by a decline in sales of our gaming headsets and console gaming headsets. which benefited from the growing gaming market, growthin eSports, expansions in new channels and regions, and expansionproduct in portfolios.The increaseforfiscal year 2019 alsothe was fa driven ct by that the acquisition of ASTRO closed on August 11, 2017, in the middle of our fiscal year 2018 second quarter, resulting in a partial comparative period impact. The growth was partially offset a slight by decline ourin simulation products. Combo 2, Slim Combokeyboard cases, Crayon (a digital pencil) and POWERED (a wireless charging dock for iPhone) during fiscal year 2019. Gaming market: Collab Video Video Collaboration Gaming controllers, console gaming headsets, console gaming controllers, and Streamlabs services. increase was primarily driven by the introduction of our Slim keyboard Folio cases, education- was primarily due to an increase in sales for our MeetUp and PTZ Pro 2 video conference cameras, our BRIO Pro Webcam,Webcam, our C925E and the introductions of our Rally and Rally Ultra- introduced in the first quarter of fiscal year 2020 and our MeetUp video conference camera, partially offset by a decrease salesin of older generation products. the third quarter of fiscal year 2019. Music market: Mobile Speakers was primarily due to increases sales in of our Rally Ultra- quality audio and high definition (HD) 1080p video to bring video conferencing to businesses of any size.

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

%

was was

35.4 2018 909,241 2,566,863

$ $ China tariffs The decrease 31,

- The decrease

%

37.2

2019

2,788,322 1,037,011

$ $ and an increase in sales of our

Years Ended March Years

%

business combination in the ear headphones, premium wireless

37.7 2020 ear headphones. 2,975,851 1,122,381

$ $

15

quality microphones for professionals and consumers. -

19 related costs primarily due to disruptions and higher costs in our manufacturing, supply chain and -

down of inventories), amortization of intangible assets and purchase accounting effect on inventory.

was primarily driven by an increase salesin of our corded headsets and sales from Microphones Blue & Wearables&

Gross profit forfiscal years 2020, 2019 and 2018 was as follows (Dollars thousands): in Grossmargin increased by 50 basis points to 37.7% during fiscal year 2020, compared to fiscal year 2019. During fiscal year 2019, Smart Home sales decreased 45%, compared to fiscal year 2018. The decrease Grossmargin increased by 180 basis points to 37.2% during fiscal 2019,year compared to fiscal year 2018. Gross profit consists of sales, less cost of goods sold (which includes materials, direct labor and related During fiscal year 2020, Mobile Speakers sales decreased 4%, compared to fiscal year 2019. Our Smart Home category mainly comprises our Harmony line of advanced home entertainment controllers During fiscal year 2020, Smart Home sales decreased 12%, compared to fiscal year 2019. The decrease During fiscal year 2019, Mobile Speakers sales decreased 27%, compared to fiscal year 2018. Our AudioWearables & category comprises PC speakers, PC headsets,- in During fiscal year 2020, AudioWearables & sales decreased 1%, compared to fiscal year 2019.The decrease During fiscal year 2019, AudioWearables & sales increased 10%, compared to fiscal year 2018. The mart Home market: Gross profit Gross margin Net sales and COVID The increase in gross margin was primarily driven by favorable product mix and benefits from cost savings and operational efficiencies, partially offset unfavorable by currency exchange rates, an increase in U.S. primarily due to a decline in sales of our Harmony remotes and home security cameras. Profit Gross The increase in gross margin was primarily driven by favorable product mix and cost reductions. In addition, extra logistics operations and outsourced services. overhead costs, costs ofmanufacturing facilities, royalties, costs of purchasing components from outside suppliers, distributioncosts, warranty costs, customer support costs, shipping and handling costs, outside processing costs and write-

and home security cameras. primarily driven by an overall decline in sales in our Harmony remote products, partially offset an by increase in sales of our home security products. wasprimarily due to declinea in sales ofWONDERBOOM, our BOOM 2, and MEGABLAST, partially offset sales by from the introduction of our WONDERBOOM 2 in the first quarter of fiscal year 2020 BOOM 3. Audio was primarily driven by declines in sales of our existing Ultimate Ears speakers. The decrease was partially offset salesby from the introductions of our Ultimate EarsMEGABOOM 3 and BOOM 3 mobile speakers the second in quarter offiscal 2019. year audio wearables and studio was primarily driven by declines in sales of our PC Speakers and Jaybird traditional wireless products, partially offset the by growth salesin of our Blue Microphones products, as a result of our Smart Home second quarter of fiscal year 2019, and Jaybird True wireless products. increase products as a result of our business combination (see Note 3 to the consolidated financial statements), partially offset by a decrease in sales of our PC speakers and Jaybird wireless- in S % % % % % %

)% ) )

—

5.6 3.8 0.3 (0.2 17.0 26.5 (116 8,930 2018 (4,908 96,353 435,489 143,760 679,508

$ $ 31,

, duewas to

fiscal year 2018. fiscal year 2019. based variable % % % % % % %

— — related costs due to 2019 2018, duewas to 5.8 3.5 0.5 0.4 -

27.8 17.5 2019 98,732 14,290 11,302 488,263 773,817 161,230

$ $

Years Ended March Years % % % % % % %

— 6.0 3.2 0.6 0.8 related costs due to increased 144 28.4 17.9 - 94,015 17,563 23,247 2020 533,324 177,593 845,886 party costsincluding advertising and

$ $

party costs. 2020, compared to fiscal year 2019, compared to fiscal year

16

related costs -

and general and administrative expenses.

fiscal year 2019, marketing and selling expenses increased $52.8 million, compared to fiscal year 2020, marketing and selling expenses increased $45.1 million, compared to

Operating expenses for fiscal 2020,years 2019 and 2018 were as follows(Dollars thousands):in tization of intangible assets from the business acquisitions, and a credit from the change in fair value of Research and development expenses consist of personnel and related overhead costs for contractors and During Marketing and selling expenses consist of personnel and related overhead costs, corporate and product During The increase in total operating expenses during fiscal year The increase in total operating expenses during fiscal year % of sales % of sales % of sales Total operating expenses % of sales % of sales % of sales % of sales Restructuring charges (credits), net Amortization of intangible assets and acquisition Change fairin value of contingent consideration for business acquisition Marketing and selling Research and development General and administrative

increased headcount, partly due to the Blue Microphones Acquisition and increased performance- compensation. Research and Development outside consultants, supplies and materials, equipment depreciation and facilities costs, all associated with the design and development of new products and enhancements of existing products. headcount, partially resulting from the Blue Microphones and Streamlabs acquisitions and increased performance- based variable compensation and an increase of $7.2 million in third- Theincrease primarily was by driven an increase of$25.4million third in - marketing expenses to support our new products and an increase of $23.9 million in personnel Theincrease primarily was by driven an increase of$36.6million personnel in marketing, promotions, advertising, trade shows, technical support for customer experiences and facilities costs. increases in marketing and selling expenses, research and development expenses, fair value of contingent consideration recorded, and amortization of intangible assets from the business acquisitions, offset decreases by in restructuring charges and Selling Marketing increases in marketing and selling expenses, research and development expenses, restructuring charges, amor contingent consideration recorded in fiscal year 2018 for a business acquisition completed fiscalin year 2017. Operating Expenses Operating costs incurred due to the transition of the distribution center Northin America the in third quarter of fiscal year 2018 negatively affected the grossmargin in fiscal year 2018.

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

7,518 1,412 8,930 2018

fiscal year fiscal year

fiscal year fiscal year $ $ 31,

net sales since

’ aybird products 1,696 12,594 14,290 2019

$ $

related costs due to

- Years Ended March Years related costs, partially offset by -

related costs and an increase of related costs for the development 1,490 - -

16,073 17,563 related costs during fiscal years 2020

$ $

related costs fromfiscal 2019year to 2020 out period.

related costs include legal expense, due diligence costs, 17

resulting from the Blue Microphones Acquisition, and an

out rightsand payments in exchange for $5.0 million in cash. Related Costs Related - out period, primarily driven by supply constraints, an evolving product

the ASTRO Acquisition fiscalin year 2018.

party costs.

expected sales of Jaybird products, and revised projected sales of J

2019, research and development expenses increased $17.5 million, compared to 2020, research and development expenses increased $16.4 million, compared to

than- r -

party costs including consulting costs, partially offset a decrease by of $1.9 million in party costs. party l l year 2020, general and administrative expenses decreased $4.7 million, compared to fisca fiscal year 2019, general and administrative expenses increased $2.4 million, compared to related costs and 2018 were as follows (in thousands):

In October 2017, Logitech and the sellers of Jaybird entered into an agreement fully, irrevocably and During

General and administrative expenses consist primarily of personnel and related overhead, information During Amortization of intangibles included operatingin expense and acquisition- The change fairin value of contingent consideration resulted from the growth in Streamlabs The change fairin value of contingent consideration for business acquisition during fiscal year 2018 was During fiscal yea The increase in amortization of intangible assets and acquisition- Amortization of intangible assets consists of amortization of acquired intangible assets, including customer During fiscal year Amortization of intangible assets Acquisition- Total

technology, and facilities costsfor the infrastructure functions such as finance, information systems, executives, human resources and legal. General and Administrative 2019. The decrease was primarily driven by a decrease of $8.8 million in personnel 2018. The increaseprimarily was dueto an increase ofmillionpersonnel$2.8 in $1.4 million in third- Acquisition and Intangibles of Amortization 2020, 2019 infrastructure costs. Change in Fair Value of Contingent Consideration for Business Acquisition for Business Consideration Contingent of Fair in Value Change our acquisition and revised projected net sales in the remaining earn - unconditionally releasing Logitech from the earn- primarily due to lower portfolio and changes thein competitive target market. during the remaining Jaybird Acquisition earn- 2018. The increase primarilywas due to an increase of $9.6 million personnelin of new products and increased headcount, partially increase of $5.8million in third- an increase of $2.4 million in infrastructure costs. was primarily driven by the intangible assets acquired through the Blue Microphones acquisition thein second quarter of fiscal year 2019 and the Streamlabs Acquisition in the third quarterof fiscal year 2020. The increase in amortization of intangible assets fromfiscal 2018year to 2019 was primarily due to the Blue Microphones Acquisition fiscalin year 2019 and relationships and trademarks and trade names. Acquisition- and other professional costs incurred for business acquisitions.

2019. The increase s wereprimarily drivenby an increase of$11.1million personnel in increased headcount, partially resulting from the Blue Microphones and Streamlabs acquisitions and an increase of $5.3 million in third-

) )

) ) ) ) 669 121

— 4,969 1,386 (4,613 (2,437 735 144 681 (116 (619 2018 2018 4,389

(6,913 (3,852 11,302

$ $ $

31,

31,

Total

) ) 31, 2020. The 816 664

(436 $ $ 8,375 1,692

(3,608

2019 2019 — — — — — — — — — —

$ $ $ tax charges of approximately

) ) Years Ended March Years Years Ended March Years Costs 941

Continuing Operations Continuing (909 (831

- 9,619 Lease Exit 39,011 38,212 2020 2020

$ $

) ) ) )

term growth opportunities. InJuly 2018, the

30, 2019, the Company had substantially $ $ $ —

144 735 681

(116 (619 4,389 (6,913 (3,852 11,302 Restructuring Restructuring Benefits Termination 18

$ $

related activities during fiscal years 2020, 2019 and 2018 from yield earned on those investments.

higher

related activities for the year ended March 31, 2018 include activities from our restructuring

Interest income forfiscal years 2020, 2019 and 2018 was as follows (in thousands): Other income andexpense for fiscal 2020,years 2019 and 2018 was as follows (in thousands): The restructuring- We invest highlyin liquid instruments with an original maturity of three months or less at the date of purchase, During the first quarter of fiscal year 2019, we implemented a restructuring plan to streamline and realign our Cash payments Charges, net Cash payments Credits, net Cash payments Charges, net

Interest Income Total Investment income (loss) related to the deferred compensation plan Currency exchange loss, net Gain on investment,net Other

Accrual balance at March 31, 2019 Accrual balance at March 31, 2020 Accrual balance at March 31, 2017 Accrual balance at March 31, 2018

$10.0 million to $15.0 million, of which 11.4 million has been recognized cumulatively as of March total charges consistedof cash severance and other personnel costs and are presented as restructuring charges (credits), net thein Consolidated Statements of Operations. As of June completed this restructuring plan. implementedplan fiscal in year 2016. Interest Income which are classified as cash equivalents. The increases interest in income for fiscal 2020years and 2019 compared to the prior periods were both due to overall organizational structure and reallocate resources to support long- Board of Directors approved additional costs under this restructuring plan, totaling pre- Other Income (Expense), Net continuing operations (in thousands): (Credits) Charges Restructuring The following table summarizes restructuring-

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

%

up - 10.2 2018 23,723

$

31,

07 effective April %

5.0 SL Topco, LP 2019 13,560

up of goodwill to be

$

Years Ended March Years

)% )

component for the years ended (38.7

2020 (125,397

$

method investments during the periods - based payments, net of shortfalls of $6.4 million and y 11.8%,y with a face value of $33.9 million and fair above as a result of adopting ASU 2017-

19 ” up amounted to $1.5 million. The aggregate deferred income - Other

sale securities and equity

based payments, net of shortfalls, in fiscal 2019years and 2018, - for deferred tax effectsat 21%. Furthermore, recognized we $10.1 million and $13.4

month amortization of the tax step

Gain on investments, net, represents therealized gain on sales of investment, and unrealized gain (loss) from Investment income (loss)related to the deferred compensation plan for fiscal years 2020, 2019 and 2018 Currency exchange loss, net relates tobalances denominated in currencies other than the functional currency The components of net periodic benefit cost other than the service cost The provision for (benefit from) income taxes and the effective income tax rate for fiscal 2020,years 2019 and The change in the effective income tax rate between fiscal years 2019 and 2018 was primarily due to the mix The change in the effective income tax rate between fiscal years 2020 and 2019 was primarily due to the mix In addition, we recognized excess tax benefits fromshare - ations not were revised. Provision for (benefit from)income taxes Effective income tax rate

of income and losses the in various tax jurisdictions in which we operate and provisional income tax accounting impact from the enactment of H.R.1, also known as the "Tax Cuts and Jobs Act" (the Tax Act) the in United States on December 22, 2017. The Tax Act reduced the corporate income tax rate thein United States from 35% to 21%. We recorded a provisional income tax charge of $21.7 million, net of valuation allowance against tax credits, in fiscal year 2018 to remeasure the million of excess tax benefits fromshare - respectively. In the same periods, there were tax benefits of $2.9 million and $8.3 million, respectively, from the reversal of uncertain tax positions from the expirationof statutes of limitations. amortized over ten years beginning on January 1, 2020 as a transition measure. We recorded an income tax benefit of $151.7 million, net of unrecognized tax benefits to account for the book and tax basis difference of the step of income and losses the in various tax jurisdictions in which we operate andthe income tax accounting impact from the enactment of TRAF the in canton of Vaudin Switzerland on March 10, 2020 to take effect as of January 1, 2020.We benefited have from a longstanding tax ruling from the canton of Vaud through December 31, 2019.We reached an agreement with the Vaud Tax Administration that would allow for a tax step- tax impact fiscal in year 2020 as a result of the enactment ofTRAF was $153.2 million. upon enactment. The deferred income tax benefit from other temporary differences resulting from the Swiss tax reform, net of three- $10.1 million thein United States and recognized income tax benefit from the reversal of uncertain tax positions from the expiration of statutes of limitations in the amount of $4.0 million and $2.9 million in fiscal years 2020 and 2019, respectively. March 31, 2020 and 2019 are included in the line “ the fair value change on the available- represents earnings, gains, and losses on trading investments related to a deferred compensation plan offered by one of our subsidiaries. ourin subsidiaries, as well as to the sale of currencies, and to gains or losses recognized on currency exchange forward contracts.We do not speculate in currency positions, but we are alert to opportunities to maximize currency exchange gains and minimize currency exchange losses. presented. On March 2, 2020, we sold our $5.5 million investment in a privately held company for a total proceeds of $45.3 million consisting of(i) $3.0 million in cash, of which $0.8 million is held in escrow, (ii) a 6% subordinated note with a principal amount of $8.4 million duein 5 years together with the interest, at a fair value of $7.4 million, and (iii) 33.9 million Series preferred A units and 33.9 million Series common B units in Marlin- ("Marlin"),representing an ownership interest ofapproximatel value of $35.0million, respectively. As a result, we recognized a gain of $39.8 million in the fourth quarter of fiscal year 2020. 2018 were as follows (Dollars thousands): in Provision for (Benefit from) Income Taxes Income from) (Benefit for Provision 1, 2018. The impact to the comparative period was immaterial and therefore the prior period statements of oper

33 70 5.9

illion 31, 31, 2018 293,988 259,906 214,885 days 22 days

$ $ $

current income

55 65 5.3 end and sales for

- 31,

term time deposits, of - 2019 383,309 283,922 293,495 31, 2020 and 2019, we end and cost of goods March -

$ $ $

days as of March 31, 2019,

55 50 54 7.5

2020 394,743 259,120 229,249

$ $ $

compared with working capital of $632.6 m

days, as compared to and $36.4 million,respectively, in non -

20 50

(2)

been recognized,significantlyor be inhibitedbycountry any in days to days

(1) 5

days, mainly as result a of changes in the balance sheet presentation of

18

, the total amounts of unrecognized tax benefits due to uncertain tax positions arter.

33 days as of March 31, 2018. The adoption of Topic 606 negatively impacted our DSO (3)

31, 2020, our working capital was $700.3 million, 31, 2020, we had cash and cash equivalents of $715.6 million, compared with $604.5 million as of 31,2020 and 2019, had$40.8million we 31,2020 and 2019 ies and higher accrued and other liabilities.

DSO is determined using ending accounts receivable, net as of the most recent quarter the most recent quarter. DPO is determined using ending accounts payable as of the most recent quarter ITO is determined using ending inventories and the annualized cost of goods sold (based on cost of goods sold for the most recent quarter). sold for the most recent qu year ended March 31, 2019 by ly duely to timing of customer payments and sales linearity. DSO as of March 31, 2019 increased by

days, as compared to As of March We had several uncommitted, unsecured bank lines of credit aggregating to $81.4 million as of March As of March The following table presents selected financial information and statistics as of March 31, 2020, 2019 and 2018 As of March Wefile Swiss and foreign tax returns.We received final tax assessments Switzerland in through fiscal year As of March DSO as ofMarchasDSO 31, 2020 decreased by

(1) (2) (3) 55

Daysaccounts payable outstanding (DPO) (Days) Inventory turnover (ITO)(x) Accounts receivable, net payable Accounts Inventories Dayssales in accounts receivable (DSO)(Days) as of March 31, 2019. The increase in working capital over fiscal year 2019 was primarily due to higher balances of cash and cash equivalents, higher accounts receivable, net, and lower balance of accounts payable, partially offset inventor lower by were $140.8 million and $76.5 million, respectively, all of which would affect the effective income tax rates if recognized. taxes payable, includinginterest and penalties, related to our income tax liability for uncertain tax positions. We recognized $2.0 million, $0.6 millionand $0.6 million in interest and penalties related to unrecognized tax positions in income tax expense during fiscal 2020,years 2019 and 2018, respectively. As of March had $4.5 million and $2.5 million, respectively, of accrued interest and penaltiesrelated to uncertain tax positions. Resources Capital and Liquidity Cash Balances, Available Borrowings, and Capital Resources March 31, 2019. Our cash and cash equivalents consist of bank demand deposits and short which 75% is held in Switzerland and 11% is held Chinain (including Hong WeKong). do not expect to incur any material adverse tax impact, except for what has which we do business from the repatriation of funds to Switzerland, our home domicile. 2017. For other foreign jurisdictions such as the United States, we are generally not subject to tax examinations for years prior to fiscal year 2017.We are under examination and have received assessment notices in foreign tax jurisdictions. If the examinations are resolved unfavorably, there is a possibility that they may have a material negative impact on our results of operations. 2020. There are no financial covenants under these lines of credit with which we must comply. As of March 2020, we had outstanding bank guarantees of $20.7 million under these lines of credit. ______

(Dollars thousands): in primari to for the

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

the

31, 2019 basedcompensation expense, The decrease in accounts payable

2019, primarily due to less inventory

19 impact. ITO as of March 2020 were primarily for tooling and -

19impact and an increasecost in of 31, - 31, 2019, primarily due to higher sales growth and

2019 decreased five days, compared to

31,

21 Business Acquisitions" to the consolidated financial statements). Our

31, 2018, due to higher inventory related to new product introductions and inventory of repurchases of our registered shares and $24.3 million of tax withholdings related cash expenses of depreciation, amortization, share- primarily for tooling and equipment, computer hardware and software and leasehold 2020 decreased 11 days,compared to March

31, 31, 2020 was higher compared to March were

and 2018 2018, primarily due to the timing of purchases.

2019

Net cash used in financing activities $176.7was million, primarily due to $124.2 million of cash dividends paid During fiscal year 2020, we generated $425.0 million in cash from operating activities. Our main sources of Net cash used in investing activities $130.2was million,primarily due to $91.6 million of the purchase price ITO as of March If we are not successful in launching and phasing in our new products launched during the current fiscal year, DPO as of March Our expenditures for property, plant and equipment during fiscal year Our payments for acquisitions, net of cash acquired, during fiscal year 2020 were primarily for the Streamlabs The purchases and sales of trading investments during fiscal years2020, 2019 and 2018 represent mutual et of cash acquired) for business acquisitions and $39.5 million of purchases of property, plant, and equipment. lower replenishment the in fourth quarter of fiscal year 2020 due to COVID was lower compared to March from the Blue Microphones Acquisition. or we are not able to sell the new products at the prices planned, it could have a material impact on our revenue, gross profit margin, operating results including operating cash flow, and inventory turnover thein future. replenishment during the fourth quarter of fiscal year 2020 due to COVID March 31, during the year, $50.4 million to net share settlements of restricted stock units, partially offset $22.2 by million in proceeds received from the sale of shares upon exercise of stock options and purchase rights. Acquisition. Our payments for acquisitions, net of cash acquired, during fiscal year 2019 were primarily forthe Blue Microphones Acquisition (refer to "Note 3 - certain reserve balances previously shown net within accounts receivable which are now presented as accrued and other current liabilities. The adoption of Topic 606 did not have an impact over the total cash flows from operating, investing or financing activities. Timing of sales also increased DSOby four days as of March 31, 2019 relative to the corresponding prior year period. was primarily driven by the timing of purchases and inventory supply constraint thein fourth quarter of fiscal year 2020. The decrease in inventories was primarily driven sales by growth and less inventory purchases during equipment, and computer hardware and software. Our expenditures for property, plant and equipment during fiscal years improvements. Our expenditures for property, plant and equipment increased during fiscal year 2020, compared to fiscal year 2019, primarily due to higher computer and software and leasehold improvements. Our expenditures for property, plant and equipment decreased during fiscal year 2019, compared to fiscal year 2018, primarily due to a lower amount of tooling purchases. payments for acquisitions, net of cash acquired, during fiscal year 2018, were primarily for the ASTRO Acquisition. fund activity directed by participants in a deferred compensation plan offered one by of our subsidiaries. The mutual funds are held by a Rabbi Trust. operating cash flows were from net income, after deducting the gain on sale of investment a privately in held company, adding back- non (n goods sold due to higher sales growth. DPO as of March change in fair value of contingent considerations, and fromchanges in operating assets and liabilities. The increase accountsin receivable, net was primarily driven by growth and timing of sales. fourth quarter of fiscal year 2020. The increase in accrued and other liabilities was primarily due to higher accrued personnel expenses.

*

— —

years 2,861 2,861

>5

$ $ 19 cannot months.

-

*

— — purchases may

2,507 2,507 years 31, 2020 (in 3-5 3-5

$ $

*

— — years 15,298 15,298 1-3 1-3

Payments Due by Period Due by Payments $ $

1 trading plans) from time to time,

year 5,760

11,701 15,064

329,064 296,539 <1

31,2020).In fiscal 2020,paid year we a cash $ $

March 31, 2020, the remaining amount that may be

31, 31,

5,760

32,367 15,064 22 2020 349,730 296,539 March

$ $

cient operating cash flows to support our operations and future planned cash

to purchase our own shares. As of Board of Directors recommended that we pay cash dividends for fiscal year 2020 of CHF

Our principal sources of liquidity are our cash and cash equivalents, cash flow generated from operations and, Total Inventory purchase commitments Capital purchase commitments Expected contribution to employee benefit plans Operating leases obligations

For over ten years, we have generated positive cash flows from our operating activities, including cash from In May 2020, the The following table summarizes our contractual obligations and commitments as of March Our other contractual obligations and commitments that require cash are described in the following sections. In May 2020, our Board of Directors approved a new share buyback program, which authorizes us to invest up During fiscal year 2020, there was a $7.1 million lossfrom effect of currency exchange rate changes on cash In March 2017, our Board of Directors approved the 2017 share buyback program, which authorized us to share buyback program provides us with the opportunity to make opportunistic repurchases during periods of

and cash equivalents, comparedto a loss of $10.1million from effect of currency exchange rate changes during fiscal year 2019, and a $4.7 million gain of currency translation exchange rate effect during fiscal year 2018. The loss from effect of currency rate changes during fiscal year 2020 were primarily due to the weakening of the Euro, Brazilian real and Australian dollar versus theU.S. Dollar by 3%, 25%, and 14%, respectively. The loss fromthe effect of currency exchange rate changes during fiscal year 2019 were primarily due to the weakening of Euro and Chinese Renminbi versus the U.S. Dollar by 9% and 7%, respectively. Outlook Cash to a much lesser extent, capital markets and borrowings. Our future working capital requirements and capital expenditures may increase to support investments product in innovations and growth opportunities or to acquire or invest in complementary businesses, products, services, technologies. and The future impact of COVID be started or stopped at any time without prior notice depending on market conditions and other factors. repurchased under the program is $137.4 million. This program expired at the end of April 2020, and there was no share buyback subsequent to March 31, 2020. requirements, our operations could be harmed and our access to credit facilities could be restricted or eliminated. However, we believe that the trend of our historical cash flow generation, our projections of future operations and our available cash balances will provide sufficient liquidity to fundour operations for at least the next 12 invest up to $250.0 million operations of $425.0 million, $305.2 million and $346.3 million during fiscal years 2020, 2019, and 2018, respectively.If do not generate we suffi 134.0 million ($138.7 million based on the exchange rate on March favorable market conditions and is expected to remain in effect for a period of three years. Shares may be repurchased from time to time on the open market, through block trades or otherwise. Opportunistic be predicted withcertainty and may increase our costs of capitaland otherwise adversely affect our business, results of operations, financial conditions and liquidity. dividend of CHF 121.8 million (U.S. Dollar amount of $124.2 million) out of fiscal year 2019 retained earnings. In fiscal year 2019, we paid a cash dividend of CHF 110.7 million (U.S. Dollar amount of $114.0 million) out of fiscal year 2018 retained earnings. In fiscal year 2018, we paid a cash dividend of CHF 100.0 million (U.S. Dollar amount of $104.2 million) out of fiscal year 2017 retained earnings. thousands): Contractual Obligations and Commitments Obligations Contractual to $250.0 million to purchase our own shares, following the expiration date of the 2017 share buyback program. Although we enter into trading plans for systematic repurchases (e.g. 10b5- our

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020 8,

rent or ties varies, employment benefit plans beyond plans beyond benefit -employment

cancelable operating leases expire in various

that have, or are reasonably likely to have, a cur

23 current income taxes payable, including interest and plans, see Note 5 to the Consolidated Financial Statements in Item Statements Financial Consolidated the 5 to Note see plans,

arrangements and unhedged inventory purchase commitments excess in of

cancelable purchase commitments of $296.5 million forinventory

Leases" to the consolidated financial statements included thisin report for more

cancelable, employment benefit employment - balance sheet -

off

and information currently available, that it is probable that material any amounts will be 31, 2020, we had $40.8 million in non-

ntribution requirements, as established by local government, funding and taxing authorities. Expected Expected authorities. taxing and funding government, local by established as requirements, ntribution As of March 31, 2020, we havenon - As of March We lease facilities under operating leases, certain of which require us to pay property taxes, insurance and We do not have any We indemnify certain of our suppliers and customers for losses arising frommatters such as intellectual We also indemnify our current and former directors and certain of our current and former officers. costs Certain Balance Sheet Arrangements to be made to our defined benefit plans for the next year only. We fund our pension plans so that we meet at least the the least at meet we that so plans pension We our fund only. year next the for plans benefit defined our to made be to co minimum non-retirementand plans pension post benefit defined our to payments and contributions may that factors numerous on dependent are they because table obligations contractual the from excluded are one year pension benefit defined our on information more For estimate. to impractical are thus and outcomes of range a wide in result post -retirement non and plans which is incorporated herein by reference. by herein incorporated is which March 31, 2020, the liability for these purchase commitments $9.6 was million and is recorded in accrued and

* Expected contribution to employee benefit plans: Commitments under the retirement plans relate to expected contributions contributions expected to relate plans retirement the under Commitments plans: benefit employee to contribution Expected * Purchase Commitments purchases made the in normal course of business from original design manufacturers, contract manufacturers and other suppliers, the majority of which are expected to be fulfilled during the first two quarters of fiscal year 2021.We recorded a liability for firm,non- penalties, related to our income tax liability for uncertain tax positions. thisAt time, we are unable to make a reasonably reliable estimate of the timing of payments in individual years in connection with these tax liabilities; therefore, such amounts are not included thein contractual obligation tableabove. Indemnifications but somein instances includes indemnification for damages and expenses, including reasonable attorneys' fees. As of March 31, 2020, no amounts have been accrued for indemnification provisions.We do not believe, based on historical experience Off- property disputes and product safety defects, subject to certain restrictions. The scope of these indemni required to be paid under our indemnification arrangements. incurred for providing such indemnification may be recoverable under various insurance policies.We are unable to reasonably estimate the maximum amount that could be payable under these arrangements because these exposures are not capped, the obligations are conditional in nature, and the facts and circumstances involved in situationany that might arise are variable. future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors. anticipated demand or net realizable value consistent with our valuation of excess and obsolete inventory. As of other current liabilities and is not included in the preceding Wetable. firm have purchase commitments of$15.1 million for capital expenditures, primarily related to commitments for tooling, computer hardware and leasehold improvements.We expect to continue making capital expenditures thein future to support product development activities and ongoing and expanded operations. Although open purchase commitments are considered enforceable and legally binding, the terms generally allow us the option to reschedule and adjust our requirements based on business needs prior to delivery of goods. years through 2031. See "Note 17 - information on leases. Income Taxes Payable Obligation Leases Operating maintenance costs. Operating leases for facilities are generally renewable at our option and usually include escalation clauses linked to inflation. The remaining terms of our non-

24 ADDITIONAL FINANCIAL DISCLOSURES FINANCIAL ADDITIONAL

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

820,347 628,192 2018 1,118,324 2,566,863

$ $

classteam of

861,731 736,375 2019 1,190,216 2,788,322 traditional retail channels

$ $

existing products in existing Year EndedMarch31, Year

286 design awards during the past

marketnetwork that can be -

to 941,211 748,113 2020 1,286,527 2,975,851

s lives, connecting them to the digital experiences $ $

25 platforming of our websites to support the global expansion platforms to improve our understanding ofmarketing investments

ADDITIONAL FINANCIAL DISCLOSURES

plus years, Logitech has built an extensive global- go

ur designshave an everyday placepeoplein ’

selling opportunities across our broad product portfolio.We have established Logitech as a neutral and enthusiastic reviews in the media. This is an important indication that Logitech’s strategic aim -

Market

-

To ncipal Markets -

Revenues from sales to customers Switzerland, in our home domicile, represented 4%, 3% and 2% of our In thepast few years, Logitech has strengthened its design capabilities by building a world- Over thepast 30- As Logitech expands into multiple categories with multiple brands, we are focusing on enhancing our Sales by geographic region for fiscal 2020,years 2019 and 2018 (based on the customers' location) are as Pri Marketing Go Design

Total Sales EMEA Asia Pacific Americas MARKETING, SALES AND DISTRIBUTIONMARKETING,AND SALES

sales in fiscal years 2020, 2019 and 2018, respectively. In fiscal years 2020, 2019 and 2018, revenues fromsales to customers the United in States represented 36%, 36% and 37% of our sales, respectively. In fiscal years 2020, 2019 and 2018, revenues from sales to customers Germany in represented 15%, 18% and 16% of our sales, to become a design company is working. During fiscal year 2020, we won 54 design awards spanning all of our product categories. As Logitech establishes itselfas a design company, design thinking and culture are used as a strategic and cultural differentiator. Design also helps to reduce product costs through increased collaboration between our design, engineering and manufacturing teams. Ourkey design centers are in Switzerland, Ireland, the United States, and Taiwan. they care about. These products have been earning prestigious design awards - - years fiscal six internal designers. O technology supplier that can work with leading technology vendors and platformsas well as provide connections among their products and ecosystems. leveraged as we introduce new products, enter new market categories and optimize the value of our existing products and product categories.We multiple have opportunities to drive growth - and are building our direct sales force to sell our products. As continuewe to expand into new channels, there are numerous cross marketing capabilities around brand strategy and execution, digital marketing, and marketing technology. Most of the marketing and creative efforts that were once outsourced to outside marketing agencies are now executed through our internal teamsfrom concept to execution, which improves speed and cost efficiency.We are increasing our leverage of digital media channels and programs to drive consumer brand engagement and purchase. We are also increasing our focus on marketing analytics retailers, new products in existing retailers, existing products in new retailers, and new products newin retailers. Beyond traditional retail and distribution channels, we have also cultivated various non- Sales and Distribution and Sales and to maximize return on investment (ROI). And we are making investments to upgrade and expand all aspects of our marketing technology infrastructure, including the re- of our brands across countries, languages and devices and to provide the foundation for the acceleration of our digital marketing efforts and evolution to personalized consumer communication. follows (in thousands): l providing

PLC. Logitech business direct - to -

Inc. and its affiliated entities

We support these channels

transit new inventory ourif in we, transit new inventory ourif in we, tailers. negotiated percentage of sales through

hand or in- hand or in- year automatic renewals. territory and contain no minimum purchase

European distributors include Ingram Micro, Tech Data, 26 and its affiliated entities together accounted for 12%, 13%

tailers, such as Amazon.com, JD.com and the websites of our B.V. in the Netherlands and others. In Asia, major distributors

or- Pan

Saturn Group), Elkjop, FNAC, and Dixons Stores Group party distribution centers located in North America, South America, Europe and days notice. exclusive in the particular Asian distributor, i.e. Ingram Micro. Our distributor customers typically resel days written notice from either party, with several Ingram Micro agreements

added resellers, systems integrators and other distributors with whom Logitech does not traditional retail channels such as telcos. In addition, Logitech products can be purchased

ca), EMEA (Europe, Middle East, Africa) and Asia Pacific (China, Japan, Australia, Taiwan, India and

nt shelf space. In the U.S., these chains include BestWalmart, Buy, Staples, Office Depot and Target. In The agreements are non- for termination on 60 to 90 transactions and additional rebates related to sales of specific products to end users. These terms by vary agreement. Agreements allow price protection credits to be issued for on- sole discretion, lower the price of the product. We generally offer an allowance for marketing activities equal to a requirements. Each agreement may be terminated for convenience at any time either by party. Most agreements provide for termination on 30 Each agreement has a one year termfollowed by one- We generally offer an allowance for marketing activities equal to a negotiated percentage of sales and volume rebates related to purchase volumes or sales of specific products to specified retailers. These terms vary by agreement. We grant limited stock rotation return rights certainin territories. Agreements allow price protection credits to be issued for on- sole discretion, lower the price of the product.

We sell our productsprimarily to a network of distributors, retailers and e- Our sales and marketing activities are organized into three geographic regions: the Americas (North and Logitech's products can be purchased mostin major retail chains, where we typically have access to Major distributors North in America include Ingram Micro Inc., Tech Data Corporation, D&H Distributing Thematerial terms of our distribution agreements with Ingram Micro and its affiliated entities are summarized In fiscal years 2020, 2019 and 2018, Ingram Micro Thematerial terms of our reseller agreements with Amazon and its affiliated entities are summarized as Sales and Distribution and Sales unted for more than 10% of our gross sales during fiscal years 2020, 2019 or 2018. • • • • • • • • respectively. Revenues fromsales to customers China in represented 10% of our sales for fiscal year 2019. No other country represented more than 10% of our sales for fiscal 2020,years 2019 or 2018. with our direct sales force and third- South Ameri other countries). have a direct relationship. products to retailers, value- significa Europe, chains include Metro Group (Media- also sells products to non- online either directly fromLogitech.com or through e- major retail chains noted previously, and others. Logitech products are also carried by business Asia Pacific. Company,and Synnex Corporation. In Europe,maj as follows: ALSO Group and DCC WePLC. also sell to many regional distributors such as ASBISC Enterprises PLC, Littlebit Technology Partners AG in Switzerland, Copaco Dc Wincheersinclude International Trading Co., China, Ltd in Beijing DigitalChina Limited China, Daiwaboin Japan, in Synnex in Australia and the- Pan market resellers such as CDW Corp, Insight Enterprise, Inc., Zones, LLC, PC Connection, Inc., and SHI International Corp. and 15% of our gross sales, respectively. In fiscal years 2020, 2019 and 2018, Amazon together accounted for 14%, 14% and 13% of our gross sales, respectively. No other customer individually acco follows:

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

e 250,000 0.67 per

Approved Amounts Approved 53.00 ($54.55

$

0.73 per share ($0.74

(1)

17,311 20% of the gross dividend may

30% of the gross dividend may be

Approved Shares 31, 2020). On September 4, 2019, Logitech's 27 million in U.S. Dollars on September 21, 2018.

ere 173,106,620 shares issued (including 5,289,052 shares held kind distributions made Logitech by to a holder of Logitech shares

18,2020, there w

in in Swiss francs and on the Nasdaq Global Select Market, where the share price is denominated in

capital if is it available under the current Swiss tax regime, are subject to a Swiss federal anticipatory tax at - al Tax Administration. Through our operating subsidiaries, we maintain marketing and channel support offices approximately in 40 Logitech's shares are listed and traded on both the SIX Swiss Exchange, where the share price is

A SwissA resident holder and beneficial owner of Logitech shares may qualify for a full refund of the Swiss Under Swiss law, a corporation may only pay dividendsupon a vote of its shareholders. This vote typically Dividends paid and similar cash or- in In accordance with the tax convention between the United States and the Swiss Confederation (Treaty), a In fiscal year 2020, the following approved share buyback program in was place (in thousands): in Share Buyback ProgramShare Buyback March 2017

countries. based on exchange rates on such date) per share on the SIXSwiss Exchange and $54.64 per share as reported by the Nasdaq Global Select Market. Dividends U.S. Dollars. The trading symbol forLogitech shares is LOGN on the SIX Swiss Exchange and LOGI on the Nasdaq Global Select Market. As of May denominated MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUERAND STOCKHOLDER MATTERS RELATED MARKET FOR REGISTRANT'SCOMMON EQUITY, PURCHASES OF EQUITY SECURITIES as treasury stock)by held 17,146 holders of record, and the closing price of our shares was CHF a rate of 35%. The anticipatory tax must be withheld by Logitech from the gross distribution and paid to the Swiss Feder (including dividends or liquidation proceeds and stockdividends), other than distributions of qualifying additional paid- anticipatory tax withheld fromsuch dividends. holderA and beneficial owner of Logitech shares who is a non- resident of Switzerland, but a resident of a country that maintains a double tax treaty with Switzerland, may qualify for a full or partial refund of the Swiss anticipatory tax withheld fromsuch dividends by virtue of the provisions of the applicable treatybetween Switzerland and the country of residence of the holder and beneficial owner of the Logitech shares. follows the recommendation of the corporation's Board of Directors. In May 2020, the Board of Directors recommended that the Company increase the cash dividend for fiscal year 2020 by approximately 10% to CHF 134.0 million ($138.7 million based on the exchange rate on March shareholders approved a cash dividend payment of CHF 121.8million out of retained earnings to Logitech's shareholders who owed shares on September 19, 2019.Eligible shareholders were paid CHF share ($0.69 per share in U.S. Dollars), totaling $114.0 per share U.S.in Dollars), totaling $124.2 million U.S.in Dollars on September 20, 2019. On September 5, 2018, Logitech's shareholders approved a cash dividend payment of CHF 110.7 million out of retained earnings to Logitech shareholders who owned shares on September 18, 2018. Eligible shareholders were paid CHF mechanism is provided whereby a U.S. resident (as determined under the Treaty), and U.S. corporations, other than U.S. corporations having a "permanent establishment" or a fixed base, as defined thein Treaty, in Switzerland, generally can obtain a refund of the Swiss anticipatory tax withheld from dividends respect in of Logitech shares, to the extent that 15% of the gross dividend is withheld as final withholding tax (i.e. generally be refunded). In specific cases, U.S. companies not having a "permanent establishment" or a fixed bas in in Switzerland owning at least 10% of Logitech registered shares may receive a refund of the Swiss anticipatory tax withheld from dividends to the extent exceedsit 5% of the gross dividend (i.e., Share Repurchases refunded). To get the benefit of a refund, holders mustbeneficially own Logitech shares at the time such dividend becomes due.

219,893 187,433 137,386 172,409 162,432 137,386 137,386 Program under the the under Program Remaining Remaining under the under May Yet Be Remaining Remaining Amount that that Amount May Yet Be Repurchased Amount thatAmount

Repurchased Repurchased $ $ $ $ $

— — — — — — —

USD(LOGI) USD (LOGI)

— Per Share 39.58

37.32 38.83 34.53 38.91 43.03 . CHF (LOGN) Weighted Average Price Paid Paid Price Average Weighted CHF (LOGN) Weighted Average Price Per Share Average Weighted

— 634 862 863 808 228

1,251

Shares 28 of Shares Repurchased Repurchased Total Number Number Total

18 of the Securities Exchange Act of 1934, as amended (the

31, 2018 31, 2020

The information contained in the Performance Graph shall not be deemed to be"soliciting material" or "filed" The following table presents certain information related to purchases made by Logitech of its equity securities The share 2017 buyback program expired in April 2020.

During Fiscal Year Ended DuringYear Fiscal Month 2 January 26, 2020 to February 21, 2020 Month 3 February 23, 2020 to March 31, 2020 During the three months ended March 31, 2020 31, March ended months three the During Month 1 December 28, 2019 to January 24, 2020 March March 31, 2019 March

under its publicly announced share buyback programs(in thousands, except per share amounts): Performance Graph with the SEC or subject to the liabilities of Section Exchange Act), except to the extent that we specifically incorporate byit reference into a document filed under the Securitiesof 1933,as Act amended (the Securities Act),the Exchangeor Act

(1) The approvalof our share buyback programs the by Swiss Takeover Board limits the number of shares that we may repurchase to no more than 10% of our authorized share capital and voting rights.

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

366 166 220

2020 31, 2015,

$ $ $

Composite 329 165 199 2019

$ $ $

303 149 172

2018

31,

$ $ $

March 258 124 135 2017

$ $ $

126 101 108 ment of of dividends. ment 2016

$ $ $

500 Information and Technology Index on March 29

100 100 100 2015

$ $ $

through March 31, 2020. The stock price performance on the following graph is not

500 Information and Technology Index. The graph assumes that $100 investedwas in our

500 Information and Technology Index The following graph compares the cumulative total stockholder return on our shares, the Nasdaq

S&P Logitech Nasdaq Composite Index Copyright© 2020 Standard & Poor's, a division of S&P Global. All rights reserved. rights All Global. S&P of division a Poor's, & Standard 2020 Copyright© ______

*$100 invested on March 31, 2015, in stock or index, including reinvest including index, or in stock 2015, 31, March on invested *$100 LOGI shares, the Nasdaq Composite Index and the S&P Index, and the S&P and calculates the annual return necessarily indicativeof future stock price performance.

) ) ) )

0.79 0.73 0.77 0.72 0.53

(0.06 (0.05 (4) (9,045 (59,975 519,195 759,948 129,058 128,362 119,317 185,195 2016 2016 1,324,147 2,018,100

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

)

— — — 1.24 0.57 1.27 1.27 1.24

from the canton of (99,679 288,389 547,533 856,111 211,860 205,876 205,876 2017 2017 1,498,677 2,221,427

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 31,

)

— — —

1.23 0.63 1.27 1.27 1.23

31,

346,261 641,947 229,733 208,542 208,542 2018 2018 (128,704 1,743,157 1,050,557 2,566,863 March

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

up of intangible assets, including goodwill )

Years ended March Years — — — 1.52 0.69 1.56 1.56 1.52

$151.7 million, net of unrecognized tax benefits to

up upon enactment. 305,181 604,516 263,194 257,573 257,573 2019 2019 (173,345 free step- 2,024,124 1,176,339 2,788,322 - (in amounts) thousands, per except for share

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

)

30 — — —

2.66 0.74 2.70 2.70 2.66

(1) 425,000 715,566 276,495 449,723 449,723 2020 (130,234 2020 2,363,474 1,489,268 2,975,851

$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

(1)

(3)

(2)

up of goodwill to be amortized over ten beginningyears on January 1, 2020 as a diluted: basic:

-

basic diluted

- -

On March 10, 2020, TRAF was enacted thein canton of Vaud in Switzerland to take effect as of January 1, 2020. TRAF specifies mandatory and voluntary provisions that are implemented through the modification of the cantonal tax law. Major mandatory federal tax provisions include abolishment of preferential cantonal tax regimes, introduction of patent box regime and tax created under a privileged tax regime.We have benefited from a longstanding tax ruling Vaud through December 31, 2019.We reached an agreement with the Vaud Tax Administration that would allow for a tax step- transition measure.We recorded an income tax benefit of On December 28, 2015, we divested our Lifesize video conferencing business and, as a result, we have reflected the Lifesize video conferencing business as discontinued operations ourin consolidated statements of operations data above for all periods noted. Historical cash flows from discontinued operations notwere material and are included in the cash flow data above. account for the book and tax basis difference of the step-

This financial data should be read in conjunction with Management's Discussion and Analysis of Financial (1) (2) Cash and cash equivalents cash and Cash assets Total equity shareholders' Total Cash dividend per share per dividend Cash Continuing operations Continuing operations Discontinued share per income Net Continuing operations Continuing operations Discontinued share per income Net data sheet balance Consolidated activities operating by provided cash Net activities investing in used cash Net Net Income (loss) per share share per (loss) Net Income Loss from discontinued operations discontinued from Loss income Net - share per (loss) income Net and operations of statement Consolidated data cash flow sales Net income Operating operations continuing from income Net

______

Selected Financial Data Condition and Results of Operations. These historical results expected are not be necessarilyto indicativeresults of the thein future.

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

The mix of our cost of

orecasted inventory f f 2019 is after consideration of and U.S. subsidiaries are translated into

31, 2020, approximately 50% of our term effects of currency fluctuations on -

March 31, 2020

31, 2020, the amount recorded in accumulated other gainst exchange rate exposure o 31 a March 31, 2020 and 2019, respectively. The change in the

March

rotect

within fourmonths. Gains and losses the in fair value of the effective

and 2019. s. 18. The impact notwas material. dge contracts to p denominated currenciesin other than the functional currencies of our subsidiaries.

31, 2020

2019, respectively. The adverse effect as of ed currenciesin other than the functional currencies at the balance sheet dates, it would have U.S. denominated currencies, with 26% of our sales denominated in Euro. and

lting from the translation of net assets or liabilities denominated in other currencies to the U.S. Dollar are The above consolidated cash and cash equivalents exclude Lifesize video conferencingbusiness.

The line item previously called "change in restricted cash" has been eliminated from the statements of cash flows and instead restricted cash has been included in the cash, cash equivalents restricted and cash line items to conform to the consolidated statements of cash flows for fiscal year 2019 fiscaland year 2020 due to the adoption of ASU 2016-

denominated U.S.in Dollar and less denominated in Euro and other currencies. strengthening A U.S. Dollar

We report our results U.S.in Dollars. Changes currencyin exchange rates compared to the U.S. Dollar can Market risk represents the potential for loss to due adverse changes in the fair value of financial instruments. We enter into cash flow he If the U.S. dollar had weakened by 10% as of We are exposed to currency exchange rate risk as we transact business in multiple currencies, including We enter into currency forward and swap contracts to reduce the short If an adverse 10% foreign currency exchange rate change had been applied to total monetary assets and (4) (3) inancial results. U.S. Dollars. The functional currency of our operations is primarily the U.S. Dollar. Certain operations use the Swiss Franc or the local currency of the country as their functional currencies. Accordingly, unrealized currency gains or resu losses accumulated in the cumulative translation adjustment component of other comprehensive income (loss) in shareholders' equity. exposure related to anticipated sales, anticipated purchases and assets and liabilities denominated in currencies other than the U.S. Dollar. We transact business in over 30 currencies worldwide, of which the most significant to operations are the Euro, Chinese Renminbi, Australian Dollar, Taiwanese Dollar, British Pound, Brazilian Real, Canadian Dollar, Japanese andYen Mexican Peso. For the year ended March sales were in non- goods sold and operating expenses by currency are significantly different from mix the of our sales, with a larger portion has a more unfavorable impact on our sales than the favorable impact on our operating expenses, resulting in an adverse impact on our operating result As a global concern, we face exposure to adverse movements currency in exchange rates and interest rates. These exposures may change over time as business practices evolve and could have a material adverse impact on our f Currency Exchange Rates have a material impact on our results when the financial statements of our non- DISCLOSURESABOUT AND QUALITATIVE MARKET RISK QUANTITATIVE Market Risk certain receivables or payables These forward contracts generally mature within one month. The gains or losses on these contracts are recognized earningsin based on the changes in fair value. resulted in an adverse effect on income before income taxes of approximately $11.8 million and $7.8 million as of March 31, 2020 the offsetting effect of approximately $5.2 million and $4.2 million, respectively, from open foreign exchange contracts in place as of March liabilities denominat purchases. These hedging contracts mature portion of the hedges are deferred as a component ofaccumulated other comprehensive loss until the hedged inventory purchases are sold, at which time the gains or losses are reclassified to cost of goods sold. comprehensive income (AOCI) related to our foreign exchange contracts before tax effect would have been approximately $4.8 million and $4.1 million lower as of fair value recorded in AOCI would be expected to offset a corresponding foreign currencychange in cost of goods sold when the hedgedinventory purchasesaresold.

—

493 0.25 0.25 3,305 3,913 1,540 2,666 3,265 Q4 42,110 23,557 42,227 45,386 42,121

165,776 168,956 388,028 232,975 119,628 190,748 624,308

(1)

$ $ $ $

) )

—

0.68 0.67 (278 1,482 9,309 4,699 3,539 Q3 (2,747 31, 2019 31, 40,591 24,496

200,598 123,384 122,119 165,707 168,907 535,707 323,982 132,250 112,810 864,388

$ $ $ $

—

119 0.39 0.38 1,858 3,389 6,203 2,966 4,317 Q2 65,132 70,379 39,542 25,206 64,176 190,985 165,630 169,234 432,063 256,117 121,801 691,146

$ $ $ $

) )

Year ended March Year —

0.23 0.23 2,369 2,372 2,521 9,921 Q1 (1,571 (5,217 32,451 33,249 38,987 25,473 38,466 191,486 165,317 168,756 382,171 223,937 114,584 608,480

$ $ $ $

)

74 S.A.

1.28 1.26 2,614 4,292 4,666 Q4 32,144 35,360 70,118 50,094 25,465 23,247 244,732 167,290 169,981 428,080 276,876 141,186 213,920 709,248

(143,802

(1)

$ $ $ $

)

— (45 0.70 0.69 2,063 1,101 3,951 5,084 Q3 31, 2020 31, 14,467 43,292 22,344

205,625 128,828 131,992 167,063 169,685 564,283 334,453 134,950 117,525 902,687 32

$ $ $ $

) ) ) — (unaudited)

0.44 0.43 (110 (364 2,390 3,271 4,218 (2,598 Q2 68,055 70,335 72,933 41,964 24,048 204,021 166,662 169,027 719,691 444,344 272,076 134,155

$ $ $ $ SUPPLEMENTARY DATA SUPPLEMENTARY

Year ended March Year — QUARTERLY FINANCIAL FINANCIAL DATA QUARTERLY

478 LOGITECH INTERNATIONAL 0.27 0.27

2,553 1,861 6,536 3,271 3,596 Q1 42,243 22,159 91,509 47,467 51,881 45,345 166,302 168,797 401,978 238,976 123,033 1 644,225

$ $ $ $

related costs

The following table contains selected unaudited quarterly financial data for fiscal years 2020 and 2019 (in Total operating expenses Basic Diluted Basic Diluted Change inChange contingent fair value of consideration business for acquisition Restructuringcharges (credits),net Marketing and selling Research and development General and administrative Amortization intangible of and assets acquisition- Shares used to computeSharesto income net per used share: Other income(expense), net Income before taxes income Provisionforfrom) (benefit taxes income Net Income Netshare: income per Operating income Interest income Gross profit Operating expenses: Net sales soldCost goods of Amortization intangible of and assets purchase accounting on inventory effect thousands, except per share amounts): ______Financial(1) the results fiscal all of included 2020 and 2019 periods in impact from years the businessesto acquired during year. the Refer Note 3 to the consolidated financial statements.

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

33 REPORT ON CORPORATE GOVERNANCE 2020 CORPORATE REPORT ON

.A.

ound (Suzhou, ideo and operational nternational S aming, v igning products that experiences ar e Financial Statements on onsolidated subsidiaries. c o Logitech I nclude Logitech, Logitech G, omputing, g ompany des o improv

as c ands i h ” refers t .A. has been the parent holding company uc

category c - s holdings in its shares as of March 31, 2020. ’ ulti ontent s Company “ reated products t ue Microphones. itech c s internalguidelines regarding corporate governance are 34 ng digital c he cloud. Logitech's br multi-brand, m n t o, Log o Logitech International S.A.its and a

e or i refer t aybird, and Bl 5 of this Annual Report for further information on Logitech’s ” devic 5 years ag e haring and creati

and “us on page ” REPORT ON CORPORATE GOVERNANCE REPORT ON CORPORATE ltimate Ears, J ” “our, atform, and today is it tates. In addition,Logitech ’

rs. we, ” “ PC) pl Annual General Meeting, of which thisReport ispart. a on a computer, mobil treamlabs, U is n this Report on Corporate Governan the to ce

t periences consuming, s

Logitech, omputer ( o “ oud experiences. More than 3 verview of our Company” aming, S hether i “O Operational Group Structure Operational nd cl better ex

xchange as of March 31, 2020. e Logitech is a world leader in designing, manufacturing marketing and products that help connect people to c, w As a company whose securities are listed on both the SIX Swiss Exchange and the Nasdaq Global Select Market, Group Structure and and Shareholders Structure Group 1.1 Logitech believes thatsound corporate governance practicescorporation. are essentialresponsible to an openand This Report has been designed to comply with the Corporate Governance Directive of the SIX Swiss Exchange. References i Logitech was founded in Switzerland in 1981, and Logitech International S LogitechInternational S.A. directlyor indirectlyowns 100% of all the companies in the Logitech group,through Please refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations under the digital a provided in our Articles of Incorporation, Organizational Regulations (Bylaws), and Board Committee Charters. our commitment to sound corporate governance principles is guided the by legal and regulatory requirements of both Switzerland andthe UnitedS 1. Our corporate governance practices reflect continuinga commitment to corporate accountability, sound judgment, and transparency to shareholde Portions of the Report are also incorporated by reference from elsewhere in our Invitation, Annual and Proxy Statement Report for the 2020 the personal c ofLogitech since 1988. Logitech International S.A. is Swissa holding company withits registered office in Apples, Switzerland, which conducts its business through subsidiaries thein Americas (including North and South America), EMEA (Europe, Middle East, Africa) and Asia Pacific (including, among other countries, China, Taiwan, Japan, India and Australia). Shares of Logitech International S.A. are listed on both the SIX Swiss Exchange (Ticker: LOGN; security Securities International numbe The r: 257513) and the Nasdaq GlobalH50430232). Select MarketCUSIP (Ticker:LOGI, Identification Number (ISIN) of our shares is CH0025751329. As of March 31, 2020, our market capitalization, based on outstanding shares of 166,896,973, net of treasury shares, amounted to approximately $7.2 billion (CHF 7.0 billion). Refer to section 1.2 below for information on Logitech International S.A. musi ASTRO G enabl References t which carriesit on its business and operations. Principal operating subsidiaries include:Logitech Inc. (Newark, California, USA), Logitech EuropeLtd. S.A. (Lausanne, Co., Switzerland),(Suzhou) and Logitech Technology China). For a list of Logitech subsidiaries, refer to the table in Note 5 of our Swiss Statutory None of Logitech International S.A.’spages 104 to 106 of this Annual Report. subsidiaries have securities listed on a e stock heading group structure.

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

s ’ he 2020”. exchange- -

Relevant Date January 10, 2020 February 16, 2016

December 31, 2019 September 29, 2014

.

ml

https://www.six

(2)

6.8% 4.0% 3.0% 3.0%

s shares outstanding (which is equal to ecurities and Exchange Commissionon ’ Percentage of Voting Rights Voting shareholders.ht -

.

(1) Shares Number of of Number 6,929,971 5,239,853 5,210,328 11,810,629 35

by the SIX SwissExchange the by at s nominalshare capital was CHF43,276,655, consisting of s treasury), is set forth on pages 45 and 46 in the Company ’

’ shareholders.html -

ated in Switzerland whose equity securitiesare listedstock on a exchange (6)

l Reportl for the 2020 Annual General Meeting, available at http://ir.logitech.com, (5)

Greater than 3% Shareholders ofas March 31, 2020 regulation.com/en/home/publications/significant

Security Ownership of Certain Beneficial Owners and Management as of June 30,

(4) (3) exchange- - shareholdings

SIX Exchange Regulation on October 7, 2014. The number of shares held UBSby Fund Management (Switzerland) AG is based on a notification filed with t The number of shares held by BlackRock, Inc. is based on the number of shares by reported as owned beneficially BlackRock, S Inc. and U.S. its subsidiaries the on a with Schedule 13Gfiled Thenumber of shares held The by Capital Group Companies, Inc. isbased on notificationa filed withthe SIX Swiss Exchange Regulation on January 21, 2020. The number of shares Credit by held Suisse AG through its indirect subsidiaries is based on a Schedule 13G filed with the U.S. Securities and Exchange Commission on February 16, 2016. February 5, 2020. In accordance with Swiss law, the number ofshares set forth includes (i) shares beneficially owned or deemed to be beneficially owned by the relevant shareholder, (ii) sharesa borrowed with from third connection parties, in held repurchase agreement or as a collateral, and (iii) shares for held the account of third parties with a discretionary authority to exercise voting rights. The table does not include positions in derivatives. Positions derivatives in can be accessedon the internet platform operated Shareholdings are calculated based on the aggregate number of voting rights entered into the Swiss commercial register. This aggregate number 173,106,620 was voting rights as of March 31, 2020. regulation.com/en/home/publications/significant Information on the share ownership of the Company by directors, executive officers and large shareholders as of 2.1 Share Capital 1.3 Cross- Asof March 31,2020 ,Logitech International S.A. Logitech has no shareholdings in companies that to its knowledge have shareholdings Logitech.in To the knowledge of the Company, the beneficial owners holding more than 3% of the voting rightsCompany of the Under Swiss law any person who owns or hascertain the discretionary authorityexceeding to exerciserights voting 1.2 Significant Shareholders Significant 1.2

BlackRock, Inc. Credit Suisse AG The Capital Group Companies, Inc. UBS Fund Management (Switzerland) AG Name June 30, 2020, as required by Swiss law, based on the number of the Company 2. Capital Structure Capital 2. the shares issued less the shares held thein Company Invitation, Proxy Statement and Annua under the heading “ 173,106,620 shares with a par value of CHF 0.25 each. Information of the own shares held by the Company in treasury is set forth in Section 2.3 below. as of March 31, 2020, other than the Company itself, were as follows: in in Switzerland is required to notify the company and the relevant Swiss exchange of such holdings. Following receipt of thisnotification, the company is required toinform Withthepublic. respect toLogitech, thenotices received the by Company pursuant to these rules can be accessed on an internet platform operated by the SIX Swiss Exchange at https://www.six percentage thresholds ofa company incorpor ______

(6) (3) (5) (4) (1) (2)

ed, d by

capital Employee Benefit 5 - thorized share capital. e shares authorize

ue of th ef erred to as au apital s r C hare e total nominal parval 36 S onditional erivative securities, i e law, th s Articles of Incorporation, the share capital ofmay the Company ’

stake in the Company by a strategic partner; or (e) the broadening of the s Articles of Incorporation, the share capital of the Company may be ’ employee equity incentive plans please refer to Note

han to cover d C and uthorized

public offering or private placement would be difficult to carry only out or could likely ther t h shares amounts to CHF 6,250,000, consisting of 25,000,000 shares. During the s A nder Swiss corporate law, the total nominal par value of the shares authorized by ’ U emptive rights to subscribe to the newly issued shares issued out of conditional share inancial Statements on pages 74 to 80 of this Annual Report. as of March 31, 2019). The authorization is valid until September 5, 2020. The purpose of the ompany

e C uture issuance, o n th or f

s authorized and conditional capital. ’ o etails o our Consolidated F D 2.2 Nominalconditional share capital designatedto cover the potential issuance ofshares under employee equity Under Swiss capital. corporat share Authorized Conditional share capital. share Conditional The Board of Directors determines the type of contributions, the issue price, the time of the issue, the conditions for The Boardof Directors may restrict or withdraw the preferential subscription rights of existing shareholders, and In addition, pursuant to Article 26 of the Company Pursuant to Article 25 of the Company In September 2018, the Company's shareholderscreate to approved an amendment to Incorporation the of Articles Although the Company has been authorized by its shareholders to use conditional capital to meet its obligations to n authorizedcapital. Pursuant to Article27 of theCompany's Articlesof Incorporation, the Board of Directors is hareholders f incentiveplans amounts to CHF 6,250,000, consisting of 25,000,000 shares. In addition, nominal conditional share capital designated to cover conversion rights that may be granted connectionin with a future issuance of debt obligationsconvertible into Logitec 2018 Annual General Meeting, the shareholders of the Company authorized the Board of Directors to issue up to an additional 34,621,324 shares of the Company until September 5, 2020. Refer to section 2.2 for more information on the Company shareholderbase of theCompany certain in jurisdictions or the in context of listinga or admission totrading a on domestic or foreign stock exchange. the exercise of the preferential subscription rights, the use of unexercised preferential subscription rights and the date upon which the new shares shall become entitled to dividends. The Board of Directorsmay authorize the issuance of new shares meansby of an underwriting or similar process carried out by one or more banks or other financial institutions with a view to offeringmay the new shares toDirectors existing of shareholdersBoard orThe tothird parties. authorize, restrict or exclude the trading of preferentialgrant subscriptionare rights. Ifrights preferential subscription allocate such rights to third parties or to the Company for valid reasons, in particular if the new shares are being issued connection in with:(a) the acquisitionof companies, enterprises, participations, assets, intellectual property rights, licenses or new investment projects; (b) a public offering or private placement of sharesfor the financing and/or refinancing of an acquisition ofkind the referred to under (a) above; (c) a public offering or private placement of shares, under circumstances in which such but not exercised, the Board of Directors shall use the rights associated with the relevant shares in the interest of the Company. be carried out under less favorable terms if the preferential subscription rights of existing shareholders were not restricted or withdrawn; (d) the acquisition of a s also be increased CHFby 6,250,000 through the issuance of up to 25,000,000 shares with a par value of CHF 0.25 each (representing 14.4% of the Company's share capital as of March 31, 2020). The purpose of this conditional share capital is to cover conversion rights that may be granted connection in with a future issuance ofbonds convertible into increasedby CHF 6,250,000 through the issuance of up to 25,000,000 shares witha par valueof CHF 0.25 each (representingshare 14.4% of the Company'sconditional sharethis capital of as of March 31,purpose 2020). The shareholders for future issuance on the conversion or exercise of derivative securities issued by a company is referred to as conditional share capital. Under Swiss law, a company must have sufficient conditional capital or available treasury shares to cover any conversion rights under derivative securities at the time the derivative securities are issued. is to cover option or other equity rights granted or that may be granted to employees, officers and directors of Logitech under its employee equity incentive plans. The conditional share capitalThe increase does date. not have an expiration shareholders do not have pre- a authorized to issue up to 34,621,324 new registered shares with a par the value ofof CHF 20% 0.25 each (representing Company's share capital authorized share capital is to make possible it for the Company to raise capital in a fast and flexible manner whenever necessary to carry out or finance acquisitions or strategic transactions or relationships. deliver shares as a result of employee purchases or exercises under its employee equity incentive plans, the Company has for some usedyears shares held in treasury to fulfill its obligations under the plans. Plans - t capital. For more information on Logitech’s

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

)

—

n the

6,250 6,250 1,265 9,580 n i

43,277 10,845 2018 782,284 674,425 112,614 (161,981

Amounts 2018

CHF CHF CHF

CHF CHF Repurchased

show018 is right to subscribe for ’

2,902 )

Shares

nd 2 6,250 8,655 6,250

2019

1,265 9,580

43,277 10,845 019 a As of March 31, 940,854 828,202 (166,774 CHF CHF CHF 2019

d Amounts As of March 31, $250,000 CHF CHF

6,250 6,250 8,655

Approve

2020

)

equity of Logitech International S.A., based on the the on equitybased of Logitech S.A., International right to subscribe for the bonds by preference for Shares CHF CHF CHF ’ 17,311 ’ 1,265 9,580

43,277 10,845 g fiscal years 2020, 2 968,227 (182,181 1,096,286 2020

37 CHF CHF

e buyback program durin Equity shareholders’ equity as of March 31, 2020 and 2019, refer to the Swiss Statutory

cluding transaction costs). and 2018, balancesshareholders in d shar

equity

he approve ’

s Swiss Statutory Financial Statements, were as follows (in thousands): ’

ry sharesry ng table (in thousands, ex In March 2017, the Company's Board of Directors approved the 2017 share buyback program, which In May 2020, the Company's Board of Directors approved the 2020 share buyback program, which authorizes Share Repurchases For information on Logitech’s The following table shows authorized and conditional share capital as of the last three fiscal endsyear (in The Board of Directors may limit or withdraw the shareholders 2.3 Changes in Shareholders’ A summary of t As of March 31, 2020, 2019 No shares have been issued during fiscal years 2020, 2019 and 2018. otal shareholdersotal General retained earnings reserves Reserve for capital contributions Share Buyback Program March 2017 Authorized share capital First conditional share capital Second conditional share capital T Legal retained earnings reserves - Available Retained earnings Treasu Share capital Legal capital reserves: - authorized the Company to use up to $250.0 million to purchase its own shares. The Company's 2017 share buyback program expired in April 2020. thousands): the Company to use up to $250.0 million to purchase its own shares. The Company's share buyback program is expected to remain in effect for a period of three years. Shares may be repurchased from time to time on the open parent company Logitech shares. The conditional share capital increase does not have an expiration date. The shareholders do not have have not Logitechdo shares. The conditionalshareholders share capitalThe increase date. does not have an expiration preemptive rights to subscribe to the newly issued shares issuable on conversion of the bonds. valid reasons, in particular (a) if thebonds are issued in connection with the financing of or refinancing of the acquisition orone more companies, businesses or parts of businesses, or (b) tofacilitate the placement of the bonds theon international markets or to increase the security holder base of the Company. If the shareholders the bonds by preference is limited or withdrawn, the bonds must be issued at market conditions, the exercise period of the conversion rights must not exceed 7 years from the date of issuance ofbe the bonds,must and the conversionprice set at a level that is not lower than the market price of the shares preceding the determination of the final conditions for the bonds. followi Balance Sheets on page 100 of this Annual Report. on emptive emptive otice s shares. ’ Market for

pre- ’ n ior on pages27 and ” The Company has time distribution to ities right to put an itemtheon s shareholders. ’ i s Articles of Incorporation, ’ t me without pr y

registeredshares par with a value - ped at an Additional Financial Disclosures - top ” “Partizipationsscheine”). voting rights. ’ ed or s or “Genussscheine”). tion ”

38 egistra Appropriation of Retained Earnings and Declaration of Dividend” - R ominee iss law. However, only holders of shares that are recorded thein share 3 actors. ertificates “bons de jouissance, N nd

roposal voting shares (“bons de participation, - “P C onus aggregate dividend of CHF 134,000,000the andshares outstanding,netof treasury herwise. Purchases may be start sArticles of Incorporation relating to the restriction of shareholdersthe see in capital out of its capital contribution reservesfiscal in 2012,year Logitechhad not paid ’ - stricted in compliance with Swiss law and the Company emptive right to subscribe for newly issued shares. Refer to section 2.2 for a description of s shares. In 2013, the Board proposed that, beginning with fiscal year 2013 and subject to s shareholders and statutory auditors each year, Logitech distribute gross a recurring annual ’ a ransferability ’

Logitech International S.A. has only one category of shares shares Logitech of Internationalcategory S.A. has one only bonus certificates,” and otheronditions f rades or ot

n T

s Articles ofIncorporation Sw or ’ and B Shares Voting - certificates or equity securities that provide financial rights in consideration for services rendered or claims s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Secur ’ to section 6.1 for the conditions for exercise of shareholders s shareholders and other Swiss statutory requirements, a gross dividend of approximately CHF 0.8029 per ’

o imitations hrough block t s agenda). Refer to section6 for an outline of participation rights of the Company ng on market c 4 Share Categories dividend of approximately CHF 0.73 per share. On May 27, 2020, the Board approved, subject to approval by the 0.56 per CHF share. In 0.51 per share.approximately Inof September 2016, thedividend Board gross distributed a

2.5 Non Unless this right is re Each share entitles its owner to dividends declared, even if the owner is not registered thein share register of the The Company has notnon issued For further information on Logitech’s share repurchases please refer to “ 2. Registered Shares. L 2.6 During fiscal year 2020,During approximately million. 1.3 million shares $50.4 repurchasedwere for approximately The Company and its agents Devigus Shareholder Services, as primary transfer agent, and Computershare, as U.S. Refer 2.7 Conversion and Option Rights Option and Conversion 2.7 Logitech does not have any outstanding bonds or other securities with conversion rights and has not issued ompany. Under Swiss law, a company pays dividends upon approval by its shareholders. This request for shareholder ompany. Under Swissshareholder law,for a company paysrequest dividendsThis upon approval by its shareholders. theprovisions of Companythe page 14 in our Proxy Statement). shareholders have the pre- subscription rights. September 2017, the Board distributed a gross dividend of approximately CHF 0.61 per share. In September 2018, the Board distributed a gross dividend of approximately CHF 0.67 per share. In September 2019, the Board distributed a gross Company share (based on an approved gross shares, as of March 31, 2020 C approval typically follows the recommendation of the Board. Until 2013, other than a one- approval by the Company dividend. In 2013, Logitech distributed a gross dividend of CHF 0.21 per share. In 2014, the Board distributed a gross dividend of CHF 0.2625 per share. In September 2015, the Board distributed a gross dividend of approximately CHF shareholders ofadditional paid- dividends since 1996, using retained earnings to invest the in growth of the Company and, morein recent years, to repurchase the Company not issued waived (referred to as “ Registrant 28 in this Annual Report. of CHF 0.25 per share.Each of the 173,106,620 issued shares carries the same rights. There are no preferentialrights. However, a shareholder must be entered in the share register of the Company to exercise voting rights and the rights deriving therefrom (such theright as to convene a general meeting of shareholders or the meeting’ market, t dependi fiscal 2019,year approximately 0.8 million shares were repurchased for approximately $32.4 million. During fiscal year 2018, approximately 0.9 million shares were repurchased for approximately $30.7 million. transferagent, maintain a share register that lists the names of the registered owners of the Company register are recognized as shareholders, and a transfer of shares reflected in the share register is recognized the by Company only to the extent we are notified of the transfer. Registration in the share register occurs upon request and is not subject to any conditions. Nominee companies and trustees can be entered into the share register with voting rights. There are no restrictions on transfers of shares under the Company warrants on its shares.

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020 s ’

”.

ued under our Employee Employee Benefit priced stock options, 5 - - Corporate Governance

mentioned requirements.

Corporate Governance and Board of eligible.

”. based stock options and premium Corporate Governance and Board of Directors Matters

39 restricted restricted stock units, to its employees and directors. Please ased s Articles ofIncorporation, each member of our Board of Directors may

’ for details on option rights and restricted stock units iss s Articles of Incorporation, the members ofthe Board of Directors shall be ’

ncorporation do not differfromstatutory the legal provisionsregard with the to

”.

ters documents/default.aspx, in Sections 2 ("The Board"), 3 ("The Chairperson of the Board"), 4

includingunder the subheadings "Board Responsibilities and Structure" pageson to37 and39 s Articles of I of s Articles ’ ”, issued stock options, including performance-

89 to 0 9 of our Invitation and Proxy Statement for the 2020 Annual General Meeting, under the heading member of our Board of Directors is currently in compliance with the above - Corporate Governance and Board of Directors Matters

mandates companies in controlled by the Company or that control the Company; mandates that a member of our Board of Directors assumes at the request ofthe Company or of a company controlled by it; and mandates companies in that are not required to be registered in the commercial registry Switzerlandin or an in equivalent registry outside of Switzerland. Compensation Compensation Plan ”, Information tricted stock units, including -b performance to pages Logitech has The Company 3.5 Organization For information regarding the organization of the Board of Directors and its committees, please see pages 28 to 44 responsibility of areas of Definition 3.6 Information regarding the powers and duties of the Board of Directors, Company the the Company's Chairperson, Each b) c) Mandates for legalentities under common control or at the request of such legal entities are counted as a single The following mandates are not subject to these limitations: a) 3.4 Elections and terms of terms office and Elections 3.4 For information regarding the time of first election and term of office ofeach member of our Board of Directors, Pursuant to Article 14 of the Company 3.1 and 3.2 Members of the Board of Directors and their Activities Outside of the Logitech Group of Logitech the Outside Activities their and Directors of the of Board and 3.2 Members 3.1 Pursuant to Article 17 bis of the Company 3.3 Permitted Activities quity and Board of Directors Mat of our Invitation and Proxy Statement for the 2020 Annual General Meeting, under the heading “ appointment of the chairperson, the members of the compensation committee and the independent proxy. Chief Executive Officer and the Company's Lead Independent Director are set forth on pages 28 to 44 of our Invitation and Proxy Statement for the 2020 Annual General Meeting, under the heading “ DirectorsMatters "Board Committees" on pages 40 to 43. These powers and duties are further detailed the in Company's Organizational Regulations, whichcan be accessed on the Company's websiteat http://ir.logitech.com/corporate - governance/governance- ("The Chief Executive Officer") and 5 ("The Group Management Team"). refer “E and res employee equity incentive plans, as well as other information regarding those plans, and to Note 4 to 80 of this on pages 7 Financial Statements our Consolidated Plans - included in Report. Annual mandate for purposes of determining permitted activities. elected individually bythe GeneralMeeting for a term of office expiring after completion of the subsequent Annual General Meeting. Each member of our Board of Director shall be indefinitely re- pleasesee pages28 to 44of ourInvitation andProxy Statement for the2020 AnnualGeneral Meeting, under the heading “ For the current members of our Board of Directors, further information regarding the Board of Directors and their material activities outside of the Logitech group, please see pages 28 to 44 of our Invitation and Proxy Statement for the 2020 Annual General Meeting, under the heading “ assume up to ten mandates supremein management or supervisorygroup, bodies oflegal Logitech entitiesthe outside of which no more than four may be in assume listedmay companies. In addition,Directors of each member Board of our up to ten mandates in the governing bodies of charitable or similar organizations. 3. Directors of The Board

s ’ cape, ofthe - Corporate heading "The

K filed K withthe U.S. s major financial risk the sub- ’ described on pages28 https://ir.logitech.com),

and ” auditors, KPMG AG, and

scurrent threat lands ’ s cybersecurity, information security ’

7A, Quantitative7A, and Qualitative Disclosures

40 including Legal,Internal Audit and, where appropriate, People& - -

”. including allbusiness functions, product categories and regions -

risk assessment and riskmanagement. Corporate Governance and Board ofMatters Directors Audit Committee Chairperson. In addition to overseeing Logitech Internal Audit function, 1A, Risk1A, Factors" on pages 17 to 34 and "Item

up audits are planned to ensure proper remediation.Logitech The Auditthe Committee oversees em - K referredK to above. also conducts investigations connection in with Internal Audit's findings or other internal or external reports. Themeans by whichare the Board of Directorsofficers supervises theexecutive Company's Additional information and control instruments include: (i) the Company's external 3.7 Information and control instruments control and Information 3.7 The Audit Committee reviews with management and the independent auditors the Company The Board's role in risk oversight is described on page 38 of our Annual Invitation 2020 and Proxythe Statementfor The Technology and Innovation Committee of the Board reviews the Company Logitech Internal Audit also has responsibility for enterprise riskmanagement. Logitech Internal Audit conducts an Therisks identified by Logitech are set forth the in Company's Annual Report on Form 10- appropriate, follow to 44 our Invitation and Proxy Statement for the2020 Annual General Meeting, under the heading “ independent registered public accounting firm, KPMG LLP, who conduct their audits compliance in with Swiss law and Swiss Auditing Standards and the regulations of the U.S. Securities and ExchangeCommission (the "SEC") and the Public Company Accounting Oversight Board (the "PCAOB"), respectively, as well as Auditing Standards Generally Acceptedin the United Statesof America ("U.S. GAAP"); and (ii) the Company'sInternal Audit function. Logitech Internal Audit covers all of the Company's business and operations worldwide and completes assignments based on annual internal audit plans approved by the Audit Committee of theBoard. Logitech Internal Audit assesses the reliability of financial and operational information and the effectiveness of controls andprocesses for compliance with internal, legal, regulatory and statutory requirements. Findings are communicated to management and to the Audit Committeeregular in quarterly reports as as well in interim communications with theAudit Committee or the Audit Committee Chairperson. The Audit Committee Chairperson provides updates to the Board at least quarterly. The Audit and, Committee reviewsrecommendations and monitorsand management's findings responsiveness to Audit's Internal as Governance and Boardof DirectorsMatters Internal Audit function. Logitech's Compliance function and otherand technology risks, controls procedures,and including review of the Company General Meeting, under the heading “ annualsurvey from across theCompany Culture - The Head of Logitech Internal Audit reports administratively to the Chief Financial Officer and has a functionalreporting line and direct access to the includingreviewing the scope ofwork, the recommendations made andthe progressof implementation, the Audit Committee has responsibility for determining the compensation of the Head of Logitech Internal Audit. exposurestheand steps management has taken monitorto controland those exposures, including the Company guidelines and policies with respect to strategy tomitigate cybersecurity, information security and other technology risks, critical and incident response plans. Board'sRole Risk in Oversight". Inaddition, both executive management and othersenior leaders managersand provide risk assessments on various aspect of the Company's business and regions in regular reports to the Board. Company's key risks.The findings and details of this assessment, together with aheat map and recommendations, are presented at least once a year to the Audit Committee the by Head of Internal Audit. The enterprise riskmanagement Audit Internal assessment annual factors the of into the Committee development Audit the by and Logitech Audit Internal plan and internal controls, which are then implemented or overseen by Logitech Internal Audit. Progress on the Internal Audit Plan and on internal controls is provided to the Audit Committee regular in quarterly reports as well as in interim communications with the Audit Committee or the Audit Committee Chairperson. Securities and Exchange Commission( and posted website to the Company'sRelations Investor under the headings "It about Market Risk" on pages 61 to 62. Logitech's financial condition and results of operations, includingthe manner in which the main risks identified by Logitech may affect are those, discussed under the heading "Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations" on pages 42 to 61 of the Company's Annual Report on Form 10-

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020 o Darrell

Inc.from t 1987 Darrell was withthe

Packard Enterprise, a -

Darrellserved asPresident of

Packard Enterprise from June 2017 to March - Packard Company and Hewlett -

teadholds BAa degree from Stanford University and an 41

Mr.Olms

ved as Vice President of Finance, EG Global Supply Chain and Quality vedVice asQuality President ofFinance,and EG Global Supply Chain joined Logitech asPresident Aprilin 2012 and became Chief Executive

joined Logitech April in 2019 as Vice President of Business Finance and

Darrell had been Senior Vice President,Operations ofWhirlpool EMEA as of March 31, 2020 or during any part of fiscal 2020.year

Darrell holdsBAa degree from Hendrix College and an MBA from Harvard

& Gamble& Company(P&G), a consumer brand company, most recently as the

He also ser

Bracken Darrell multinationalinformation technology company, most recently as the Vice Presidentof Finance for Global Operations at Hewlett 2019. from February 2015 to June 2017, Vice President of Finance, HP Storage and HP Converged Systems from 2009 to February 2015, and Director, HP Investor Relations fromto2009.2006 MBA from Harvard University. Nate Olmstead was appointed interim ChiefOfficer Financial Officer asFinancial of June 2019Chief and as of July 2019. Prior to joining Logitech, Mr. Olmstead served in various financial management roles at Hewlett University. OfficerJanuary in 2013. Prior tojoining Logitech, Mr. 1989.Mr. Whirlpool EMEA and Executive Vice President of Whirlpool Corporation, a home appliancemanufacturer and marketing company, from January 2009to March 2012. Previously, Mr. from 2008 to May January 2009. From 2002 toMay 2008, Mr. servedin variousexecutive and managerial positions withGeneral Electric Company fromto2002, 1997 withP&G from to1997,1991 and withPepsiCo Procter President of its Braun GmbH subsidiary. Prior to rejoining P&G in 2002, Mr. s Group Management Teamcurrently has material supervisory, management, or advisory ’

.1 Members of the Group Management Team Group the of Management .1 Members 4 Themembers of our Group Management Team as ofMarch 31, 2020 areset forth below:* The Board of Directors designated Prakash Arunkundrum, our Head of Global Operations, and Samantha Harnett, 4.2 Involvements outside Logitech of the Members of the Group Management Team Group Management the of the of Members Logitech outside Involvements 4.2 No member of Logitech our General Counsel, as Group Management Teammembers May in 2020 and was July 2020, respectively,neither but a member of the Group Management Team

functions outside Logitech or holds any official functions or political posts. 4. Group Management Team 57 Years Old Bracken Darrell President and Chief Executive Officer U.S. national

48 Years Old Nate Olmstead Chief Financial Officer U.S. national

d of our of of this pected based cash to 88 to 5

oard members an executive members of ts B mentioned requirements. - t Team consists principally of 88 and our Invitation Proxy based cash compensation may - sshareholders. Equity incentive ’ ompensation of i isions. s c ’

42

s Articles of Incorporation, compensation of members of our Board ’ nformation on Logitech based cash compensation and equity incentive awards, as well as ticles of Incorporation, each member of our GroupManagement Team s Articles of Incorporation, compensation of non- ’ sAr ’ f Incorporation service to the Company or companies controlled by Theit. performance why we make compensation dec sobjectives. Equity incentiveawards provide directa incentive for future o eting for i ’ d

basedcash compensation takes appropriate accountof theachievement of the or other performance goals. The target level of the performance- based cash compensation in the form of incentive cash payments, and (iii) equity ’ ned as a percentage Performance of the basesalary. eneral Me s Articles ng how an

determined multiplier of the target level. Its amount may also reflect an overall assessment of the e Company'

h

he 2020 Annual G

or t s, individual employees sperformance or theCompany ’ ’ e officers, and regardi mandates companies in that are not required to be registered in the commercial registry Switzerlandin or an in equivalent registry outside of Switzerland. mandates that a member of our Group Management Team assumes at the request of the Company or of a company controlled by andit; mandates companies in controlled by the Company orthat control the Company; dayservices. Performance - - to Mandates for legal entities under common control are counted as a single mandate for purposes of determining c) Each member of our Group Management Team is currently compliancein with the above 5.1 Compensation Principles for Fiscal Logitech’son Report refer Year to 2020 Compensation to Please pages 52 Pursuant to Article 19 bis of the Company In addition, for information required to be disclosed under Swiss law regarding compensation during fiscal year 2020 2020 year fiscal during compensation regarding law Swiss under disclosed be to requiredinformation for addition, In Pursuant to Article 19 bis and ter of the Company 5.2 Rules in t 4.4 Management Contracts Logitech hasnot entered into any contractual relationshipsregarding the management of theCompany or its b) The following mandates are not subject to these limitations: a) Compensation to executives may also be paid or granted in the form of financial instruments or similar units and Pursuant to Article 18 ter of the Company 4.3 PermittedActivities - eflecting the functions and responsibilities assumed. permitted activities. Statement f executiv Members Board of Ownership Share - 10 Note and Meeting General Annual 2020 the for Statement Proxy and Invitation and Group Management Team - in the Company’s pages Statutory Financial Statements included on 112 to 113 our Board of Directors consists of cash payments and shares and or share equivalentsamount correspondingfixed a to r of the individual members of the Board and of regarding the the security members 8 ownership pages of on of membersReport Remuneration the of the to the Group refer Board please of Managementdisclosures, other Directors among Team,and 2020, 31, of March in members of as of aggregate,Team the Group and Management Annual Report. of Directors who have delegated management responsibilities and of our Group Managemen of (i) base salary, (ii) performance- incentive awards. Base salary rewards executives for their individual contribution to the Company and their ex day 5. Loans and Shareholdings Compensation, subsidiaries. Company compensation elementsis determi executives may participate in share purchase plans established by the Company or companies controlled by it, under the terms of eligible which employees may allocate a portion of their compensation to the purchase of shares of the Company at a discount to market price. awards are governed by performancemetrics that take account into strategic or other objectives of the Company or by reference to the duration of the executive’s metrics and target levels applicable to performance- their achievement, are determined by our Compensation Committee. performancesalignand the interest of theexecutives withthose of theCompany amountup to a pre - executive may may assume up to five mandates in suprememanagement or supervisory bodies oflegal entities outside the Logitech group, of which no more than two may be in listed companies. In addition, each member of our Group Management Teammay assume up to five mandates thein governing bodies of charitable or similar organizations.

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020 ion The

back by - determined events

s Articles of Incorporation restricting the rights rights s the Articles of restricting Incorporation ’

43 Voting Rights Voting s Articles of Incorporation, if the maximum aggregate amount of ’ ’ s Articles of Incorporation, upon proposal of the Board of Directors, ’ s Articles of Incorporation, membersof the Board of Directors and of ’

Participation Rights Participation s Articles of Incorporation contain no rules on giving instructions to the independent proxy and no ’ on of any member of the Management Team other than the CEO.

Pursuant to Article 19 quarter of the Company Our Compensation Committee decides upon each grant as well as the applicable vesting, blocking, exercise and Pursuantto Article 19 quinquies of the Company Pursuant to Article 19 sexies of the Company 6.1 Exercise and Limitations to Shareholders Each registered share confers the right toto one vote at a general meetinglimitations no of shareholders.are There There are currently no limitations under Swiss law or in the Company Any shareholder may be represented at a meeting by a person of its choice who need not be a shareholder of the The Company the for the General Meeting approvesDirectors, of the maximum Board the aggregate (i) amount of of the compensation period up to the next Annual General Meeting, and (ii) the Group Management Team,for the next business year. the Company in case of rejection by the General Meeting. compensation already approved by the General Meeting is not sufficient to also cover more the compensation or one of persons who become members of the Group Management Team during a compensation period for which the General Meeting has already approved the compensation of the Group Management Team hire), (new the Company or companies controlled by areit authorized to pay an additional amount with respect to the compensation period already approved. Such additional amount may not exceed: for the head of the Management Team (CEO), 140% of the total annual compensationof the former CEO; and for any new hire other than the CEO, 140% of the highest total annual compensati Board of Directors may submit to theGeneral Meeting forapproval proposals respectin of maximumaggregate amounts and/or individual compensation components for other time periods and/or propose the payment of additional amounts for special or extraordinary services of someor all of the members of the Board of Directors or of the Group Management Team. If the General Meeting rejects a proposal submitted by the Board of Directors, the Board of Directors will submitan alternative proposal to the same or a subsequent General Meeting. The Company or companies claw and controlledMeeting by mayit grantGeneral a or compensation pay at subject toratification subsequent the Group Management Teammay not receive credits or loans from the Company or from a company controlled by it. Compensation paid to memberscompanies of the in Board of Directors or ofactivities the Groupfor ManagementTeam that arecontrolled by the Company ispermitted, and this compensation willbe included inthe total compensat payable to the Board of Directors or to the Group Management Team, as applicable, which is subject to the approval of the General Meeting. Pension contributions and benefits will be made or provided in accordance with the regulations pension the schemes to in which the applicable Company or the companies controlled by it or participate in Switzerland abroad. 6. Shareholders ’ forfeitureconditions; may it provide for continuation, acceleration orremoval of vesting and exercise conditions, for payment or grant of compensation assuming target achievement or for forfeiture in the event of pre- suchas termination of employment or officeor change ofcontrol. Compensation may be paid by the Company or companies controlled by it. Company. The powerof attorneymust made be in writing. Theuse of forma prepared the by Company may be required. the number of voting rights that a shareholder or group of shareholders is entitled to exercise, and there are no preferential votingrights. To exercise voting rights at generala meeting of shareholders, shareholdera must have registered their shares by the date set by the Board of Directors for the closing ofgeneral the shareeach register before meeting of shareholders. Refer to section 2.6 formore information on the registration process. provisions on electronic participation thein general meeting. of shareholders outside Switzerland to hold or vote Logitech shares. nce

sU.S. transfer ’ ority ofthe votes eholders. s share register closes ’ Innovation,Daniel Borel ’ thirdsof the votesrepresented,

holders who together represent shares Quartier de l -

s issued share capital of or (ii) an aggregate value par registermaintained by the Company ’

44 eferential subscription right; pr ’

s Share Register ’ n meansby of existing reserves, against contributions in kind, or conducted with a i sshare register, or the sub - ’

corporate purpose; s ’ s Articles of Incorporation, one or moreshare registered ’ Resolutions for which a Particular Majority is Required is Majority a Particular which for Resolutions Right to Place Items on the Agenda of a a of Agenda Meeting the on Items toRight Place

r creation of shares with privileged voting rights; change in the Company restriction of the transferability of the shares; creation of authorized or conditional capital; ant of special benefits; view to the acquisition of specific assets; g capital increases to be paid- suppression or limitation of the shareholders change of the registered office of the Company; and liquidation of the Company. prepared accordancein with U.S. securities laws, to all registered shareholders and all beneficial shareholders .3 Convocation of the General Meeting of Shareholders of General the of Meeting Convocation .3

6.2 Shareholders’ In general, the resolutions of the general meeting ofshareholders arepassed with a simple maj • • • • • • • • 6 • Secretaryto the Board of Directors, LogitechInternational S.A., EPFL A requestA to place an item on the meeting agenda mustbe in writing, describe the proposal and be received by our Registrationinto theCompany The Board of Directors generally convenes a general meeting of shareholders. The convocation notice is made in Under our Articles of Incorporation one or more shareholders who represent together at least 10% of the share Company the in Registration 6.5 The Company has received an exemption from compliance with Nasdaq a listing standard that requires that the Under the Company 6.4 Shareholders ’ cast.However, a numberof resolutions may only be passed majoritywitha of two - including the following: agent, Computershare, occurs upon request and is not subject to any condition. The Company Board of Directors at least 60 days prior to the date of the meeting. Demands registered by shareholders to place an item on the agenda of a meeting of shareholders should be sent to: writing and under Swiss law must be sent to each registered shareholder at the address recorded in the share register at at writingregister and undershare Swissthe law in must be sent to eachrecorded registered shareholder address the at least 20 days prior to the meeting. capital of the Company may demand that the Board of Directors convene a meeting. Such demandsmust made be in writing and received by the Board of Directors at least 60 daysbefore the date of the proposed meeting. with Swiss law, Logitech sends an invitation to all of its registered shareholders and publishes the notice of the meeting the in Swiss financial press. It also sends a proxy statement, or a notice of availability of the proxy statement, either in case representing at least the lesser of (i) one percent of the Company Innovation Center 1015 Lausanne, Switzerland, or c/o Logitech Inc., 7700 Gateway Boulevard, Newark, CA 94560, USA. before a general meeting of shareholders on a date designated by the Board ofwho Directors. Only those shareholders are registered in the share register on the day the share register is closed have the right to vote at the meeting. quorum forshareholder meetings be at least 331/3% of the outstanding voting shares. Under Swiss law, public companies do not have specific quorum requirementsfor shareholder meetings. Accordingly, Logitech, like most other Swiss public companies, does not observe quorum requirements with respect to its shareholder meetings. In complia one million Swiss francs,may demand that an item be placed on the agenda of a meeting of shar where requested by the registered shareholder or required by law. Logitech has combined the invitation requiredunder Swiss law and the proxyfor statement required under Statement, U.S.Proxy law into and one document, titledInvitation its 2019 Annual General Meeting, and combined it with its Annual Report required under Swiss law and U.S. law to create one convenient document forshareholders. Also, to encourage attendance, Logitech holds its Annual General Meeting close to its operations in Switzerland.

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020 s

’ ch the itors ea audit fees paid July 21, 2020 April 27, 2021 October 20, 2020 January 19, 2021

ndependent aud i s ’

s business. These events are Invitation, Proxy Statement and ’

8036,Zürich, Switzerland. KPMG - audit work KPMG, by and the supervisory he Company ect t 45 s Articles of Incorporation do not remove this requirement. The ’ for the group and the Company, the Remuneration Report, the

ermitted. he shareholders el s voting rights will be required tomake an offerfor outstanding all

’ approval policies for non- 49 and 50, respectively, of Logitech’s

s independent registered public accounting firm. p on is

’ s Investor Relations website for a period of time after the events. Logitech ompany ’ electi orporation, t e- nc Annual General Meeting is to be held September 9, 2020 at the SwissTech Center, EPFL, Articles of I s ’

m price. Logitech International S.A. eneral Meeting. R

s auditorsare currently KPMGAG, Badenerstrasse172, CH reports its financial results quarterly with an earnings press release. Quarterly financial results are s 2020 ’ ’

Earnings Release and Conference Call Earnings Release and Conference Call Earnings Release and Conference Call Earnings Release and Conference Call he Company Committee" sections on pages 28 to 4, 4 e Annual G

h ’21 ’21 ’21 ’21 The Company The Company Under t Provisions 7.2 Change of Control Please refer to our Compensation Report for Fiscal Year 2020 on pages 52 to 88 of our Invitation and Proxy 7.1 Mandatory Offer Mandatory 7.1 Under Swiss law any shareholder acquireswho more 331/3% than of the voting rights of a Swiss company whose Please refer to the "Corporate Governance and Board of Directors Matters", "Independent Auditors" and "Report of The Company Logitech holds public conference calls after our quarterly earnings releases to discuss the results and present an All registered shareholders and all shareholders in the United States thathold their shares through a U.S. bank or Audit Q2 FY Q3 FY Q4 FY Q1 FY 9. Policy Information currently scheduled to be released as follows: Annual Report for the 2020 Annual General Meeting for further information regarding the audit and non - by by Logitech to KPMG during fiscal year 2020, pre- controland instrumentsof the Board ofDirectors, including the AuditCommittee of theBoard, overthe workand activities of KPMG. webcast and remain available on Logitech senior management also regularly participatesich arein wh also institutionalof many investor seminars and roadshows, webcast. 8. Auditors shares are listed in whole or in part in Switzerland isof required to makesecurities an offer to acquire equity all listed 7. Provisions Control of and Change Offer Mandatory companyminimu at a Statement for the 2020 Annual General Meeting for information on the consequences of change of control on equity awards made to members of the Board of Directors and the Group Management Team. the at t year assumed its first audit mandate for Logitech in 2014.Theresponsible principal auditpartner of as March 31, 2020 is, and since fiscal year 2015 has been, Rolf Hauenstein. The responsible principal audit partner changes at least once sevenevery years, as requiredunder Swiss law. Forpurposes of U.S. securitiesreporting, law KPMG LLP, San Francisco, California, serves as the Company business in the fiscal year, audited financial statements Report on Corporate Governance and other key financial Statement andProxy business and information. The Invitation sectionof the document includes descriptiona of mattersthe toacted be upon atthe Annual General Meeting of shareholders, a Compensation Report on executive officer and Board member compensation, and other disclosures required under applicable Swiss and U.S. laws. opportunity for institutional analysts to ask questions ofLogitech the Chief ExecutiveOfficer. Officer and ChiefFinancial also holds periodic analyst days where senior management present reviews of Logitech Lausanne, Switzerland. brokerage or other nominee receive a copy of the Logitech Invitation, Proxy Statement and Annual Report, or a notice thatsuch documentsare available. The Annual Reportsection of the documentcontains an overview of Logitech Articlesnotdo increasethe participation threshold above whichan offer mustmade. be Consequently, any person having acquired more than a third of the C shares of the Company. K, ourK,

Q and 8- - K, 10 http://www.ser-ag.com/

at Investments in Subsidiaries - http://www.sec.gov, and the http://ir.logitech.com/investor- accessed be . #/ may

g subscribin t hrough Exchange to those reports or statementsfiled or furnished pursuant to 46

meeting, including our Compensation Report on executive officer Swiss mails whenLogitech issues press releases upon occurrence of releases y b ’ ail: [email protected]. s SIX ents included in this Annual Report. the by . s published be accessed on our website or on the SEC’s website at / default.aspx within Logitech or othe r pres s Statutory FinancialStatem ’ of Logitech’s Board of Directors and executive officers. The reports that we file with the SEC on no charge, a copy of our annual reports and filings made with the SEC are available on our website and can be As a Swiss company traded on the SIX Swiss Exchange, and as a company subject to the provisions of Section 16 Our Investor RelationsWeb site is located at http://ir.logitech.com .We earnings our postof and maintain archive an For the listing of5 consolidated Note subsidiariesto asrefer of March 31,please 2020, Consolidated Subsidiarie Consolidated For In addition, Logitech publishes press releases upon occurrence of significant events within Logitech. Shareholders in thein Company esources/ e-mail-alerts and other press releases, current reports, annual and quarterlyreports, earnings release schedule, information regarding annual general meetings, further information on corporate governance, and other informationregarding the Company on the Investor RelationsWeb site. The information we post includes, and the in future will include,filings we make with the U.S. Securities and Exchange Commission, or SEC, including reports on Forms 10- - en/resources/notifications-market-participants/management-transactions.html and membersand of thepublic may electreceiveto e- significant s event r of the Securities Exchange Act members of 1934, as amended, we Forms file 3, reports 4 on and transactions 5 reports that we in file may that are Logitech securities by requested by contacting our Investor Relations department: Logitech Investor Relations, 7700 Gateway Boulevard, -8500, e-m Newark, CA 94560 USA, Main 510-795 proxy statement related to our annual shareholders U.S. securities laws or Swiss laws. All such filings and information are available free of charge on the website, and we make them available on the website as soon as reasonably possible after filewe or furnish them with the SEC. The contents of these websites are not intended to be incorporated by reference into this report or in any other report or document we file and our references to these websites are intended to be inactive textual references only. and Board member compensation, and any amendments 10.

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

47 LOGITECH INTERNATIONAL S.A. INTERNATIONAL LOGITECH CONSOLIDATED FINANCIAL STATEMENTS FINANCIAL CONSOLIDATED

49 53 54 55 56 58 59 Page

31, 2019,

31, 2019, 2018 and 2017 Years Ended March

31, 2019, 2018 and 2017

—

48 2018 Years Ended March 31, 2019, 2018 and 2017 and

2019

Years Ended March Years EndedMarch — 31, — March

— ial Statements INDEX TO CONSOLIDATED FINANCIAL FINANCIAL STATEMENTS TOINDEX CONSOLIDATED

Consolidated Balance Sheets Consolidated Statements of Cash Flows Consolidated Statements of Changes in Shareholders' Equity 2018 and 2017 Notes to Consolidated Financ Report of Independent Registered Public Accounting Firm Consolidated Statements of Operations Consolidated Statements of Comprehensive Income—

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

ts

tors al

equity for each of the the of each for equity ’

s preparation of the consolidated financial statements in in statements financial consolidated the of preparation s s judgment, including the assessment of the risks of of risks the of assessment the including s judgment, ’ ’

49 d the reasonableness of accounting estimates made, as well as evaluating evaluating as well as made, estimates accounting of reasonableness d the

sibility

Respon ’ s Responsibility

’

To the General Meeting of Logitech International S.A., Apples S.A., International Logitech of Meeting the General To Statements the Financial Consolidated Auditor on the Statutory Report of and i S.A. International Logitech of statements financial consolidated accompanying the audited have we auditor, statutory As Auditor Statutory Report of the related the and 2019, and 2020 31, March of as sheets balance consolidated the comprise which Group), (the subsidiaries shareholders in changes and flows, cash income, comprehensive operations, of statements ated consolid of and presentation fair preparation the to relevant system control an internal and maintaining implementing ing, design direc of board The error. or fraud to due whether misstatement, material from free are that statements financial consolidated are that estimates accounting making and policies accounting appropriate applying and selecting for responsible is further circumstances. the in reasonable our Weconducted audits. on our based statements financial consolidated these on an opinion express to is responsibility Our the in Accepted Generally Standards as Auditing as well Standards Auditing and Swiss law Swiss with accordance in audits whether assurance reasonable obtain to audits the perform and plan we that require standards Those America. of States United misstatement. material from free are statements financial consolidated the consolidated the in disclosures and amounts the about evidence audit obtain to procedures performing involves audit An auditor on the depend selected procedures The statements. financial Opinion financi the respects, material all in fairly, present above to referred statements financial consolidated the opinion, our In -year three in the years the of each for flows cash the and operations of results the and and 2019, 2020 31, March of as position law. Swiss with comply and Principles Accounting Accepted Generally U.S. with in accordance 2020, 31, March ended period Auditor the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is is obtained have we evidence audit the that We believe statements. financial consolidated the of presentation overall the opinion. audit our for basis a provide to appropriate and sufficient The board of directors is responsible for the preparation and fair presentation of the consolidated financial statements in statements financial consolidated the of presentation fair and preparation the for is responsible directors of board The includes responsibility This law. Swiss of requirements the and Principles Accounting Accepted Generally U.S. with accordance ts, assessmen risk those making In error. or fraud due to whether statements, financial consolidated the of misstatement material entity the to relevant system control internal the considers auditor the the evaluating includes also audit An circumstances. in the appropriate are that procedures audit design to order used an policies of accounting the appropriateness year period ended March 31, 2020, and related notes to the consolidated financial statements. financial consolidated the to notes related and 2020, 31, March ended period -year three the in years Board of Directors

to

s processes and and s processes ’

s revenue process, process, revenue s s ability to estimate the estimate to s ability historical claims and claims historical ’

over the significant assumptions. significant the over

nformation.

’ Group the We evaluated related information underlying the We assessed breakage from fiscal year 2019 against actual against 2019 year fiscal from breakage breakage. subsequent breakage rates by comparing the estimated the comparing by rates breakage submitted and the historical claim experience rate experience claim historical the and submitted the expected periods that a customer claim will be will claim customer a that periods expected the and programs and pricing incentive for customer the analyzing by funds, development marketing customers in the trend i accruals - We have analyzed management We have analyzed breakage the estimate to established controls We Programs. Customer for allowances to applied selected of effectiveness operating the have tested ’ Group the over controls key controls including Our response Our assumptions the to in relation Furthermore, certain to related rates breakage the underlying others, amongst We have, Programs Customer procedures: following the performed - 50

inherent inherent

Balance Sheet Components Sheet Balance Summary of Significant Accounting Policies Accounting Significant of Summary

For further information on Customer Programs and the related accounting treatment, refer to the following notes notes following the to refer treatment, accounting related the and Programs Customer on information further For statements: financial to consolidated the – Note 8 - 8 Note – – Note 2 - 2 Note – Assessment of the accruals for sales returns and certain Customer Programs Customer certain and returns sales for accruals the of Assessment Assessment of the assumptions underlying the breakage rates for certain Customer Programs Customer certain for rates breakage the underlying assumptions the of Assessment Assessment of the accruals for sales returns and certain Customer Programs Customer certain and returns sales for accruals the of Assessment Switzerland in reform tax from resulting benefit tax unrecognized of Assessment of audit our in significance most of were judgment, professional our in that, matters those are matters audit Key our of context in the addressed were matters These period. current the of statements financial consolidated the do not we and thereon, opinion our in forming and a whole, as statements financial consolidated the of audit matters. these on opinion separate a provide Report on Key Audit Matters based on the circular 1/2015 of the Federal Audit Oversight Authority Oversight Audit Federal the of 1/2015 circular on the based Matters Audit on Key Report Programs Customer certain for rates breakage the underlying assumptions the of Assessment

omers make claims under these Customer Programs Programs Customer these under claims make omers

ustomer claim experience and historical trend of claims claims of trend historical and experience claim ustomer can be as long as one year. This requires the Group to to Group the requires This year. as one long as be can rates. breakage estimate to judgment use are claims the in which period the of determination The historical customers, the by submitted be to expected c Key Audit Audit Key Matter $194,703 totaling allowances recorded Group The cooperative various for 2020 31, March of as thousand funds development (marketing arrangements marketing customer arrangements), advertising and cooperative as known together programs, pricing and incentive the estimates Group The Programs. Customer be not will which Programs Customer of percentage is which customers, by earned be not will or claimed time of length The "breakage". as to referred commonly and when revenue recognizes Group the when between cust the considered are period expected the after submitted rates breakage the around assumptions significant a required assumptions such of testing The estimate. the to due judgment auditor of degree high uncertainties related to the relevance of historical historical of relevance the to related uncertainties the of determination the to experience collection required therefore and estimate rates breakage consideration. audit increased

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020 s s ’

party party os to prior os prior to

s unrecognized tax tax unrecognized s edures: s processes and and s processes s processes and and s processes ’ ’

s ability to estimate the the estimate to s ability s interpretation of TRAF and its its and TRAF of s interpretation s determination of its tax tax its of determination s s unrecognized tax benefits, benefits, tax s unrecognized ’ - third amounts, earned sted the operating effectiveness of of effectiveness operating the sted ’ through data. -through

earned amounts. earned ’

s uncertain tax position taken upon the enactment enactment the upon taken position tax uncertain s

e performed an independent assessment of the the of assessment independent an performed e ’ Group the evaluated e ’ Group the evaluated e ’ Group the assessed e We assessed the historical experience used in used experience historical the We assessed assess to contracts customer selected We confirmed by and product by trends data channel We analyzed

evaluation. ’ Group Group the to results these and compared TRAF of accruals for sales returns and certain Customer Customer and certain returns sales for accruals fiscal from accruals recorded comparing by Programs and Customer returns subsequent actual to 2019 year Programs positions having more than a 50% likelihood to be be to likelihood a 50% than more having positions examination. upon sustained - W - W accrual process, including controls over the key the over controls including process, accrual assumptions. the performed others, amongst have, we Furthermore, procedures: following - certain and returns sales for accrual g the estimatin Group of combination a using Programs Customer and returns sales, of information historical internal Customer Programs channel -party third and reliable relevant and contracts, sell and ry invento - and returns sale to related conditions and terms the Programs. Customer certain - rati quarterly 2020 fiscal comparing region years. fiscal - W response Our management We have analyzed Group the over controls its and TRAF of interpretation the to relate which tax uncertain the of assessment in the application We position. have te ’ Group the over controls key selected process. benefit professionals tax Swiss involved have we Furthermore, assisted have who knowledge, and skills specialized with proc following the performing us in benefit. tax unrecognized the on impact potential - W Our response Our management We have analyzed returns product for accruals these estimate to controls ting opera the tested We have programs. customer and ’ Group the over controls key selected of effectiveness 51

s interpretation s interpretation

earned amounts is the key is key the amounts earned ’ Summary of Significant Accounting Policies Policies Accounting Significant of Summary Balance Sheet Components Sheet Balance

cycle which are expected to experience experience to expected are which cycle in the canton of Vaud on March 10, 2020. 10, on March Vaud of canton in the ”) Assessment of unrecognized tax benefit resulting from tax reform in Switzerland in reform tax from resulting benefit tax unrecognized of Assessment – 2 - Note – 8 - Note For further information on sales returns, customer programs and the related accounting treatment, refer to the the to refer treatment, accounting related and the programs customer returns, sales on information further For statements: financial consolidated the to Notes following ’ Group the evaluate to required Customer Programs Customer

imate, the testing required a high degree of auditor auditor of degree a high required testing the imate,

to subject often and is complex law tax Swiss judgment auditor complex and therefore interpretation was the in estimating law tax Swiss of and application the to Due position. tax the of resolution ultimate the estimate, this to related uncertainties inherent and judgment auditor of degree high a required testing consideration. audit increased Key Audit Audit Key Matter benefits tax unrecognized gross recorded Group The and interest associated excluding million, of $71.1 the during taken positions tax uncertain for penalties, gross The 2020. 31, March ended year fiscal tax uncertain an include benefits tax unrecognized of enactment the of a result as in Switzerland position Financing AHV and Reform on Tax Act Federal the (“TRAF returns future of predictive being experience Historical and sales returns and $130,220 thousand for Customer Customer for thousand $130,220 and returns sales records Group The 2020. 31, March of as Programs of time the at revenue of a reduction as accruals these on based accruals these estimated Group The sale. planned are that commitments future or data historical uses Group The Group. the by controlled and inventories trends, historical analyzing in judgment sold products customers, the at and located by owned rs, reselle or customers end to customers direct the by relevant other and issues quality product known of stage as such information, product and customer - life product sales for accrual the estimate to used assumption inherent the to Due Programs. Customer and returns predictive the of relevance the to related uncertainties the of determination the to experience historical est Key Audit Audit Key Matter for thousand $30,267 of accruals recorded Group The returns. or discounting high unusually consideration. audit increased required and judgment

of

refer to the following Notes to to Notes following the to refer

Regula Tobler Regula Expert Audit Licensed

52

:

Income Taxes Income Summary of Significant Accounting Policies Policies Accounting Significant of Summary

Note 2 - 2 Note – – 7 Note

– – For further information on the income tax balances and related accounting treatment, accounting related and balances tax income the on information further For statements financial consolidated the

recommend that the consolidated financial statements submitted to you be approved. be you to submitted statements financial consolidated the that recommend Auditor in Charge Auditor 2020 27, May Zurich, Rolf Hauenstein Rolf Expert Audit Licensed KPMG AG KPMG

We We confirm that we meet the legal requirements on licensing according to the Auditor Oversight Act (AOA) and independence independence and (AOA) Act Oversight Auditor the to according licensing on requirements legal the meet we that confirm We independence. our with incompatible circumstances no are there and that AOA) 11 article and CO 728 (article control internal an that confirm we 890, Standard Auditing Swiss and 3 CO 1 item paragraph 728a article with accordance In instructions the to according statements financial consolidated of preparation the for designed been has which exists, system Report on Other Legal Requirements Legal Other Report on directors. of board the

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

) ) ) —

1.27 1.23 (116 8,878 8,930 4,969 (4,908 (2,437 96,353 23,723

164,038 168,971 909,241 435,489 143,760 679,508 229,733 232,265 208,542 208,542 2018 2,566,863 1,648,744

$ $ $ $

) — —

1.56 1.52 (436 8,375 13,560 13,342 98,732 14,290 11,302 271,133 257,573 257,573 165,609 168,965 488,263 161,230 773,817 263,194 2019 2,788,322 1,737,969 1,037,011

$ $ $ $

)

—

Years Ended MarchYears 31, 144 2.70 2.66 9,619

38,212 14,785 94,015 17,563 23,247 324,326 449,723 166,837 169,381 533,324 177,593 845,886 276,495 449,723 2020 (125,397 1,838,685 1,122,381 2,975,851

$ $ $ $

S.A.

53

related costs - LOGITECH INTERNATIONAL

(In thousands, except per share amounts) per share except thousands, (In CONSOLIDATED STATEMENTS OF OPERATIONS CONSOLIDATED STATEMENTS

The accompanying notes are an integral part of these consolidated financial statements.

Total operating expenses Diluted Basic Diluted Net income Basic Research and development General and administrative Amortization of intangible assets and acquisition Change fairin value of contingent consideration for business acquisition Restructuring charges (credits), net Gross profit Marketing and selling Weighted average shares used to compute net income per share: Net income Loss from discontinued operations, net of income taxes Net income per share: Operating income Interest income Other income (expense), net Income before income taxes Provision for income taxes Cost of goods sold Amortization of intangible assets and purchase accounting effect on inventory Operating expenses: Net sales

) —

127 5,860 3,955 5,808 7,251 (8,499 208,542 215,793 2018

$ $

) ) ) ) )

(510 (181 1,781 1,810 (7,790 (7,353 (12,243 245,330 257,573 2019

$ $

) ) ) ) — Years Ended MarchYears 31,

762 205 (813 (8,270 (6,846 (14,962 434,761 449,723

2020

$ $ S.A.

54 thousands) (In

LOGITECH INTERNATIONAL

CONSOLIDATED STATEMENTS OF COMPREHENSIVECONSOLIDATED STATEMENTS INCOME (LOSS)

The accompanying notes are an integral part of these consolidated financial statements.

Total other comprehensive income (loss) Reclassification of hedging loss (gain) included costin of goods sold Net gain (loss) and prior service credits (costs), net of taxes Reclassification of amortization included otherin income (expense), net Deferred hedging gain (loss), net of taxes Currencytranslation gain (loss), net of taxes Reclassification of currency translation loss included in other income (expense), net Total comprehensive income Hedging gain (loss): Currencytranslation gain (loss): Defined benefit plans: Othercomprehensive income (loss): Net income

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

) )

30,148 56,655 69,116 78,552 36,384 93,582 604,516 383,309 293,495 343,684 118,999 132,453 283,922 433,897 717,819 847,785

2019 (169,802 (105,698

1,365,036 1,176,339 2,024,124 1,350,436 2,024,124

$ $ $ $

) )

March 31, 40,788 30,148 75,097 74,920 76,119 259,120 455,024 714,144 119,274 874,206 715,566 394,743 229,249 400,917 126,941 345,019 2020 (185,896 (120,660 2,363,474 1,690,579 1,489,268 1,414,478 2,363,474

$ $ $ $

50,000 at

34,621 at S.A.

— — 31, 2020 and

55 and 2019

13) 31, 2020 LOGITECH INTERNATIONAL

Assets

CONSOLIDATED BALANCE SHEETS CONSOLIDATED (In thousands, except per share amounts) per share except thousands, (In 6,210 and 7,244 shares at March

— 0.25 par value:

73,106 at March Liabilities and Shareholders' Equity Shareholders' and Liabilities

—1

in capital

The accompanying notes are an integral part of these consolidated financial statements.

current liabilities

current liabilities: current assets: Total shareholders' equity March 31, 2020 and March 31, 2019 Additional shares that may be issued out of authorized capital March 31, 2020 and March 31, 2019 Total liabilities Issued shares Additional shares that may be issued out of conditional capitals Total current liabilities Total assets Total current assets Retained earnings Accumulated other comprehensive loss Additional paid- Shares treasury,in at cost 2019, respectively Registered shares, CHF Accrued and other current liabilities Income taxes payable Other non- Other assets payable Accounts Property,and plant equipment, net Goodwill Other intangible assets, net Cash and cash equivalents Accounts receivable,net Inventories Othercurrent assets

Commitments and contingencies (Note Shareholders' equity: Non- Current liabilities: Non- Current assets:

) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) — —

(11 237 (669 4,730 7,141 6,789 6,423 (5,000 (4,908 (1,240 (6,789 (6,053 41,910 94,414 41,295 15,607 44,138 16,047 17,695 44,655 (30,722 (29,813 (26,363 (16,908 (39,748 (88,323 547,533 641,947 208,542 346,261 2018

(128,704 (104,248 (127,873

$ $

) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) — — — — —

124 (816 (230 5,700 (2,717 (1,505 (5,203 (8,800 51,278 18,057 43,471 24,180 50,265 (35,930 (32,449 (30,770 (10,134 (37,431 (12,257 (58,798 (21,551 (19,134 641,947 604,516 305,181 257,573 2019 (133,814 (173,345 (113,971 (159,133

$

$

) ) ) ) ) ) ) ) ) ) ) ) ) ) ) ) — — — — Years Ended MarchYears 31,

756 (345 (936 1,037 (7,060 12,091 22,241 42,893 30,858 54,870 23,247 60,388 18,319

(15,480 (39,484 (91,569 (11,964 (50,437 (24,280 (39,767 (15,768 (24,250 604,516 715,566 425,000 111,050 449,723 2020 (130,234 (124,180 (176,656 (159,853

S.A. $

$

56

thousands) (In

LOGITECH INTERNATIONAL

CONSOLIDATED STATEMENTS OF CASH FLOWSCONSOLIDATED STATEMENTS

term investments

-

term investments

-

The accompanying notes are an integral part of these consolidated financial statements.

based compensation expense -

Net increase (decrease) in cash, cash equivalents and restricted cash Net cash used in financing activities Net cash used in investing activities Net cash provided by operating activities operating by provided cash Net Accounts receivable, net Inventories Other assets payable Accounts Accrued and other liabilities Deferred income taxes Change fairin value of contingent consideration for business acquisition Other Gain on sale of investment a in privately held company Changes in assets and liabilities, net of acquisitions: Depreciation Amortization of intangible assets Share Gain investments on Purchases of registered shares Payment of contingent consideration for business acquisition Proceeds from exercises of stock options and purchase rights Tax withholdings related to net share settlements of restricted stock units Proceeds from sale of property, plant and equipment Purchases of trading investments Proceeds from sales of trading investments Payment of cash dividends Purchases of property, plant and equipment Investment privately in held companies Acquisitions, net of cash acquired Proceeds from return of investments Purchases of short Sales of short Net income Adjustments to reconcile net income to net cash provided by operating activities: and restricted cash beginning of at cash and restricted cash equivalents Cash, period the at cash end the of and restricted cash equivalents Cash, period Effect of exchange rate changes on cash, cash equivalents Cash flows from financing activities: financing flows from Cash Cash flows from investing activities: investing flows from Cash activities: operating flows from Cash

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

— 3,869 15,051

$ $

— 3,983 15,312

$ $

5,021 42,350 20,851

S.A. $ $

57 thousands) (In

LOGITECH INTERNATIONAL

(Continued) FLOWS OF CASH STATEMENTS CONSOLIDATED The accompanying notes are an integral part of these consolidated financial statements. cash investing activities: investing cash - Equity and debt investment in a privately held company Income taxes paid, net Non Property,and plant equipmentpurchased duringthe period and included in period end liability accounts Supplemental cash flow cash information: Supplemental Supplementary Cash Flow Disclosures:

) ) ) ) ) ) ) ) ) )

57,209 41,910 44,317 18,057 50,467 22,241 54,824 (30,722 (29,813 (10,882 (32,449 (30,770 (50,437 (24,280 856,111 215,793 245,330 434,761 Total (124,180 (104,248 (113,971 1,489,268 1,050,557 1,176,339

$ $ $ $

) ) ) ) ) )

— — — — — — — — — — — — — — — — —

7,251

(14,962 (93,455 (12,243 (105,698 (120,660 (100,706 loss other

Accumulated comprehensive $ $ $ $

) ) ) )

— — — — — — — — — 53,912 (10,882 449,723 208,542 257,573 (113,971 (124,180 (104,248 1,365,036 1,690,579 1,074,110 1,232,316 earnings Retained

$ $ $ $

) ) ) ) ) ) )

— — — — — — — — — — —

7,531 20,802 16,659 17,684 20,595 18,478 (50,437 (30,722 (32,449 S.A. (169,802 (185,896 (174,037 (165,686

Amount

$ $ $ $

) ) ) ) ) )

— — — — — — — — — — — 863 808 (575 7,244 1,251 6,210 8,527 (1,516 (1,101 (1,184 (1,527 (1,536 Treasury shares Treasury 10,727 Shares

) ) )

58

— — — — — — — — in - 5,582 3,297 10,526 50,467 54,824 21,315 44,317 56,655 75,097 26,596 47,234 (51,572 (41,964 (48,291 capital paid thousands) (In

Additional $ $ $ $

— — — — — — — — — — — — — — — — — — — — 30,148 30,148 30,148 30,148 LOGITECH INTERNATIONAL

Amount $ $ $ $

— — — — — — — — — — — — — — — — — — — — 173,106 173,106 173,106 173,106 Shares Registered shares

CONSOLIDATED STATEMENTS OF CHANGES INCONSOLIDATED STATEMENTS SHAREHOLDERS' EQUITY The accompanying notes are an integral part of these consolidated financial statements.

31,2020 31,2019 based compensation based compensation based compensation

Issuanceshares of upon vesting of restrictedstock units Share- Cashshare) dividends ($0.74 per March Share- Cashshare) dividends ($0.69 per March Total comprehensive income Purchasesshares registered of sharesSale of of upon exercise stock purchaseoptions rights and Total comprehensive income Purchasesshares registered of sharesSale of of upon exercise stock purchaseoptions rights and Issuanceshares of upon vesting of restrictedstock units Issuanceshares of upon vesting of restrictedstock units Share- Cashshare) dividends ($0.63 per March31, 2018 Cumulativeeffect adoption of of accountingnew standard (Note 2) Cumulativeeffect adoption of of accountingnew standard (Note 2) Total comprehensive income Purchasesshares registered of sharesSale of of upon exercise stock purchaseoptions rights and March 31, 2017

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

based ion andion

week periods, each

S.A.

Business Acquisitions" for more information. category company designing products that enable - use assets, valuation of investment privately in held - 59

of - brand, multi 31. Interimquarters are generally thirteen- LOGITECH INTERNATIONAL s best knowledge of current events and actions that may impact the Company ’ More than 35 ago,years Logitech created products to improve experiences around

NOTESFINANCIAL TO CONSOLIDATED STATEMENTS

tailers, and indirect sales through distributors.

fiscal year ends on March

Summary of Significant Accounting Policies Accounting Significant of Summary s, Switzerland and headquarters in Lausanne, Switzerland, which conducts its business through subsidiaries Logitech International S.A, together with its consolidated subsidiaries (Logitech or the Company), designs, The Company sells its products to a broad network ofdomestic and international customers, including direct Logitech was founded in Switzerland in 1981 and Logitech International S.A. has been the parent holding References to "sales" inthe notes to the consolidated financial statementsmeans net sales, except as The consolidated financial statements include the accounts of Logitech ansubsidiaries.d its All intercompany The Company's The preparation of financial statements conformity in with U.S. GAAP requires management to make The1— Company 2— the personal PC platform, today and it is a multi- Note manufactures and marketsproducts that have an everyday place inpeople's lives, connecting them to the digital experiences they care about.

better experiences consuming, sharing and creating any digital content such asmusic, gaming, video and computing, whether it is on a computer, mobile device or the in cloud. sales to retailers and e- company of Logitech since 1988. Logitech International S.A. is a Swiss holding company with its registered office in Apple thein Americas, Europe, Middle East and Africa (EMEA) and Asia Pacific. Shares of Logitech International S.A. are listed on both the SIX Swiss Exchange under the trading symbol LOGN and the Nasdaq Global Select Market under the trading symbol LOGI. Acquisitions Business In October 2019, the Company acquired GeneralWorkings, Inc. During fiscal year 2019, the Company acquired Blue Microphones Holding Corporation. See "Note 3 - Reference to Sales otherwise specified. Note Basis ofPresentation balances and transactions have been eliminated. The consolidated financial statements are presented in accordance with accountingprinciples generally accepted the United in States(U.S.GAAP). Fiscal Year periodic reassessment of its fair value, valuation of right judgments, estimates and assumptions that affect the amounts reported thein consolidated financial statements. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. Significant estimates and assumptions made by management involve the fair value of goodwill, intangible assets acquired from business acquisitions, contingent consideration for a business acquisit ending on a Friday. For purposes of presentation, the Company has indicated its quarterly periods end on the last day of the calendar quarter. Use of Estimates companies classified under Level 3 fair value hierarchy, pension obligations, warranty liabilities, accruals for customer incentives, cooperative marketing, and pricing programs (Customer Programs) and related breakage when appropriate, accrued sales return liability, allowance for doubtful accounts, inventory valuation, share- compensation expense, uncertain tax positions, and valuation allowances for deferred tax assets. Although these estimates are based on management thein future, actual results could differmaterially fromthose estimates.

es.

for certain products and related software, line basis, which reflects the pattern of - or less.

PCS”) one year

60 ( Continued ) Continued ( s sales contracts with its customers have a one year or ’ 19 on the global economy and demand for the Company's products and - contract customer support (“

-

19 pandemic on the Company's business and operational and financial - experienced disruptions and higher costs in manufacturing, supply chain, logistical

may include embedded software that function together, and are considered as one 19 pandemic not improve or worsen, or if the Company's attempt to mitigate its impact - end rates of exchange for assets and liabilities and monthly average rates for sales,

s payments for Customer Programs related to current period product revenue. The estimated he COVID ’ 19 and the measures taken many by countries response in have contributed to a general slowdown in ncertainties -

Summary of Significant Accounting Policies Accounting Significant of Summary cies The functional currency of the Company's operations is primarily the U.S. Dollar. Certain operations use the COVID Substantially all revenue recognized by the Company relates to the contracts with customers to sell products The Company also provides post Revenue is recognized when a customer obtains control of promised goods or service anin amount that The Company normally requires payment from customers within thirty to sixty days from the invoice date. The transaction price received by the Company from sales to its distributors, retail companies ("retailers"), and 2— eceives a distinct good or service from the customerand can reasonably estimate the fair value of that good or the global economy andadversely affected, and could thein future adversely affect, the Company's business and operations. The Company has operations and outsourced services, and shortages of the Company's products in distribution channels. The full extent of the impact of the COVID performance and condition is currently uncertain and will depend on manyfactors outside the Company's control, including but not limited to the timing, extent, duration and effects of the virus and any of its mutations, the development and availability of effective treatments and vaccines,the imposition of effective public safety andother protective measures, the impact of COVID shorter term.The Company applies the practical expedient of not disclosing the value of unsatisfied performance obligations for contracts with an original expected duration of that allow people to connect through music, gaming, video, computing, and other digital platforms.These products hardwareare devices, which performance obligation. Hardware devices are generally plug and play, requiring no configuration and little or no installation. Revenue is recognized at a point timein when control of the products is transferred to the customer which generally occurs upon shipment. The Company which includes unspecified software updates and upgrades, bug fixes and maintenance. The transaction price is allocated to two performance obligations in such contracts, based on relativea standalone selling price. The transaction price allocated to PCS is recognized as revenue on a straight Note services. Should t on its operations and costs is not successful, the Company's business, results of operations, financial condition and prospects may be adversely affected. reflects the transaction price the Company expects to receive exchangein for those goods or servic Curren Euro, Chinese Renminbi, Swiss Franc, or other local currencies as their functional currencies. The financial statements of the Company's subsidiaries whose functional currency is other than the U.S. Dollar are translated to U.S. Dollars using period- income and expenses. Cumulative translation gainsand losses are included as a component of shareholders' equity in accumulated other comprehensive loss. Gains and losses arising from transactions denominated in currencies other than a subsidiary's functional currency are reported in other income (expense),net in the consolidated statements of operations. Recognition Revenue impact of these programs is recorded as a reduction of transaction price or as an operating expense if the Company r service received. Certain Customer Programs require management to estimate the percentage of those programs which will not be claimed or will not be earned by customers based on historical experience andon the specific terms and conditions of particular programs. The percentage of these Customer Programs that will not be claimed However, terms may vary customer by type, by country and sellingby season. Extended payment terms are sometimes offered to a limited number of customers the during second and third fiscal quarters. The Company does not modify payment termson existing receivables. The Company's contracts with customers do not include significant financing components as the period between the satisfaction of performance obligations and timing of paymentare generally one within year. authorized resellers iscalculated as selling price net of variable consideration which may include product returns and the Company delivery of PCS, over the estimated term of the support that is between one to two years. Deferred revenue associated with remaining PCS performance obligation as of March 31, 2020 and March 31, 2019 was not material. Risks and U

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

negotiated terms,

09 outlines a new, single, based incentives. Consumer are considered variable consideration,

ased incentives to many of its customers and

expected future product returns qualify as variable

61 ( Continued ) Continued ( changes to these estimates related to performance obligations

09, "Revenue from Contracts with Customer (Topic 606)" (ASU

”) collected fromcustomers, if applicable, which are remitted to

cycle. through, the type of customer, seasonality,product quality issues, competitive et acceptance of products, the competitive environment, new product introductions added taxes (“VAT policies and procedures, and other factors. Return rates can fluctuate over time but are

users. In addition, the Company offers performance-b

Summary of Significant Accounting Policies Accounting Significant of Summary

09). The Company adopted this standard effective April 1, 2018 using the modified retrospective method The Company enters into cooperative marketing arrangements with many of its customers and with certain Customer incentive programs include consumer rebates and performance- Cooperative marketing arrangements and customer incentive programs The Company has agreements with certain customers that contain terms allowing price protection credits to be Product return rights vary customer. by Estimates of Typically, variable consideration does not need to be constrained as estimates are based on predictive The Company regularly evaluates the adequacy of its estimates for Customer Programs and product returns. Sales taxes and value- In May 2014, the FASB issued ASU 2014- 2— l notl occur. pairment. Return trends are influenced by product life cycle status, new product introductions, market acceptance indirect partners, allowing customers to receive a credit equal to a set percentage of their purchases of the Company's products, or a fixed dollar amount for various marketing and incentive programs.The objective of these arrangements is to encourage advertising and promotional events to increase sales of the Company's products. or earned is commonly referred to as "breakage". The Company accounts for breakage as part of variable consideration, subject toconstraint, and records the estimated impact the in same period when revenue is recognized at the expected value. Significant management judgments and estimates are used to determine the impact of the program and breakage in any accounting period. indirect partners based on predetermined performance criteria. At management's discretion, the Company also offers special pricing discounts to certain customers.Special pricing discounts are usually offered only for limited time periods or for sales of selected products to specific indirect partners. rebates are offered to the Company's customers and indirect partners at the Company's discretion for the primary benefit of end- which the Company estimates and records as a reduction to revenue at the time of sale based on historical experiences, forecasted incentives, anticipated volume offuture purchases, and inventory levels in the channel. issued thein event of a subsequent price reduction. Management's decision to make price reductions is influenced productby cycle lifestage, mark and other factors. Accruals for estimated expected future pricing actions are recognized at the time of sale based on analyses of historical pricing actions customerby and by product, inventories owned by and located at customers, current customer demand, current operating conditions, and other relevant customer and product information, such as stage of product life- Note consideration and are recorded as a reduction of the transaction price of the contract at the time of sale based on an analyses of historical return trends customer by and by product, inventories owned by and located at customers, current customer demand, current operating conditions, and other relevant customer and product information. The Company assesses the estimated asset for recovery value for impairment and adjusts the value of the asset for any im of products, sales levels, product sell- pressures, operational sufficiently predictable to allow the Company to estimate expected future product returns. Future market conditions and product transitions may require the Company to take action to change such programs and related estimates. Wh theen variables used to estimate these costs change, or if actual costs differ significantly from the estimates, the Company would be required to increase or reduce revenue or operating expenses to reflect the impact. During the year ended March 31, 2020, satisfied in prior periods were not material. applied to those contracts that were notcompleted as of April 1, 2018. ASU 2014- governmental authorities are not included revenue,in and are reflected as a liability on the consolidated balance sheets. 2014- historical data or future commitments that are planned and controlled by the Company. However, the Company continues to assess variable consideration estimates such that it is probable that a significant reversal of revenue wil

62,557 404,577 320,653 1,221,434

As of April 1, 2018 April

$

)

6,195 (10,882 105,768 122,845

of Topic 606 Topic of

Effect of Adoption $

specific guidance. Under the new guidance, material contract liabilities balances or -

56,362 281,732 214,885 1,232,316 As of March 31, 2018 31, March

62 $

b) reclassifications of certain allowances for sales returnsand certain other Customer

related to research, design and development of products, which consist primarily of personnel, product

The Company's shipping and handling costs are included costin of goods sold in the consolidated statements The Company records accounts receivable from contracts with customers when it has an unconditional right to The Company records contract liabilities when cash payments are received or due in advance of performance, The Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the Costs As of March 31, 2020 and 2019, the Company did not have any Advertising costs are recorded as either a marketing and selling expense or a deduction from revenue as they

As a result of the adoption of the new standard, the Company recorded: a) a reduction to retained earnings as The cumulative effect of changes the to the consolidated balance sheet from the adoption of Topic 606 was as nsolidated statements of operations.

Accounts receivable, net Other current assets Accrued and other current liabilities Retained earnings of operations for all periods presented. Contract Balances Shipping and Handling Costs Handling and Shipping Programs from accounts receivable, net to accrued and other current liabilities and other current assets. comprehensive model for entities to use accountingin for revenue arising from contracts with customersand supersedes existing revenue recognition guidance, including industry of April 1, 2018, and follows (in thousands): recognition of revenue occurs when a customer obtains controls of promisedgoods or services in an amountthat reflects the consideration to which the entity expects to be entitled inexchange for those goods or services. The standard requires reporting companies to disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. consideration, as accounts receivable, net on the consolidated balance sheet. primarily for implied support and subscriptions. Contract liabilities are included in accrued and other current liabilities on the consolidated balance sheets. amortization period of the assets that otherwise would have been recognized is one year or less. These costs are included in marketing and selling expenses in the consolidated statements of operations. As of March 31, 2020 and March 31, 2019, the Company did not have any material deferred contract costs. Contract Costs Contract changes. Costs Development and Research design and infrastructure expenses, are charged to research and development expense as they are incurred. Advertising Costs Advertising Note 2—Summary of Significant Accounting Policies ( Continued) ( Policies Accounting Significant of 2—Summary Note are incurred. Advertising costs paid or reimbursed by the Company to direct or indirect customersmust have an identifiable benefit and an estimable fair value in order to be classified as an operating expense. If these criteria are not met, the payment is classified as a reduction of revenue. Advertising costs recorded as marketing and selling expense are expensed as incurred. Total advertising costs including those characterized as revenue deductions during fiscal 2020,years 2019 and 2018 were $298.6 million, $278.2 million and $233.7 million, respectively, out of which $64.5million, $58.8 million, and$36.7million, respectively, included were operating as expense the in co

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

% % % % n

15 13 14 15

2018 2019

specific risks risks specific

-

of loss entory. Such % %

% % March 31, 13 14

12 12

2019

2020

% %

Years EndedMarch 31, Years 12 14

down is determined by the excess

out basis. The Company records 2020 -

The write- in, first

- 63

cost basis for that inventory are established and subsequent -

cancelable, and unhedged inventory purchase commitments excess in of

rthiness and financial condition of specific customers, as well as its historical experience with bad

wo

-

down costin of goods sold at the time of such determination. inancial instruments that potentially subject the Company to concentrations of credit risk consist principally of downs of inventories which are obsolete or in excess of anticipated demand or net realizable value based on a The Company classifies all highly liquid instruments purchased withan original maturity of three months or The Company manages its accounts receivable credit risk through ongoing credit evaluation of its customers' Allowances for doubtful accounts are maintained for estimated losses resulting from the Company's The Company had the following customers that individually comprised 10% or more of accounts receivable: All of the Company's bank time deposits have an originalmaturity of three months or less and are classified as Inventories are stated at the lower of cost and net realizable value. Costs are computed under the standard The Company had the following customers that individually comprised 10% or more of its gross sales: F The Company sells to large distributors and retailers and, as a result, maintains individually significant As of March 31, 2020 and 2019, the Company also recorded a liability of $9.6 million and $14.1 million, - A Customer B Customer A Customer B Customer

less at the date of purchase to be cash equivalents. Cash equivalents are carried at cost, which approximates their fair value.

and the financial condition of its distribution channels. Inventories financial conditions. The Company generally does not require collateral from its customers. customers' inability to make required payments. The allowances are based on the Company's regular assessment of the credit debts and customer deductions, receivables aging, current economic trends, geographic or country Allowances for Doubtful Doubtful Accounts for Allowances Concentration of Credit Risk Credit of Concentration cash equivalents and are recorded at cost, which approximates their fair value. costmethod, which approximates actual costs determined on the first Note 2—Summary of Significant Accounting Policies ( Continued) ( Policies Accounting Significant of 2—Summary Note cash and cash equivalents and accounts receivable. The Company maintains cash and cash equivalents with various financial institutions to limit exposure with any one financial institution, but is exposed to credit risk the in event of default by financial institutions to the extent that cash balances with individual financial institutions are i excess of amounts that are insured. receivable balances with such customers. Cash Equivalents write consideration of marketability and product life cycle stage, product development plans, component cost trends, historical sales and demand forecasts which consider the assumptions about future demand and market conditions. Inventory on hand which is not expected to be sold or utilized is considered excess, and the Company recognizes the write- of cost over net realizable value. Net realizable value is the estimated selling price thein ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. theAt time recognition, new cost basis per unit and lower liability is included in accrued and other current liabilities on the consolidated balance sheets. respectively, arising fromfirm, non- anticipated demand or net realizable value consistent with its valuation of excess and obsolete inv changes factsin and circumstances would not result in an increase in the cost basis. ysis use - line method -

differences resulting

lived intangible assets,

line method. Plant and buildings are depreciated over - 64 ( Continued ) Continued ( lived intangible asset is measured by comparing the projected to ten years. Intangible assets with indefinite lives, which include only e-

lived assets, such as property and equipment, and finite- - five years, equipment over useful lives from three to five years, internal -

deterioration in general economic conditions, negative developments equity in and credit 31 ormore frequently if indicators of impairment exist or if a decision is made to sell or exit a

Lived Assets

repairsare expensed as incurred. The Company capitalizesthe cost of software developed for

ps and contracts. Intangible assets with finite lives, which include acquired technology, trademarks, Summary of Significant Accounting Policies Accounting Significant of Summary Property, plant and equipment are stated at cost. Additionsand improvements arecapitalized, and Depreciation expense is recognized using the straight When property and equipment is retired or otherwise disposed of, the cost and accumulated depreciation are The Company's intangible assets principally include goodwill, acquired technology, trademarks, and customer The Company reviews long The Company provides for income taxes using the asset and liability method, which requires that deferred tax Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable In reviewing goodwill for impairment, the Company has the option to first assess qualitative factors to are over useful lives from three to ten years, tooling over useful lives from sixmonths to one year, and 2— xception of potential tax law or tax rate changes. The Company records a valuation allowance to reduce deferred internal use connectionin with major projects. Costsincurred during the feasibility stage are expensed, whereas direct costs incurred during the application development stage are capitalized. maintenance and Equipment and Plant Property,

softw leasehold improvements over the lesser the term of the lease or ten years. Note estimated useful lives of twenty relieved from the accounts and the net gain or loss is included operatingin expenses. Intangible Assets Intangible over their useful lives ranging from two goodwill, are recorded at cost and evaluated at least annually for impairment. - Long of Impairment customer relationships and contracts, and others are carried at cost and amortized using the straight relationshi for impairment whenever events indicate that the carrying amounts might not be recoverable. Recoverability of property and equipment, and other finit determine whether the existence of events or circumstances leads to a determination that it is more likely than not (greater than 50%) that the estimated fair value of a reporting unit is less than its carrying amount. For the year ended March 31, 2020, the Company elected to perform a qualitative assessment and determined that an impairment notwas more likely than not and no further analysis required.was The Company also may elect not to perform the qualitative assessment and, instead, proceed directly to the quantitative impairment test. The ultimate outcome of the goodwill impairment review for a reporting unit should be the same whether the Company chooses to perform the qualitative assessment or proceeds directly to the quantitative impairment test. Income Taxes assets and liabilities be recognized for the expected future tax consequences of temporary undiscounted netcash flows associated with those assetsto their carrying values. If an asset is considered impaired, it is written down to its fair value, which is determined based on the asset's projected discounted cash flows or appraised value, depending on the nature of the asset. For purposes of recognition of impairment for assets held for use, the Company groups assets and liabilities at the lowest level forwhich cash flows are separately identifiable. intangible assets acquired in each business combination. The Company conducts a goodwill impairment anal Impairment of Goodwill of Impairment tax assets to amounts management believes are more likely than not to be realized. annually at December business. Significant judgments are involved in determining if an indicator of impairment has occurred. Such indicators may include markets, adverse changes in the markets which in an entity operates, increases in input costs that have a negative effect on earnings and cash flows, or a trend of negative or declining cash flows over multiple periods, among others. The fair value that could be realized in an actual transaction may differ from that used to evaluate the impairment of goodwill. from differing treatment of items for tax and financial reporting purposes, and for operating losses and tax credit carryforwards. In estimating future tax consequences, expected future events are taken into consideration, with the e

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

term hare or the effect

based RSUs, the Company based awards granted based term differences market in prices. - 09). The Company adopted this

StockCompensation (Topic 718)":

$3.3 million. The Company further recognized a Carlo simulation method. The grant date fair value

probable. The performance period and the service 65 ( Continued ) Continued ( based awards, including stock options, purchase rights vesting method over requisite service periods of one to three 09, "Compensation- based compensation awards is calculated based on the average graded-

is determined to be

marketable investments in equity and other securities that are accounted under Based Payment Accounting" (ASU 2016- pricing valuation model. The grant date fair value of RSUs which vest upon money share - based RSUsis calculated based on the market price on the date of grant, reduced condition the- material impact on the Company's income tax provision and its results of operations.

ratably over the vesting period of the awards. For performance- based grants of the Company are both approximately three years and the estimated expense - Merton option - - performance participants in the deferred compensation plan may select the mutual funds in which their based compensation expense includes compensation expense for share- Scholes - Summary of Significant Accounting Policies Accounting Significant of Summary based and performance- current trading investments, as they are intended to fund the deferred compensation plan's long- Based Compensation Expense Compensation Based - - when the

The Company's trading investments related to the deferred compensationplan are reported at fair value The carrying value of certain of the Company's financial instruments, including cash equivalents, accounts Basic net income per share is computed by dividing net income the by weighted average outstanding shares. Share- The Company's assessment of uncertain tax positions requires that management makes estimates and The Company also holds non- The Company's investment securities portfolio consists of bank time deposits with an original maturity of three The dilutive effect of- in 2— In March 2016, the FASB issued ASU 2016 -

Net Income per Share Share share price for each fiscal period using the treasury stockmethod. These securities are recorded at fair value based on quoted market prices. Earnings, gains and losses on trading investments are included in other income (expense), net in the consolidated statements of operations. the equity method, which are classified as other assets. In addition, the Company has certain investments without readily determinable fair values due to the absence of quoted market prices, the inherent lack of liquidity, and the fact that inputs used to measure fair value are unobservable and require management's judgment. The Company elected the measurement alternative to record these investments atcost and to adjust for impairments and observable price changes resulting from transactions with the same issuer within the statement of operations. based on quoted market prices. Themarketable securities related to the deferred compensation plan are classified as non- liability. Since compensation deferrals are invested within the confines of the Rabbi Trust which holds the marketable securities, the Company has designated these marketable securities as trading investments, although there is no intent to actively buy and sell securities with the objective of generating profits on short months or less and marketable securities (money market and mutual funds) related to a deferred compensation plan. receivable and accounts payable approximates their fair value due to their short maturities. Fair Value of Financial Instruments Financial of Value Fair Diluted net income per share is computed using the weighted average outstanding shares and dilutive s under employee share purchase plan, and restricted stock units (RSUs). by estimated dividends yield prior to vesting.With respect to awards with service conditions only, compensation expense is recognized related statutes of limitations expire without the assessment of additional income taxes, the Company will be required to adjust the amounts of the related assets and liabilities in the period in which such events occur. Such adjustmentsmay have a equivalents. Dilutiveshare equivalents consist of share- on the grant date fair value. The grant date fair value for stock options and stock purchase rights is estimated using the Black meeting certain market conditions is estimated using the Monte- of time years period of the market is recognized ratably over the service period. judgments about the application of tax law, the expected resolution of uncertain tax positions and other matters. In the event that uncertain tax positions are resolved for amounts different than the Company's estimates, recognizes the estimated expense using a Improvements to Employee Share- standard effective April 1, 2017 using modified retrospective approach. Under the new standard, the Company accounts for forfeitures as they occur. The change in accounting for forfeitures resulted in a cumulative- adjustment to decrease retained earnings as of April 1, 2017 by Note

s ’ to

$18.0 million

out basis. - uponadoption of the upon specifications and in, first - term effects of currency -

$57.2 million

that were previously not recognized because claim activity or costs associated with fulfilling those

$75.2 million

66 ( Continued ) Continued ( by warranty to be free from defects material in and workmanship for idiaries'forecasted inventory purchases.

products, parts or services to repair or replace products satisfaction in of the warranty

effect adjustment to increase retained earnings as of April 1, 2017 by

Summary of Significant Accounting Policies Accounting Significant of Summary Comprehensive income (loss) is defined as the total change in shareholders' equity during the period other Gains and losses for changes the in fair value of the effective portion of the Company's forward contracts Gains or losses from changes the in fair value of forward contracts that offset translation losses or gains on The Company periodically repurchases shares thein market at fair value. Shares repurchased are recorded at The Company enters into foreign exchange forward contracts to reduce the short All of the Company's products are covered 2— come (loss) until the hedged inventory purchases are sold, at which time the gains or losses are reclassified to cumulative- warranty does not provide a service beyond assuring that the product complies with agreed- is not sold separately. The warranty the Company provides qualifies as an assurance warranty and is not treated as a separate performance obligation. The Company estimates cost of product warranties at the timethe related revenue is recognized based on historical warranty claimrates, historical costs, and knowledge of specific product failures that are outside of the Company's typical experience. The Company accrues a warranty liability for estimated costs to provide claims, the warranty liability is adjusted accordingly. If actual product failure rates or repair costs differ from estimates, revisions to the estimated warranty liabilities would be required and could materially affect the Company's results of operations. Comprehensive Income (Loss) obligation. Each quarter, the Company reevaluates estimates to assess the adequacy of recorded warranty liabilities.When the Company experiences changes in warranty periods ranging from one year to five Theyears. warranty period varies by product and by region. The Company than from transactions with shareholders. Comprehensive income (loss)consists of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) is comprised of currency translation adjustments from those entities not using the U.S. Dollar as their functional currency, net deferred gains and losses and prior service costs and credits for defined benefit pension plans, and net deferred gains and losses on hedging activity. Treasury Shares Note new guidance to account for gross excess tax benefits of the related tax deduction had not reduced current income taxes, offset a by valuation allowance of reduce the deferred tax assets to amounts that are more likely than not to be realized. Accrual Warranty Product related to forecasted inventory purchases are deferred as a component of accumulated other comprehensive in cost of goods sold. The Company presents the earnings impact fromforward points in the same line item that is used to present the earnings impact of the hedged item, cost i.e. of goods sold, for hedging forecasted inventory purchases. foreign currency receivables or payables are recognized immediately and included in other income (expense), net in the consolidated statements of operations. cost as a reduction of total shareholders' equity. Treasury shares held may be reissued to satisfy the exercise of employee stock options and purchase rights and the vesting of restricted stock units, or may be canceled with shareholder approval. Treasury shares that are reissued are accounted for using the first fluctuations on certain foreign currency receivables or payables and to hedge against exposure to changes in currency exchange rates related to its subs Derivative Financial Instruments

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020 - 15

- y

Use Software - use (ROU) asset and - of - Internal

lease components asa single time termination benefits and lossimpairment methodology and Credit Losses (Topic 326): time termination benefits are expensed at 13), which was further updated and clarified Goodwill and Other - -

67 ( Continued ) Continued (

02 or Topic 842), which requires a lessee to recognize right 15 is effective for annual and interim periods fiscalin years 15, "Intangibles

13, "Financial Instruments - 15), which clarifies that implementation costs incurred customersby cloud in the reduction of its workforce, lease exit costs, and other costs. Liabilities for costs

the FASB issued ASU 2016 -

use software guidance. ASU 2018- - 02, "Leases (Topic 842)" (ASU 2016-

40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement 13 will have a material impact on its consolidated financial statements and plans to adopt the standard - Summary of Significant Accounting Policies Accounting Significant of Summary The Company's restructuring charges consist of employeeseverance, one- The Company adopted the new standard effective April 1, 2019 and recorded a right In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update Adoption of the standard resulted in the recognition of $31.3 million of ROU assets and $37.4 million of lease In August 2018, the FASB issued ASU 2018- In June 2016,

2— use (ROU) assets and lease liabilities arising from operating and financing leases with terms longer than 12 - of (ASU) No. 2016- associated with a restructuring activity are measured at fair value and are recognized when the liability is incurred, as opposed to when management commits to a restructuring plan. One- ongoing benefits related to the date the entity notifies the employee, unless the employee must provide future service, in which case the benefits are expensed ratably over the future service period. Ongoing benefits are expensed when restructuring activities are probable and the benefit amounts are estimable. Costs to terminate a lease before the end of its term are recognized when the property is vacated. Other costs primarily consist of legal, consulting, and other costs related to employee terminations are expensed when incurred. Termination benefits are calculated based on regional benefit practices and local statutory requirements. Adopted Pronouncements Accounting Recent Restructuring Charges Restructuring

Note liabilities related to the Company's leases on its consolidated balance sheet on April 1, 2019. The difference of $6.1 million represented deferred and prepaid rent for leases that existed and reclassified to ROU assets as of the date of adoption. The adoption of the standard did not have an impact on the Company's consolidated statement of operations, comprehensive income, changes shareholders' in equity or cash flows. lease liability related to its operating leases. The Company used the modified retrospective approach with the effective date as the date of initial application. Accordingly, the Company applied the new lease standard prospectively to leases existing or commencing on or after April 1, 2019. Prior period balances and disclosures have not been restated. The Company elected the package of transitional practical expedients, which among other provisions, allows the Company to not reassess under the new standard the Company's prior conclusions about lease identification, lease classification and initial direct cost, for any existing leases on the adoption date. In addition, for operating leases, the Company elected to account for lease and non- lease component. The Company also made an accounting policy election to not recognize lease liabilities and ROU assets on its consolidated balance sheet for leases that, at the lease commencement date, have a lease term of 12 months or less. months on the consolidated balance sheets and to disclose key information about leasing arrangements. computing arrangements are deferred if they would be capitalized by customers in software licensing arrangements under the internal (Subtopic 350- That Is a Service Contract" (ASU 2018 - did did not have a material impact on the Company's consolidated financial statements. Be To Adopted Pronouncements Accounting Recent Measurement of Credit Losses on Financial Instruments" (ASU 2016- theby FASB through issuance of additional related ASUs, replaces the incurred- requires immediate recognition of estimated credit losses expected to occur formost financial assets, including trade receivables. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. The Company does not expect the adoption of ASU 2016 beginning after December 15, 2019, with early adoption permitted. Entities have the option to apply the guidance prospectively to all implementation costs incurred after the date of adoption or retrospectively. The Compan adopted this standard effective April 1, 2019 using a prospective adoption method. The adoption of ASU 2018 effective April 1, 2020.

on 37 14 13 - April 1, 105,645 105,682

21.

Consideration $ $ $

payable in stock stock in payable Defined Benefits 14 will have a material 1, 2020 and ending on

13), which aims to improve $29.0 million

Retirement Benefits - and interim periods fiscal in beginningyears - does 2018 not ASU expect of the ado ption

Changes to the Disclosure Requirements for Defined 13 is effective for annual andinterim periods in fiscal 68 ( Continued ) Continued ( 12, "IncomeTaxes(Topic 740): Simplifying the Accounting for

13, "Fair Value Measurement (Topic 820): Disclosure Framework 14, "Compensation

does not expect the adoption of ASU 2018-

12 is effective for annual

out)

to financial statement users and reduce unnecessary costs to companies when

20): Disclosure Framework -

12), which eliminates certain exceptions for recognizing deferred taxes for investments, 14), which aims to improve the overall usefulness of disclosures to financial statement

31, 2019 (the "Streamlabs Acquisition Date"), the Company acquired all equity interests of General

Summary of Significant Accounting Policies Accounting Significant of Summary

General (Subtopic 715- - 12 on its consolidated financial statements and plans to adopt the standard effective April 1, 20

Business Acquisitions Business 3— In August 2018, the FASB issued ASU 2018-

In August 2018, the FASB issued ASU 2018- In December 2019, the FASB issued ASU 2019- 2—

The fair value of consideration transferred for the Streamlabs Acquisitionconsists of the following (in Streamlabs is a leading provider of software and tools for professional streamers. The Streamlabs Acquisition is Streamlabs met the definition of a business, and therefore the acquisition is accounted for using the acquisiti

On October Changes to the Disclosure Requirements for Fair Value Measurements" (ASU 2018- Purchase price (cash) Fair value of contingent consideration (earn - Fair value of total consideration transferred

thousands): method. complementary to the Company's gaming portfolio. June 30, 2020 (the "Streamlabs Acquisition"). only upon the achievement of certain net revenues for the period beginning on January Workings, Inc. ("Streamlabs") for a total consideration of $105.7 million (as described thein table below), which included a working capital adjustment, plus additional contingent consideration of the overall usefulness of disclosures preparing fair value measurement disclosures. ASU 2018- years beginning after December 15, 2019. Early adoption is permitted. Retrospective adoption is required, except for certain disclosures which will be required to be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. The Company -

Note Note Note 2020Fiscal Acquisition Year Acquisition Streamlabs will have a material impact on its consolidated financial statements and plans to adopt the standard effective 2020. Plans is effective for annual periods fiscal in years ending after December 15, 2020. Retrospective adoption is required and early adoption is permitted. The Company after December 15, 2020. Early adoption is permitted. The Company is currently assessing the impact of ASU 2019- performing intraperiod allocation and calculating income taxes in interim periods. This also ASU includes guidance to reduce complexity certainin areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidatedgroup. ASU 2019- Benefit Plans" (ASU 2018- users and reduceunnecessary costs to companies when preparing defined benefit plan disclosures. ASU 2018 - Income Taxes" (ASU 2019- impact on its consolidated financial statements and plans to adopt the standard effective April 1, 2020.

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

) ) (37

(3,701

50,313 17,014 37,000 55,406 105,682

Value 25%.

6.0 5.9 2.0 8.0 (years) Estimated Fair

$ $ $ $ $ $

Estimated Life Useful

6,000 9,200

21,800 37,000 Fair Value Fair

31, 2020 is included in "Amortization of

$ $ royalty method, an income approach (Level 3), - from - 69

trade name. The economic useful life was determined based on the ”

(in thousands):

0 0 ( Continued ) Continued (

related costs" in the consolidated statements of operations. out) -

Streamlabs line method of amortization, which materially approximates the distribution of the 31,2020included is "amortization in ofintangible assetsand purchase accounting -

31, 202

Business Acquisitions Business 3— Net identifiable assets acquired Customer relationships represent the fair value of future projected revenue that will be derived from sales to Trade name relates to the “ The following table summarizes the preliminary estimated fair values and estimated useful lives of the The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the The fair value of developed technology was estimated using the excess earnings method, an income approach Intangible assets acquired as result a of the Streamlabs Acquisition are being amortized over their estimated Goodwill related to the acquisition is primarily attributable to opportunities and economies of scale from Developed technology relates to the software platformwhich existing Streamlabs services are provided on. The The fair value of trade name estimatedwas using the relief

Total identifiable intangible assets acquired rojected revenues associated with the intangible assets to determine the amount of savings, which is then Net assets acquired Intangible assets Otheridentifiable liabilities assumed, net Contingent consideration (earn Goodwill Cash and cash equivalents

Developed technology Customer relationships Trade name existing customers of Streamlabs. The economic useful life determinedwas based on historical customer turnover rates and industry benchmarks.

components of identifiable intangible assets acquired as of the Streamlabs Acquisition Date (Dollars in thousands): Streamlabs Acquisition Date, and the value of goodwill resulting from the measurement period adjustmentsin the three monthsending March useful lives using the straight expected life of the tradename the and cash flows anticipated over the forecasted periods. economic value of the identified intangible assets. Amortization of acquired developed technology of $1.5 million during the year ended March combining the operations and technologies of Logitech and Streamlabs, and is not deductible for tax purposes. effect of inventory" in the consolidated statements of operations. Amortization of the acquired customer relationships and trade name of $1.7 million during the year ended March intangible assets and acquisition- economic useful life was determined based on the technology cycle related to developed technology of the software platform, as well as the cash flows anticipated over the forecasted periods.

(Level 3), which converts projected revenues and costs into cash flows. To reflect the fact that certain other assets contributed to the cash flows generated, the returns for these contributory assets were removed to arrive at estimated cash flows solely attributable to the developed technology, which were discounted at a rate of Note Note which estimates the cost savings that accrue to the owner of the intangible assets that would otherwise be payable as royalties or license fees on revenues earned through the use of the asset. royaltyA rate is applied to the p - than 1% of the

Streamlabs

The Company retained 10% of 5% and discountedwas at a

31, 2020. 31, 2020,representing less

70

( Continued ) Continued (

to the net sales for the year ended March

$3.6 million, which was accounted for using the acquisition method.

$13.1 million Business Acquisitions Business 3— The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the

On October 31, 2019, the Company also made an immaterial technology acquisition for a total cash The Company included Streamlabs' estimated fair value of assets acquired and liabilities assumed in its The Company believes the fair values of acquired intangible assets recorded above represents their fair values Blue Microphones met the definition of a business, and therefore the acquisition is accounted for using the On August 21, 2018 (the "Blue Microphones Acquisition Date"), the Company acquired all equity interests in Blue Microphones is a leading audio manufacturer that designs and produces microphones, headphones, The fair value of customer relationships was estimated primarily using the with and without scenario, a Blue Microphones Acquisition Date (in thousands): contributed consideration of consolidated financial statements beginning on the Streamlabs Acquisition Date. The results of operations for Streamlabs subsequentto the Streamlabs Acquisition Date have been included in, but are not material to, the Company's consolidated statements of operations for the endedyear March and approximates the amounts a market participant would pay for these intangible assets as of the Streamlabs Acquisition Date. acquisition method. Blue Microphones Holding Corporation ("Blue Microphones") for total a consideration of $134.8 million cashin (the "Blue Microphones Acquisition"), which included a working capital adjustment and repayment of debt on behalf of Blue Microphones. recording tools, and accessories for audio professionals,musicians and consumers. The Blue Microphones Acquisition supplements the Company's product portfolio. the total consideration for the purpose of ensuring seller's representations and warranties. 2019Fiscal Acquisition Year Acquisition Microphones Blue discounted to determine the fair value. Trade name was valued using royalty rate of rate of 25%. discounted cash flow method (Level 3). Under this method, the Company calculated the present value of the after

tax cash flows expected to be generated by the business with and without the customer relationships using a discountrate of 20%. The without scenario incorporates lost revenue and lost profits over the period necessary to retain the asset. Company's net sales for the year. Note Note

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

) ) ) 997 452 (661

1,110

10,979 19,546 55,567 68,269 88,651 66,506

(10,322 (11,162 134,775

Value related 7.7 5.0 7.0 - 10.0 (years) Estimated Fair

tion $ $ $ $

Estimated Life Useful

25,100 12,500 17,967 55,567 Fair Value Fair

$ $

71 by by Blue Microphones immediately before the acquisition is

line method of amortization, which materially approximates the distribution

-

31, 2020 and 2019, respectively, is included in "amortization of intangible

( Continued ) Continued (

term liabilities

Business Acquisitions Business 3— Net identifiable assets acquired Total identifiable assets acquired Developed technology relates to existing Blue Microphones products. The economic useful life was determined Customer relationships represent the fair value of future projected revenue that will be derived from sales of The following table summarizes the estimated fair values and estimated useful lives of the components of The fair value of the inventory acquired is estimated at its net realizable value, which uses the estimated selling Intangible assets acquired as a result of the Blue Microphones Acquisition are being amortized over their Goodwill related to the acquisition is primarily attributable to opportunities and economies of scale from

Total intangible assets acquired Goodwill Net assets acquired Property,and plant equipment Intangible assets payable Accounts Accrued liabilities Otherlong - Cash and cash equivalents Accounts receivable Inventories Othercurrent assets

Developed technology Customer relationships Trademark and trade name based on the technology cycle related to developed technology of existing products, as well as the cash flows anticipated over the forecasted periods. products to existing customers of Blue Microphones. The economic useful life was determined based on historical customer attrition rates and industry benchmarks.

intangible assets acquired as of the Blue Microphones Acquisition Date (Dollars in thousands): prices, less the cost of disposal and a reasonable profit allowance for the selling efforts.The difference between the fair value of the inventories theand amount recorded $1.8 million, which has been recognized in "amortization of intangibles assets and purchase accounting effect on inventory" in the consolidated statements of operations upon the sale of the acquired inventory. costs" the in consolidated statements of operations. of the economic value of the intangible assets. Amortization of developed technology of $3.6 million, and $2.1 million during the years ended March assets and purchase accounting effect of inventory" in the consolidated statements of operations. Amortization of customer relationships, trademark and trade names of $4.3 million and $2.5 million during the years ended March 31, 2020 and 2019, respectively, is included in "amortization of intangible assets and acquisi estimated useful lives using the straight

combining the operations and technologies of Logitech and Blue Microphones and is not deductible for tax purposes. Note Note

1.27 1.23 4,933

2018 208,542 164,038 168,971

11%. $ $ $

31,

royalty method, 1.56 1.52 - 3,356

2019 165,609 168,965 257,573 related costs are from -

$ $ $

Years Ended March Years 2019have not been

2.70 2.66 2,544 2020 449,723 166,837 169,381

$ $ $

related costs" thein consolidated statements of ”. The economic useful life determinedwas based on

72

2019 and 2018, respectively. The acquisition- basic diluted - Blue Microphones

related costs of approximately $1.5 million, $1.7 million and $1.4 million, in 3%, respectively, and both were discountedat a rate of 11%. 31, 2020, and ( Continued ) Continued (

10%

related costs and pro forma results of of operations results forma pro costs and related

Business Acquisitions Business 3— Weighted average shares outstanding - Basic Diluted Effect of potentially dilutive equivalent shares Weighted average shares outstanding Net4— Income per Share olidated balance sheet beginning on the Blue Microphones Acquisition Date. The results of operationsfor Blue The fair values of developed technology and trade name estimated were using the relief The Company incurred acquisition- Pro forma results of operations for acquisitions completed fiscalin year 2020 and The computations of basic and diluted net income per share for the Company were as follows (in thousands Trademark and trade name relates to “ The fair value of customer relationships was estimated using the excess earnings method, an income approach The Company included Blue Microphones' estimated fair value of assets acquired and liabilities assumed its in The Company believes the fair value of the intangible assets recorded above approximates the amounts a Net income per share:

Income Net Shares used in net income per share computation: incomeshare per net in used Shares Note except per share amounts): included in "Amortization of intangible assets and acquisition- operations. presented because the effects of these acquisitions are not material to the consolidated statements of operations individually or aggregatein for each year. Microphones subsequent to the Blue Microphones Acquisition Date have been included in, but are notmaterial to, the Company's consolidated statements of operations. - Acquisition aggregate, for the year ended March (Level 3), which converts projected revenues and costs into cash flows. To reflect the fact that certain other assets contributed to the cash flows generated, the returns for thesecontributory assets were removed to arrive at estimated cash flows solelyattributable to the customer relationships, which were discounted at a rate of cons the expected life of the trade name and the cash flows anticipated over the forecasted periods. an income approach (Level 3), which estimates the cost savings that accrue to the owner of the intangible assets that would otherwise be payable as royalties or license fees on revenues earned through the use of the asset. A royalty rate is applied to the projected revenues associated with the intangible assets to determine the amount of savings, which is then discounted to determine the fair value. The developed technology and trade name were valued using royalty rates of market participant would forpay these intangible assets as of the Blue Microphones Acquisition Date.

Note Note

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020 all

e not

basedawards were excluded because 73 by by the end of the respective period, and those shares wer ( Continued ) Continued (

dilutive. The majority of performance- - were excluded from the calculation of diluted net income per share because the combined exercise

Share equivalents attributable to outstanding stock options, restricted stock units ("RSUs") and employee Net4— Income per Share Note price and average unamortizedgrant date fair value of these options and ESPP or vesting of RSUs were greater than the average market price of the Company's shares during the periods presented herein, and therefore their inclusion would have been anti share purchase rights (ESPP) totaling 1.7 million, 1.8 million and 1.1 million, respectively, during fiscal years 2020, 2019 and 2018

issuable if the end of the reporting period were the end of the contingency period. necessary conditions have not been satisfied

) 4 of 21 24 26

based 6,381 3,733 17,765 16,259 44,138 28,140 (15,998 2018 Months

$ $ Remaining

31,

of grant (in )

31, 2020 31,

3,812 7,368

20,630 18,455 50,265 33,174

(17,091 2019 09 on April 1, 2017. The

March 4,369 1,442 71,545 13,180 90,536

$ $

) Years Ended March Years Expense Unamortized

4,852 9,273 $ $ average basis by type

26,835 13,910 54,870 40,761 (14,109 2020 based compensation included in inventory based compensation inventory in included

- employee directors of stock options, stock

$ $

based compensation expense and the remaining

74

31,2018 was reduced by the income tax provision resulting from the

based compensation expense and total income tax benefit recognized

Income Taxes" for more information.

based RSUs - exercised during the period upon the adoption of ASU 2016-

based compensation expense -

of 29.0 million shares was reserved for issuance under the 1996 and 2006 ESPP plans. As of

31, 2020, the Company offers the 2006 Employee Share Purchase Plan, asamended and 31, 2020, 2019 and 2018, the balance of capitalized stock

U.S.) (2006 ESPP), the 1996 Employee Share Purchase Plan (U.S.), as amended and restated based compensation expense, net of income tax benefit based compensation expense - Employee Benefit Plans based and performance -

based RSUs based awards vested or - The following table summarizes share- As of March Under the 1996 ESPP and 2006 ESPP plans, eligible employees may purchase shares at the lower of 85% The income tax benefit in the respective period primarily consists of tax benefit related to the share- The 2006 Plan provides for the grant to eligible employees and non- As of March The following table summarizes total unamortized share- 5— $0.9 million, $0.9 million, and $0.7 million, respectively. Total unamortized share Total share Total share- Stock Options Time Market ESPP Marketing and selling Research and development General and administrative Income tax benefit Cost of goods sold for fiscal years 2020, 2019 and 2018 (in thousands): restated (Non- (1996 ESPP), the 2006 Stock Incentive Plan (2006 Plan) as amended and restated and the 2012 Stock Inducement Equity Plan (2012 Plan). Shares issued to employees as a result of purchases or exercises under these plans are generally issued from shares held in treasury stock. Note Employee Share Purchase Plans and Stock Incentive Plans appreciation rights, restricted stock RSUs. and Awards under the 2006 Plan may be conditioned on continued employment, the passage of time or the satisfaction of performance and market vesting criteria. The 2006 Plan, as amended, has no expiration date. All stock options under this plan have terms not exceeding ten years and are period over which such expense is expected to be recognized, on a weighted- the fair market value at the beginning or the end of each offering period, which is generally six months. Subject to continued participation thesein plans, purchase agreements are automatically executed at the end of each offering period. aggregateAn March 31, 2020, a total of 4.9 million shares was available for new awards under these plans. thousands, except number ofmonths): compensation expense for the period and direct tax benefit realized, including net excess tax benefits recognized from share- was remeasurement of applicable deferred tax assets and liabilities due to the enactment States of the Tax ActUnited in the on December 22, 2017. See "Note 7 - incometax benefit for theyear ended March

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

% % % % % %

3.0 0.5 31 27

2018

8.69 1.75 1.40 1.67 1.37

$ 31, 2018

% % %

0.5 31

31, elected as a

1.73 2.35 9.33 2019 % % %

3.0 30

$

1.59 2.51

% % %

2019 28,2022. aggregate An free interest rate - 0.5 The Company considers Years Ended March Years

24

1.74 1.81 9.35 2020 Employee Stock PurchasePlansEmployee

pricing valuation model and

Years Ended March Years $ % % % 31, 2020, no shares were vesting termination behaviors.

3.0 -

30

1.76 2.11 2020

* * * * *

2018 31,

Merton option-

- 31, 2020, a total of 8.6 million shares were

% % %

executive board member is not re- 6.2 executive board members underthe 2006 Plan 33

1.72 2.45 2019 Scholes $11.55 -

Stock Options Stock 75 Years Ended March Years

based RSUs, over the expected life. * * * * * * * * - 2020

year year performance period upon meeting predetermined financial

basedRSUs granted to non - - ( Continued ) Continued (

based compensation expense require a number of complex and subjective

sary. Time sary.

100 Index over the same three years period. The Company presents shares granted and vested - of the target of the number of stock units that may potentially vest.

based RSUs granted to employees under the 2006 Plan generally vest fourin equal annual installments - Employee Benefit Plans Carlo simulation method is determined with the following assumptions and values:

free interest rate free interest rate The dividend yield assumption is based on the Company's history and future expectations of dividend payouts. Under the 2012 Plan, stock options and RSUs may be granted to eligible employees to serve as an The estimates of share- The grant date fair value of the awards using the Black - - In fiscal years 2020, 2019 and 2018, the Company granted RSUs with both performance and market Time 5— 100 percent etrics overthree years, with the number of shares to be received upon vesting determined based on weighted

Expected life (years) RSUs with Market Conditions Dividend yield Risk Expected volatility Expected volatility Expected life (years) Weighted average grant date fair value per share Dividend yield Risk average constant currency revenue growth rate and the Company's TSR relative to the performance of companies thein NASDAQ m conditions, which vest at the end of the three- * Not* applicable as no stock options were granted thein period. director at such annual general meeting, the date of the next annual general meeting following the grant date. issued at exercise prices not less than the fair marketvalue theon date of grant. aggregateAn of 30.6 million shares was reserved for issuance under the 2006 Plan. As of March available for new awardsunder this plan. vest on the grant date anniversary, or if earlier and only if the non- on thegrant date anniver The unvested RSUs or unexercised options are not eligible for these dividends. The expected life is based on the purchase offerings periods expected to remain outstanding for employee stock purchase plan, or the performance period for RSUs with market conditions. The expected life for stock options is based on historical settlement rates, which the Company believes are most representative offuture exercise and post Expected volatility is based on historical volatility using the Company's daily closing prices, or including the volatility of components of the NASDAQ 100 index formarket Note at the historical price volatility of its shares as most representative of future volatility. The risk inducement to enter into employment with the Company. Awards under the 2012 Plan may be conditioned on continued employment, thepassage of time or the satisfaction ofmarket stock performance criteria, based on individually written employment offer letter. The 2012 Plan has an expiration date of March of 1.8 million shares was reserved for issuance under the2012 Plan. As of March available for new awards under this plan. assumptions including stock price volatility, employee exercise patterns, probability of achievement of the set performance condition, dividend yield, related tax effects and the selection of appropriate an fair value model. Monte-

8,347 1,707 19,339 40,549 38,733 Aggregate Intrinsic Value Intrinsic (In thousands) (In

$ $ $ $ $

4.2 2.8 -

(Years) Average Average Weighted Remaining Remaining Contractual Term

9 20 39 22 18

Price coupon issues appropriate for the expected life Average Average Exercise - Weighted

$ $ $ $ $

) ) ) ) )

— — —

(65 (16 (82 649 (573 (994 76 2,607 1,969 1,530 3,050 2,040 Shares Number of of Number

(In thousands) (In

( Continued ) Continued (

basedawards.

31, 2020, the exercise price of outstanding options ranged from $2 to $40 per share option.

Employee Benefit Plans The tax benefit realized for the tax deduction from options exercised during fiscal years 2020, 2019 and 2018 For RSUs with performance conditions, the Company estimates the probability and timing of theachievement As of March A summaryA of the Company's stockactivities option under stock all plans for fiscal 2020, years 2019 and 2018 is 5— Exercised Canceled or expired Granted Exercised Canceled or expired Granted Granted Exercised Canceled or expired Outstanding,March 31, 2020 Vested and exercisable, March 31, 2020 Outstanding,March 31, 2018 Outstanding,March 31, 2019 Outstanding,March 31, 2017

was $0.05 million, $0.2 million and $1.8 million, respectively. of the setperformance condition at the time of the grant based on the historical financial performance and the financial forecastin the remaining performance period and reassesses the probability in subsequent periods when actual results or new information become available. assumptions are based upon the implied yieldof U.S. Treasury zero- of the Company's share- Note as follows:

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

81,582 89,159 76,389 167,298 - Fair Value Fair Aggregate based and - (In thousands) (In

$ $ $ $

vities for fiscal

1.3

retirement post (Years) Average Average - Weighted Remaining Remaining Vesting Period Vesting based RSU acti

32 36 14 33 33 20 40 39 29 38 40 22

Average Average applicable employee benefit and tax regulations. Fair Value Fair - Weighted Grant Date 31 each year.

$ $ $ $ $ $ $ $ $ $ $ $

) ) ) ) ) )

409 381 365 77 (561 (333 (323 based and performance- 3,951 6,181 1,212 5,221 1,290 4,421 1,431 - (2,248 (2,148 (1,705 Shares Number of of Number (In thousands) (In

y all oftheir employees.y Benefitsare provided basedonemployees' years

based, market ased ased ased

b b - - -b ( Continued ) Continued (

based based based - - - employment benefit obligations as an asset or liability in its consolidated balance sheets and - arket and performance arket and performance arket and performance based vesting conditions. time time time m m — — — — — Employee Benefit Plans

A summaryA of the Company's time- Certain of the Company's subsidiaries have defined contribution employee benefit plans covering all or a The tax benefit realized for the tax deduction from RSUs that vested during fiscal years 2020, 2019 and 2018 The RSUs outstanding as of March 31, 2020 above include 1.0 million shares with both market Certain of the Company's subsidiaries sponsor defined benefit pension plans or non- The Company recognizes the overfunded or underfunded status of defined benefit pension plans and non-

5— Granted Granted—m Vested Canceled or expired Outstanding,March 31, 2020 Granted Granted Vested Canceled or expired Granted Granted Vested Canceled or expired Outstanding,March 31, 2018 Outstanding,March 31, 2019 Outstanding,March 31, 2017

years 2020, 2019 and 2018 is as follows:

performance- was $12.1 million, $16.2 million and $20.3 million, respectively. Plans Contribution Defined portion of their employees. Contributions to these plans are discretionary for certain plans and are based on specified or statutory requirements for others. The charges to expense for these plans for fiscal years 2020, 2019 and 2018, were $8.6 million, $8.7 million and $7.6 million, respectively. Defined Benefit Plans Note employment benefits covering substantiall of service and earnings, or accordancein with applicable employee benefit regulations. The Company's practice is to fund amounts sufficient to meet the requirements set forth the in retirement post recognizes changes in the funded status of defined benefit pension plans thein year in which the changes occur through accumulated other comprehensive income (loss), which is a component of shareholders' equity. Each plan's assets and benefit obligations are remeasured as of March

) ) ) ) ) ) ) ) ) ) ) —

(51 242

(335 (142 (705 (335 (142 3,350 6,383 3,666 1,126 1,301 3,666 9,506 9,715 9,240

(3,793 (3,482 (1,792 (3,793 (5,315 84,718 90,365 10,564 2018 128,915 143,662

2019 2019 31,

$ $

31,

thousands): ) ) ) employment

- $ $ $ $

(97

450

March ) ) ) ) ) ) ) (443 1,301 9,608 (2,167 — 10,564 2019 (941 (141 (941 (141 (830 2,800 1,055 3,733 2,246 3,799 6,531 3,733

(3,507 (3,507 11,008 98,010 90,365

Years EndedMarch 31, Years Years Ended March Years 160,914 $ $ 143,662

2020 2020 ) ) ) Years Ended Years retirement post (97

(435

1,055 1,386 $ $ $ $ (2,616

11,008 10,301

2020

$ $

78

( Continued ) Continued (

in in the consolidated statements of operations.

”

Employee Benefit Plans The net periodic benefit cost of the defined benefit pension plans and the non - The accumulated benefit obligation for all defined benefit pension plans as of March 31, 2020 and 2019 was The following table presents the changes thein fair value of defined benefit pension plan assets for fiscal The components of net periodic benefit cost other than the service costscomponent are included in the line The changes projectedin benefit obligations for fiscal years 2020 and 2019 were as follows (in 5— Net prior service credit recognized Net actuarial loss recognized Settlement Currency exchange rate changes Fair value of plan assets, end of the year Employer contributions Plan participant contributions Benefits paid Settlement Administrative expenses paid Fair value of plan assets, beginning of the year Actual return on plan assets Currency exchangeratechanges and other Actuarial gains Benefits paid Plan amendment related to statutory change Settlement Administrative expense paid Service costs Service Interest costs Plan participant contributions other income (expense), net

Projected benefit obligations, end of the year Projected benefit obligations, beginning of the year Total net periodic benefit cost Interest costs Expected return on plan assets Amortization: costs Service benefit obligations forfiscal years 2020, 2019 and 2018 as was follows (in thousands):

Note $135.0 million and $118.7 million, respectively. years 2020 and 2019 (in thousands): “

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

) ) ) ) )

912 (420 1,849 3,843

2,675 (9,821 (5,978 (6,398 51,448 53,297 90,365 Total 10,737 27,559 26,823 21,659 90,365 (53,297 143,662

2018

2019 2019 $ $ 31,

$ $

2

— — — —

912 298 ) ) ) )

31,

$ $ $ $ 2019

1,210

Level

) 31, $ $ (267

3,965

March

(13,665 (13,932 (17,630 2019 1 —

2,126 March

60,778 98,010 62,904

(62,904 2,377

Years Ended March Years 160,914 $ $ 27,559 26,823 21,659 89,155 10,737

Level

2020 2020

$ $ ) ) ) )

(941

March 31,

3,647 $ $ $ $

invest per the following allocation:

(19,075 (22,722 (20,016 2020 1,882 2,337 Total 98,010 14,213 28,329 26,605 24,644

$ $ $ $

3 2

— — —

253 2020 8,168 1,882 Level

10,30 $ $

1 —

79 2,084

87,707 14,213 28,329 26,605 16,476 Level

$ $

all risk. Investment strategies and allocation decisions are also diversified investment portfolio will result in the highest attainable -

( Continued ) Continued (

Employee Benefit Plans

current liabilities The Company's investment objectives are to ensure that the assets of its defined benefit plans are invested to The following tablespresent the fair value of the defined benefit pension plan assets major by categories and Amounts recognized in accumulated other comprehensive loss related to defined benefit pension plans were Amounts recognized on the balance sheet for the plans were as follows (in thousands): The funded status of the plans aswas follows (in thousands): 5— - Accumulated other comprehensive loss Accumulated other comprehensive loss, net of tax Total liabilities Total fair value of plan assets

Net prior service credits Net actuarial loss Deferred tax

Current liabilities Non Fair value of plan assets Less: projected benefit obligations Underfunded status Swiss real estate funds Hedge funds Other Cash and cash equivalents Equity securities Debt securities

investmentreturn with an acceptablelevel ofover provide an optimal rate of investment return on the total investment portfolio, consistent with the assumption of a reasonable risk level, and to ensure that pension funds are available to meet the plans' benefit obligations as they become due.The Company believes that a well governed by applicable governmental regulatory agencies. The Company's investment strategy with respect to its largest defined benefit plan, which is available only to Swiss employees, is to by levels within the fair value hierarchy as of March 31, 2020 and 2019 (in thousands): Note 33% in equities, 34% in bonds, 28% in real estate, 2% cash in and cash equivalents and the remaining in other investments. The Company also can invest in real estate funds, commodity funds, and hedge funds depending upon economic conditions. as follows (in thousands):

)

31, 677 (447 8,192 8,541 8,877 8,501 8,128

1,124 43,063 85,302

2.75% 31, 2020 31, 7.25% 7.50%

10.00% 10.00% - - - - - 2019 31,

Year Ended Year $ $

March $ $

0.55% 0.75% 2.50% 2.50% 0.75%

included in operating 6.75% 7.25% 3.00% 10.00% 10.00% Years Ended March Years - - - - - 2020 0.50% 0.55% 0.89% 2.25% 2.50%

31, 2020 and 2019, respectively, based on benefit obligations are expected to be paid, 80

( Continued ) Continued (

31,

Employee Benefit Plans 2030 Total

- The Company expects to contribute $5.8 million to its defined benefit pension plans during fiscal year 2020. The actuarial assumptions for the defined benefit plans for fiscal 2020years and 2019 were as follows: The deferred compensation plan's assets consist of marketable securities and are included otherin assets on One of the Company's subsidiaries offers a deferred compensation plan that permits eligible employees to The discount rate is estimated based on corporate bond yields or securities of similar quality in the respective The following table reflects the benefit payments that the Company expects the plans to pay in the periods The following table presents the amounts included in accumulated other comprehensive loss as of March Amortization of net actuarial loss Amortization of net prior service credits

, whichare expected to be recognized as a component of net periodic benefit cost fiscal in year 2021 (in 5— Total expected benefit payments the by plan 2026 Years Ending March Years 2021 2022 2023 2024 2025 Benefit Obligations: Benefit Discount rate Costs: Periodic

Discount rate Expected average rate ofreturn on plan assets Estimated rate of compensation increase Estimated rate of compensation increase thousands): 2020

make 100% vested salary and incentive compensation deferrals within established limits. The Company does not make contributions to the plan. the consolidated balance sheets. The marketable securities are classified as trading investments and were recorded at a fair value of $20.1 million and $20.4 million as of March Deferred Compensation Plan quoted market prices. The Company also had $20.1 million and $20.4 million in deferred compensation liability as of March 31, 2020 and 2019, respectively. Earnings, gains and losses on trading investments are included in other income (expense), net and corresponding changes in deferred compensation liability are expenses and cost of goods sold. Note based on government bond notes thein respective country, adjusted for corporate risk premiums as appropriate. country, with a duration approximating the period over which the benefit obligations are expected to be paid. The Company bases thecompensation increase assumptions on historical experience and future expectations. The expected average rate of return for the Company's defined benefit pension plans represents the average rate of return expected to be earned on plan assets over the period that the noted (in thousands):

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

) ) —

669 121

3,526 7,055 13,142 23,723 54,330 1,386 2018 2018 (4,613 (2,437 232,265 177,935 2018

$ $ $ $

$ $

)

) ) —

664 816

1,364 (436 13,560 58,147 24,334 1,692 (12,138 2019 2019

(3,608 212,986 271,133 2019

$ $ $ $

$ $

) ) )

Years EndedMarch 31, Years EndedMarch 31, Years

) ) Years EndedMarch 31, Years

method investments during the - 941

5,474 (831 (909 (6,739 86,023 29,078

2020 2020 238,303 324,326 39,011 38,212 (153,210 (125,397 2020

07 effective April 1, 2018. The impact to the $ $ $ $

$ $

81

for details. ”

sale securities and gain (loss) on equity - for

above as a result of adopting ASU 2017- easurement ”

land.

Other

Fair Value M

Note 9 -

Swiss Swiss

Swiss Other income (expense), net comprises of the following (in thousands):

On March 2, 2020, the Company sold its $5.5 million investment in a privately held company for proceeds with The components of net periodic benefit cost other than the service cost component, which is included in The Company is incorporated in Switzerland but operates in various countries with differing tax laws and rates. Incomefrom continuing operations before income taxes forfiscal 2020,years 2019 and 2018 is summarized as The provision for (benefit from) income taxes is summarized as follows (in thousands): Gain on investments, net, represents realized gain (loss) on sales of investments, unrealized gain (loss) from Other6— Income (Expense), net Income7— Taxes Provision for (benefit from)income taxes

Swiss Non- Swiss Non- Income before taxes Deferred: Current: Swiss Non-

Otherincome (expense), net the change in fair value of available-

Note periods presented. a total fair value of $45.3 million consisting of cash, a subordinated note and an equity interest in another privately held company. As a result, the Company recognized a gain of $39.8 million related to the sale of this investment. Refer to “ "operating expenses" in the consolidated statements of operations, for the endedyears March 31, 2020 and 2019 are included thein line “ comparative periods immaterialwas and therefore the prior period statements of operations were not revised. Note Further, a portion of the Company's income (loss) before taxes and the provision for (benefit from) income taxes is generated outside of Switzer follows (in thousands): Gain investment, on net Other Investment income(loss) related to the deferred compensation plan Currency exchange loss, net

) ) ) ) ) ) ) ) — — (10 533

1,835 3,627 5,716 8,703

(9,611 (4,124 (9,376 (1,219 19,743 22,325 23,723 88,758 16,323 52,263 52,304 (18,176 (18,176 (28,375 2018 106,934 135,309 2019

up of $ $

31, up of

) ) ) )

$ $ — —

961

) ) ) 3,344 1,891 8,269 March 31, (5,432 (7,288 (1,118 23,046 13,560 (10,113 2019 free step- -

4,831

17,065 56,910 57,923 10,947

(29,171 (31,128 (31,128 151,220 298,896 269,725 238,597 $ $

2020

) ) ) ) ) ) Years Ended March Years

— 12

(538 $ $

1,582 1,107

(5,592 (4,692 (2,735 64,683 27,568 2020 (206,792 (125,397

$ $

82

2020. TRAF specifiesmandatory and voluntary provisions that are

a longstanding tax ruling from the canton of Vaud through December 31, 2019.

( Continued ) Continued (

up of goodwill fromTRAF

based compensation Deferred tax assets, net

Gross deferred tax assets Gross deferred tax assets after valuation allowance Gross deferred tax liabilities On May 19, 2019, the Swiss electorate approved TRAF, a major reform to better align the Swiss tax system basedcompensation Valuation allowance Acquired intangibleassets and other Tax credit carryforwards Accruals Depreciation and amortization Tax step- Share- Net operating loss carryforwards - The difference between the provision for (benefit from)income taxes and the expected tax provision (tax Deferred tax liabilities: Deferred income tax assets and liabilities consist of the following (in thousands): Deferred tax assets: The Company benefited from Income7— Taxes

Provision for (benefit from)income taxes Valuation allowance Restructuring charges / (credits) Unrecognized tax benefits Other, net Research and development tax credits Executive compensation Stock Deferred tax effects fromTax Act Deferred tax effects fromTRAF Expected tax provision at statutory income tax rates Income taxes at different rates implemented through the modification of the cantonal tax law. Major mandatory federal tax provisions include abolishment of preferential cantonal tax regimes, introduction of patent box regime and tax with international tax standards. The legislation was subsequently published in the Federal Register on August 6, 2019 to take effect as ofJanuary 1, benefit) at the statutory income tax rate of 8.5% is reconciled below (in thousands):

intangible assets, including goodwill created under a privileged tax regime. The canton of Vaud completed the legislative process to enact TRAF on March 10, 2020 to take effect as of January 1, 2020. The Company reached an agreement with the Vaud Tax Administration that would allow for a tax step- goodwill under TRAF to be amortized over ten years beginning on January 1, 2020 as a transition measure. The Company elected an accounting policy to treat the increase in tax goodwill as a separate unit of account apart from Note

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020 current

tax assets 31, 2020, 31, 2020 against 31, 2019. The increase Swiss withholding taxes.As of

Swiss subsidiaries for which no income taxes Swiss subsidiaries were sold or otherwise

up amounted to $1.5 million. The aggregate 83

Swiss subsidiaries have not been provided for, as the Company

Swiss withholding taxes associated with the repatriation of earnings or for other step approach recognizingin and measuring uncertain tax positions. The first step month amortization of the tax step- estimated to be approximately $1.0 million.

at March 31, 2019. The federalvaluation allowance against tax credits reducedwas from three-

( Continued ) Continued (

31, 2020, the Company had foreign net operating loss and tax credit carryforwards for income tax . .

Swiss income taxes and non- As of March As of March 31, 2020 and 2019, the Company had $40.8 million and $36.4 million, respectively, in non - As of March 31, 2020 and 2019, the total amount of unrecognized tax benefits due to uncertain tax positions The Company follows a two- The Company had a valuation allowance against deferred tax assets of $29.2 million at March Management regularly assesses the ability to realize deferred tax assetsrecorded in the Company's entities up upon enactment. The deferred income tax benefit from other temporary differences resulting from the Income7— Taxes f being realized upon ultimate settlement. purposes of $295.8 million and $63.3 million, respectively.Unused net operating loss carryforwards will expire at various dates in fiscal years 2021 to 2039. Certain net operating loss carryforwards the in United States relate to acquisitions and, as a result, are limited thein amount that can be utilized anyin one Theyear. tax credit carryforwards will begin to expire fiscalin year 2021. primarily relates to $1.3 million from the acquisition of Streamlabs and $0.7million from activities related to deferred tax assets, respectively. The remaining valuation allowance primarily represents $0.6 million for various tax attribute carryforwards.TheCompany determinedthatmore likely is it thanthat not the Company would not generate sufficient taxable income in the future to utilize such deferred tax assets. temporary differences related to investments in non- intends to reinvest the earnings of such subsidiaries indefinitely. If these earnings were distributed to Switzerland in the form of dividends or otherwise, or if the shares of the relevant non- transferred, the Company may be subject to additional Swiss income taxes and non- March 31, 2020, the cumulative amount of unremitted earnings of non- have been provided is approximately $112.8 million. The amount of unrecognized deferred income tax liability related to these earnings is is to evaluate the tax position for recognition by determining if the weight of available evidence ind icates that it is more likely than not that the position will be sustained on audit, including resolutionof related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely o existing goodwill arising from prior business combinations. As a result, the Company recorded an income tax benefit of $151.7 million, net of unrecognized tax benefits to account for the bookand tax basis difference of the step- Swiss tax reform, net of deferred income tax impact fiscal in year 2020 as a result of the enactment of TRAF was $153.2 million. income taxes payable, including interest and penalties, related to the Company's income tax liability for uncertain tax positions was $140.8 million and $76.5 million, respectively, all of which would affect the effective income tax rate if recognized. based upon the weight of available evidence, including such factors asrecent earnings history and expected future taxable income. In the event that the Company changes its determination as to the amount of deferred that can be realized, the Company will adjust its valuation allowance with a corresponding impact to the provision for income taxes the in period in which such determination is made. compared to $28.4 million deferred tax assets in the state of California, an increase from $25.7 million as of March $1.9 million as of March 31, 2019 to $0.9 million as of March 31, 2020 due to a release of $1.0 million fromthe expiration tax credits. The Company had a valuation allowance of $27.7 million as of March Note

) ) ) ) ) ) (704 (679 (7,505 (2,511 (1,550 (3,501

$4.6 63,667 13,673 69,131 11,479 76,549 71,128

143,497

$ $ $ $

31, 2020 and 2019, the Company had $4.5 84

and 2018, respectively. As of March

( Continued ) Continued (

, 2017 primarily from the lapse of the statutes of limitations in various jurisdictions during the next 12 months. The aggregate changes in gross unrecognized tax benefits fiscal in years 2020, 2019 and 2018 were as The Company files Swiss and foreign tax returns. The Company received final tax assessments Switzerland in Although the Company has adequately provided for uncertain tax positions, the provisions on these positions The Company recognizes interest and penalties related to unrecognized tax positions in income tax expense. n

Income7— Taxes Increases in balances related to tax positions taken during the year Lapse of statute of limitations Decreases in balances related to tax positions taken during prior years Increases in balances related to tax positions taken during the year Decreasesin balancesrelated to tax positions taken during prior years Increases in balances related to tax positions taken during the year Lapse of statute of limitations Decreasesin balancesrelated to tax positions taken during prior years Lapse of statute of limitations March 31, 2020 March 31, 2019 March 31, 2018 March 31 may change as revised estimatesmade are or the underlying matters are settled or otherwise resolved. During the next 12 months, is it reasonably possible that the amount of unrecognized tax benefits could increase or decrease significantly due to changes tax in law in various jurisdictions, new tax audits and changes thein U.S. Dollar as compared to other currencies. Excluding these factors, uncertain tax positions may decrease by as much as millio follows (in thousands). Fiscal year 2020 includes gross unrecognized tax benefits recorded as a result of the enactment of TRAF Switzerland: in

through fiscal 2017.year For other foreign jurisdictions such as the United States, the Company is generally not subject to tax examinations for prioryears to fiscal year 2017. The Company is under examination and has received assessment notices foreignin tax jurisdictions. If the examinations are resolved unfavorably, there is a possibility they may have a material negative impact on its results of operations. The Company recognized $2.0 million, $0.6 million, and $0.6 million in interest and penalties in income tax expense during fiscal 2020,years 2019 million, and $2.5 million, respectively, of accrued interest and penalties related to uncertain tax positions. Note

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

) ) ) ) ) ) — (84 5,260 7,021 2,770 (6,486 20,363 16,022 34,795 24,132 62,663 68,761 78,552 90,808 40,970 34,321 69,116 65,219 (35,080 (60,036 (88,353 252,525 197,540 349,554 132,453 573,348 383,309 293,495 (280,793

31, 2020 2019

$ $ $ $ $ $ $ $ $ $

) ) ) ) ) ) March 31, 2,805 (1,894 (6,599 74,920 65,261 26,148 56,091 62,873 10,441 76,119 25,557 20,085 45,949 12,900 56,052 33,616 41,304 (38,794 (55,741 185,760 333,260 240,528 345,019 597,939 394,743 173,197 229,249 (270,387 (100,168

2020

$ $ $ $ $ $ $ $ $ $

85

process

-

in

use assets¹ - added tax receivables of - -

The following table presents the components of certainbalance sheet asset amounts as of March Balance Sheet Components Sheet Balance 8— Less: accumulated depreciation and amortization

Increase of balances was due to the adoption of Topic 842. Refer to Note 2 to the consolidated financial Right Trading investments for deferred compensation plan Investment privately in held companies Other assets Construction- Land Deferred tax assets Equipment and tooling Computer equipment Software Value Prepaid expenses and other assets Plant, buildings and improvements Raw materials Finished goods Accounts receivable Allowance for doubtful accounts Allowance for sales returns Allowance for cooperative marketing arrangements Allowance for customer incentive programs Allowance for pricing programs

Other assets:

Other current assets: Property,and plant equipment, net: Inventories: Accounts receivable,net: statements formore information. (1) Note and 2019 (in thousands):

— — — y n 2,050 7,016

level 37,749 21,524 12,705 20,363 51,448 93,582 103,166 143,888 127,570 433,897 2019 31, 2020

$ $ $ $

March 31, 2,285 1,931

19,536 30,267 10,945 25,905 23,284 20,085 61,303 14,134 130,220 129,980 119,274 104,423 455,024

1, such as quoted prices for

2020

$ $ $ $

86 s thatsobservable are corroboratedcan or be observable by

( Continued ) Continued (

Observable2— inputs other than quoted marketprices included Levelin Unobservable3— inputs that are supported by little or no market activity and that are significant to the Quoted1— prices in active markets for identical assets or liabilities. current liabilities - current liabilities: - Level fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities i markets that are not active; or other input market data. Level Level The following table presents the components of certainbalance sheet liabilityamounts as of March The Company considers fair value as the exchange price that would be received for an asset or paid to Fair Value MeasurementsFair9— Value Balance Sheet Components Sheet Balance 8— • • • Increase of balances was to due the adoption of Topic 842. Refer to Note 2 tothe consolidated financial Employee benefit plan obligation Deferred tax liability Operating lease liability¹ Other non Contingent consideration Other current liabilities Warranty accrual Obligation for deferred compensation plan Accrued personnel expenses Accrued sales return liability Accrued customermarketing, pricing and incentive programs Operating lease liability¹ Warranty accrual

Other non Accrued and other current liabilities: statements formore information. and 2019 (in thousands): (1) Note

Note transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderl transaction between market participants at the measurement date. The Company utilizes the followingthree - fair value hierarchy to establish the priorities of the inputs used to measure fair value:

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

3 — — — — — — — — — 37

- 23,247 23,284 Level

$ $ $ $ $ $ $

2 — — — — — — 36

2020 455 Level

$ $ $ $ $ $ $

March 2019 31, Year Ended March 31, March Ended Year

— — — — 1 out payment, and $ $

4,080 16,283 20,363 496,434 Level out as of the Streamlabs

$ $ $ $ $ $ $ Merton valuation model to

-

3 — — — — — — —

23,284 Level

Scholes

- $ $ $ $ $ $ $

2 — — — — — —

719 129

31, 2020 31,

Level

$ $ $ $ $ $ $ 1 within thefair1 within value hierarchy. Unrealizedtrading

March

— — —

free rate, and the net sales volatility. The fair value of 1

- 846 7,147 87 12,092 20,085

564,952 Level

$ $ $ $ $ $ $

ing met and times the value of the earn -

out period, risk period, out 31, 2020 and 2019, respectively, based on quoted market prices. Quoted

( Continued ) Continued ( out threshold be

free rate. The valuation includes significant assumptions and unobservable inputs such as the -

The following table presents the Company's financial assets liabilities and that were accounted for at fair value Themarketable securities for the Company's deferred compensation plan are recorded at a fair value of $20.1 out payments of $29.0 million payable in stock upon only the achievement of certain net sales for the period The following table summarizes the change in the fair value of the Company's contingent consideration Fair Value MeasurementsFair9— Value

The contingent consideration for business acquisition arising from the Streamlabs Acquisition (see "Note 3 Fair value of contingent consideration upon acquisition upon consideration contingent of value Fair consideration contingent of value in fair Change Mutual funds Mutual Cash funds market Money related contingent consideration, end of the year the of end consideration, contingent -related Acquisition related contingent consideration, beginning of the year the of beginning consideration, contingent -related Acquisition Liabilities: Contingentfor consideration business acquisition includedcurrent accrued liabilities 3) in and other (Note Currencyin and included derivative liabilities accrued other current liabilities Total of trading investments for deferred compensation compensation deferred for investments trading of Total plan current in other included assets derivative Currency assets Cash equivalents Cash plan compensation deferred for investments Trading assets: other in included Assets: balance during fiscal year 2020 (in thousands): Trading Investments Trading Note on a recurringa on basis, excluding assets related to the Company's defined benefit pension plans, classified by the level within the fair value hierarchy (in thousands): million and $20.4 million as of March market prices are observable inputs that are classified as Level gains related to trading securities for fiscal 2020,years 2019 and 2018 were not material and are included in other income (expense), net in the consolidated statements of operations. Acquisition Business for Consideration Contingent Business Acquisition" to the consolidated financial statements formore information) represents the future potential earn- beginning on January 1, 2020 and ending on June 30, 2020. The fair value of the earn- Acquisition Date was $0.04 million which determinedwas by using a Black discounted at the risk projected sales of Streamlabs over the earn- calculate the probability of the earn- the contingent consideration is remeasured at each reporting period based on the inputs on the date of re- measurement, with the change fairin value recognized as "change in fair value of contingent consideration for

out period. quarter of fiscal year

as of March 31, 2020 and related property, plant and SL Topco,SL ("Marlin"), LP representing an

- for the period such triggering events

31, 2019 was $3.9 million and $9.5 million, Marlin

s best knowledge of current events, the estimates could ’ $42.1 million and $6.6 million 88

projected net sales in the remaining earn-

may exist, the Company revalues the investments using various 31,2020 and March

. Onthe basis that the total equity investment Marlin in may not be

marketable investments included in other assets that are accounted for under

( Continued ) Continued ( Goodwill, intangible assets, and property, plant and equipment, are not required to be

financial instrument is required to be evaluated for impairment and an impairment is financial instrument's carrying value to the fair value as a result of such triggering - s. financial assets, such as intangible assets and acquisition- the Company sold its $5.5 million investment in a privately held company for total proceeds The Company has certain investments in equity securities of privately held entities without

s non- ’ 31, 2020. The change fairin value of contingent consideration resulted from the growth in lived assets during fiscal 2020,years 2019 and 2018.

financial assets and liabilities are measured at fair value net sales since its acquisition and revised ’ eld of 10.3% and 12.5%, respectively. The fair value of the Company's investment common in units of

Financial Asset - See Note 2 to the consolidated financial statements for additional information about how the Company tests

Financial Assets. On March 2, 2020, The Company The fair value of the investment the subordinated in note and the Company's investment preferred in units of The Company has certain non- The Company has evaluated whether Marlin qualifies as a variable interest entity ("VIE") pursuant to the Non Fair Value MeasurementsFair9— Value cient to absorb its expected losses, the Company concluded that Marlin is currently a VIE. However, Although these estimates are based on management usiness acquisition"in the operatingexpense section thein consolidated statements of operations. Projected sales occur. various asset classes for impairment. Note b are based onthe Company's internal projections, including analysis of the target market historical and trend of active subscribers to the Streamlabs platform.The fair value of the contingent consideration increasedwas to $23.3 million as of March Streamlabs

change significantly from period to period. Actual results that differ from the assumptions used and any changes to the significant assumptions and unobservable inputsused could have a material impact on future results of operations. Investments Method Equity assumptions, including the financial metrics and ratios of comparable public companies. The carrying value is also adjusted for observable price changes with the same or similar security from the same issuer. The amount of these investments included in other assets as of March respectively. There was no impairment of these assets during fiscal 2020years and 2019. readily determinable fair values due to the absence of quoted market prices, the inherent lack of liquidity, and the fact that inputs used to measure fair value are unobservable and require management'sWhen judgment. certain events or circumstances indicate that impairment equipment, are recorded at fair value only upon initial recognition or if an impairment is recognized. There was no impairment of long- of $45.3 million consisting of (i) $3.0 million in cash, of which $0.8 million is held in escrow, which is included in other current assets on the Company's consolidated balance sheet, (ii) a 6% subordinated note with a principal amount of $8.4 million due in 5 togetheryears with the interest, at a fair value of $7.4 million, and (iii) 33.9 million Series preferred A units and 33.9 million Series common B units in considering the Company's minority interest and limited involvement with the Marlin business, the Company concludedrequiredis not it consolidate to Marlin. Rather, the Company accounts for this investment under the equity method asit represents an ownership interest in a limited partnership that is more than minor. The promissory note is accounted for as a loan receivable and is included in "Other assets" in the consolidated balance sheet. Assets Measured at Fair Value on a Nonrecurring Basis the equity method of accounting, with a carrying value of 2019, respectively. ownership interest of approximately 11.8% in Marlin, with a face value of $33.9 million and a fair value of $35.0 million, respectively. As a result, the Company recorded a gain of $39.8 million in the fourth 2020. Marlin were determined using the discounted cash flow method ("DCF"), an income approach (Level 3) with an assumed yi Marlin was the residual between the calculated value of equity using market approach, and the fair value of the preferred units with a Discount for Lack of Marketability ("DLOM") of 19%. suffi accounting guidance of ASC 810, Consolidations measured at fair value on a recurring basis. However, if certain triggering events occur (or tested at least annually for goodwill) such that a non- recorded to reduce the non events, the non-

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

- 5,808 s 2018

$

31, 2019,

31, 2020 and 31, 2020 and of currency

1,810 2019

31, 2020 or March 31,

) Reclassified from Accumulated Other Comprehensive Loss against exchange rate Amount of Loss (Gain) Loss of Amount to Costs of Goods Sold Goods of Costs to

(813 four months. Gains and losses 2020

protect $ ithin

)

(8,499 2018

31, 2020, the notional amounts

$

1,781 2019 89

Amount of Amount $

a Component of of Component a

31, 2020 will be reclassified into earnings within the next twelve Accumulated Other cash flow hedge contracts to Comprehensive Loss Comprehensive into currency forward and swap contracts to reduce the short Gain Deferred (Loss) as

205 2020

$0.2 million of net loss related to its cash flow hedges included in

$ determined exchange rates.

s derivative instruments were not material as of March

’ 12, the Company has started presenting the earnings impact fromforward points month period of time thereafter. As of March

31, 2020 and 2019. Gains and losses in the fair value of the effective portion of the discontinued hedges continue to be

orecasted inventory purchases. These hedging contracts mature w f f Derivative Financial Instruments der certain agreements with the respective counterparties to the Company's derivative contracts, subject to

Un 10—

Upon adoption 2017 ofASU - The fair values of the Company

Cash Flow Hedges: The Company enters into The fair value of all currency forward and swap contracts is determined based on observable market Other Derivatives: TheCompany also enters Cash flow hedges ansactions of spot currency rates and forward rates. Cash flows from these contracts are classified as operating Designated as hedging instruments:

2019 were $64.7 million and 50.4 million, respectively. Open forward and swap contracts as of March tr activities in the consolidated statements of cash flows. based on the changes fair in value. The notional amounts of these contracts outstanding as of March 2019 consisted of contracts Taiwanese in Dollars, Australian Dollars, Mexican Pesos, Japanese Yen and Canadian Dollars to be settled at future dates at pre- term effects of currency fluctuations on certain receivables or payables denominated in currencies other than the functional currencies of its subsidiaries. These forward and swap contracts generally mature within one month. The primary riskmanaged by using forward and swap contracts is the currency exchange rate risk. The gains or losses on these contracts are recognized in other income (expense), net thein consolidated statements of operation forward contracts outstanding related to forecasted inventory purchases $48.0was million. As of March months. exposure o thein fair value of the effective portion of the hedges are deferred as a component of accumulated other comprehensive loss until the hedged inventory purchases are sold, at which time the gains or losses are reclassified to cost of goods sold. Cash flows from such hedges are classified as operating activities in the consolidated statements of cash flows. Hedging relationships are discontinued when hedging contract is no longer eligible for hedge accounting, or is sold, terminated or exercised, or when the Company removes hedge designation for the contract. reported in accumulated other comprehensive loss until the hedged inventory purchases are sold, unless is it probable that the forecasted inventory purchases will not occur by the end of the originally specified time period or within an additional two - the notional amounts of currency forward contracts outstanding related to forecasted inventory purchases was $41.4 million. The Company estimates that accumulated other comprehensive loss as of March in thein same line item that is used to present the earnings impact of the hedged item, cost i.e. of goods sold, for hedging forecasted inventory purchases and such amount is not material for all periods presented. Note 2019 (refer to Note 9 to the consolidated financial statements formore information). The following table presents the amounts of gains and losses on the Company's derivative instruments designated as hedging instruments forfiscal years 2020, 2019 and 2018 and their locations on its consolidated statements of operations and consolidated statements of comprehensive income (in thousands): applicable requirements, the Company is allowed to net settle transactions of the same type with a single net amount payable by one party to the other. However, the Company presents its derivative assets and derivative liabilities on a gross basis in other current assets oraccrued and other current liabilities on the consolidated balance sheets as of March

)

(36

Net 22,711 32,866 63,422 118,999 68,269 Amount Carrying Carrying 275,451 343,684

$ $ 2019

) ) ) )

$ $

(13,659 (62,341 (21,188 (97,188 2019

27 31, 2019.

Amortization Accumulated

31, 2019 by performing a

$ $

57,206

343,684 400,917

2020 Years Ended MarchYears 31, There have been no triggering

36,370 95,207 84,610

Gross 216,187 $ $

Amount Carrying Carrying

31,

$ $

31, 2020 or March

March Net 26,509 41,681 58,751 126,941 Amount Carrying Carrying

$ $

) ) ) )

90 (77,126 (31,859 (19,061 2020 (128,046

Amortization Accumulated $ $

45,570 90,610

Gross 254,987 118,807 Amount Carrying Carrying

$ $

its annual impairment analysis of goodwill as of December

31, 2020, the Company had outstanding bank guarantees of $20.7 million under these lines of credit. Commitments and Contingencies Commitments Goodwill and Other Intangible Assets Intangible Other and —Goodwill Financing Arrangements 12—Financing 13— 11 The Company had several uncommitted, unsecured bank lines of credit aggregating $81.4 million as of For fiscal years 2020, 2019 and 2018, amortization expense for intangible assets was, $30.9 million, $24.2 The Company's acquired intangible assets subject to amortization were as follows (in thousands): The Company performed The following table summarizes the activity thein Company's goodwill balance during fiscal years 2020 and Changes in the Company's warranty liability for fiscal years 2020 and 2019 were as follows (in thousands):

actual revenue performance for the twelve months ended December 31, 2019. Includes goodwill acquired from the Streamlabs Acquisition and the immaterial technology acquisition Octoberin Currency exchange rate impact Acquisitions (1) -

Trademarks and trade names Developed technology Customer contracts/relationships

End End of the period Beginning of the period Product Warranties Product Note March 31, 2020. There are no financial covenants under these lines of credit with which the Company must comply. As of March There was no borrowing outstanding under the line of credit as of March Note 2019. See Note 3 for moreinformation. (1) Note million and $15.6 million, respectively. The Company expects that annual amortization expense for fiscal years 2021, 2022, 2023, 2024 and 2025 will be $31.4 million, $27.0 million, $21.3 million, $18.1 million and $13.8 million, respectively, and $15.4 million thereafter. qualitative assessment and concluded that it was more likely than not that the fair value of its peripherals reporting unit, exceeded its carrying amount. In assessing the qualitativefactors, the Company considered the impact of these keyfactors: change in industry and competitive environment, growth marketin capitalization, and budgeted - to events identified affecting the valuation of goodwill subsequent to the annual impairment test. 2019 (in thousands):

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

) ) 351 (748

27,573 36,927 34,229

(29,874 Company 2019 rch 31,

$ $

31, 2020) and is

) )

—

(354

34,186 34,229 40,039 (28,022 Years Ended Ma Years 2020 31, 2020.

$ $

91

43.3 million, consisting of 173,106,620 issued shares with a par

( Continued ) Continued (

31, 2020, no amounts have been accrued for these indemnification provisions. The 1,096.3 million, or $1,134.9 million based on the exchange rate at March

0.25 each, of which 6,209,647 were held treasuryin shares as of March

Commitments and Contingencies Commitments Shareholders' Equity Shareholders'

13— 14— The Company indemnifies certain of its suppliers and customers for losses arising frommatters such as The Company also indemnifies its current and former directors and certain of its current and former officers. From time to time the Company is involved claimsin and legal proceedings which arise in the ordinary course

The Company's nominal share capital is CHF The Company's has reserved conditional capital of 25,000,000 shares for potential issuance on the exercise of Pursuant to Swiss corporate law, the payment of dividends is limited to certain amounts of unappropriated

re Capital Currencytranslation Assumed from business acquisition Provision Settlements End End of the period Beginning of theperiod Note Company does not believe, based on historical experience and information currently available, that it is probable that any material amounts will be required to be paid under its indemnification arrangements. intellectual property disputes and product safety defects, subject to certain restrictions. The scope of these indemnities varies, but somein instances includes indemnification for damages and expenses, including reasonable attorneys' fees. As of March Indemnifications

Certain costs incurred for providing such indemnification may recoverablebe under various insurance policies. The Company is unable to reasonably estimate the maximum amount that could be payable under these arrangements becausethese exposuresarenot limited, the obligations are conditional naturein and the facts and circumstances involved in any situation that might arise are variable. Proceedings Legal of its business. The Company is currently subject to several such claims and a small number of legal proceedings. The Company believes that these matters lackmerit and intends to vigorously defend against them. Based on currently available information, the Company does not believe that resolution of pending matters will have a material adverse effect on its financial position, cash flows or results of operations. However,litigation is subject to inherent uncertainties, and there can be no assurances that the Company's defenses will be successful or that any such lawsuit or claim would not have a material adverse impact on the Company's business, financial position, cash flows or results of operations in a particular period. Any claims or proceedings against the Company, whether meritorious or not, can have an adverse impact because of defense costs, diversion of management and operational resources, negative publicity and other factors. failure Any to obtain a necessary license or other rights, or litigation arising out of intellectual property claims, could adversely affect the Company's business. Note Sha value of CHF authorized the Board of Directors to issue up to an additional 34,621,324 shares of the Company until September 5, 2020. Dividends rights granted under the Company's employee equity incentive plans and additional conditional capital for financing purposes, representing the issuance of up to 25,000,000 shares to cover any conversion rights under a future convertible bond issuance. This conditional capital was created in order to provide financing flexibility for future expansion, investments or acquisitions. During the 2018 Annual General Meeting, the shareholders of the retained earnings (CHF subject to shareholder approval.

) ) )

(14,962 112,614

(105,698 (120,660 Total Amounts

$

$ $

) )

Repurchased

382 2,902 (608 (226

Shares

Hedging Deferred aggregate par value per share

Gains (Losses)

$ $

31, 2020).

) ) ) The Company's share buyback $137.4 million is still available for

$0.74) per common share,

250,000 (1) 31, 2020). In September 2019, the (6,084

(13,932 (20,016 Amounts

Benefit Plans 31, 2020, Defined $

$ $

Approved

(1) ) ) )

(1) 17,311 Accumulated Other Income (Loss) Comprehensive Shares (8,270 of its authorized share capital and voting rights. 92

(92,148 (100,418

0.73 (USD equivalent of of three years. Shares may be repurchased from time to time on

Translation Cumulative Adjustment

$ $

s outstanding common stock. In September 2017, the Company declared ’

31, 2020 (based on the exchange rate at March ( Continued ) Continued (

31, 2019 due to the liquidation of one of the Company's subsidiaries. on the Company's outstanding common stock. In September 2018, the Company declared

Shareholders' Equity Shareholders' $124.2 million 31, 2020

14— A summaryA of the approved and active share buyback program is shown thein following table (in thousands, There was a $0.5 million reclassification of currency translation loss included in other income (expense), net In May 2020, the Board of Directors recommended that the Company pay cash dividends for fiscal year 2020 The components of accumulated other comprehensive loss were as follows (in thousands): Under Swiss corporate law, a minimum of 5% of the Company's annual net income mustbe retained in a legal Any future dividends will be subject to the approval of the Company's shareholders. In March 2017, the Company's Board of Directors approved the 2017 share buyback program, which

ch March 31, 2019 Other comprehensive income (loss) Mar

ProgramShare Buyback March 2017 repurchase under the 2017 buyback program.This share buyback program expired in April 2020. and paid cash dividends of CHF 0.61 (USD equivalent of $0.63) per common share, totaling approximately $104.2 million in U.S. Dollars, on the Company's outstanding common stock. excluding transaction costs): for the year ended March ______(1) Tax effect not was significant as of March 31, 2020 or 2019. and paid cash dividends of CHF 0.67 (USD equivalent of $0.69) per common share, totaling approximately $114.0 million in U.S. Dollars, on the Company (1) The approval of each of the share buyback programs the by Swiss Takeover Board limits the number of shares that the Company may repurchase to no morethan 10% totaling program is expected to remain in effect for a period the open market, through block trades or otherwise. Purchasesmay be started or stopped at any time without prior notice depending on market conditions andother factors. As of March of CHF 134.0 million ($138.7 million based on the exchange rate on March authorizes the Company to use up to $250.0 million to purchase its own shares. Company declared and paid cash dividends of CHF Legal Reserves Loss Comprehensive Other Accumulated reserve until this legal reserve equals 20% of the Company's issued and outstanding capital. These legal reserves represent anappropriation of retained earnings that are not available for distribution and totaled $9.9 million at March Share Repurchases Note

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

433

4,537

44,202 29,813 78,552 89,373 628,192 820,347 2018 516,637 498,472 112,147 107,942 182,717 314,817 252,330 491,995 2,566,863 2018 1,118,324 2019 2,566,863

$ $

31,

31,

$ $ $ $ based

31, 414

March 49,344 2019 536,890 536,619 121,282 128,315 259,521 230,378 277,429 648,130

5,052

2,788,322 26,636 44,431 76,119 861,731 736,375

$ $ 2019 1,190,216 2,788,322 2020

Years Ended March Years

373

$ $ $ $ Years Ended March Years

43,404 2020 571,720 129,193 135,309 365,616 221,791 273,752 690,174 544,519 2,975,851

$ $ (based on the customers' locations) were as s Chief Operating Decision Maker.The CEO

’ 941,211 748,113

2020 1,286,527 2,975,851

$ $

93 2019 and 2018, respectively. Revenues fromsales to customers China in

nd equipment, geographic net by region followsas were (in thousands):

related costs, orchange fairin value of contingent consideration from business acquisition.

& Combos&

Information Segment

& Other Accessories & Wearables&

Other category includes products that the Company currently intends to phaseout, or havealready phased out, because they are no longer strategic to the Company's business.

(1)

Property, plant a 15— Revenues from sales to customers the in United States represented 36%, 36% and 37% of sales fiscalin Sales bygeographic region for fiscal 2020,years 2019 and 2018 Salesby product categories were as follows (in thousands): The Company operates in singlea operating segment that encompasses the design, manufacturing and

(1) Audio Gaming Home Smart Other Total Sales Keyboards PC Webcams Tablet Video Collaboration Mobile Speakers Pointing Devices Total property, plant and equipment Americas EMEA Asia Pacific Americas EMEA Asia Pacific Total Sales

follows (in thousands): Note years 2020, 2019 and 2018, respectively. Revenues from sales to customers Germany in represented 15%, 18% and 16% of sales in fiscal years 2020, represented 10% of sales in fiscal year 2019. No other single country represented more than 10% of sales during these periods. Revenues from sales to customers Switzerland, in the Company's home domicile, represented 4%, 3% and 2% of sales in fiscal years 2020, 2019 and 2018, respectively. marketing of peripherals for PCs, tablets and other digital platforms. Operating performancemeasures are provided directly to the Company's CEO, who is considered to be the Company periodically reviews information such as salesand adjusted operating income (loss)make to business decisions. These operating performance measures do not include restructuring charges (credits), net, share- compensation expense, amortization of intangible assets, charges from the purchase accounting effect on inventory, acquisition-

) ) ) ) — 735 144 681 (116 (619 4,389

(6,913 (3,852 11,302

payments Total plan.

2018 (in lease

$ $ term growth

current liabilities onthe — — — — — — — — — —

s consolidated balance ’

line basis overthe lease - Costs Continuing Operations Continuing

- aight Lease Exit

$ $

term lease liabilities are included in

- ) ) ) )

— 735 144 681

(116 (619 4,389 (6,913 (3,852 11,302 Restructuring Restructuring Benefits Termination

94 $ $

related activities during fiscal year 2020, 2019 and 31, 2020 and2019, respectively. term lease liabilities are included in other non-

( Continued ) Continued ( March 31, 2020. The total charges consisted of cash severance and other personnel

31, 2020, and $29.8 million and $36.4 million, respectively, as ofMarch 31, 2019. No

related activities for the year ended March 31, 2018 include activities from the restructuring

tax charges of approximately $10.0 million to $15.0 million, of which $11.4 million has been

ion ion and $1.7 million as of March

Leases Information Segment Restructuring —

Property, plant and equipment, net thein United States and China were $26.5 million and $36.6 million, 15— 16— The following table summarizes restructuring-

The Company is a lessee in several noncancellable operating leases, primarily real estate facilities for office For operating leases, the lease liability is initially and subsequently measured at the present value of the unpaid The restructuring- During the first quarter of fiscal year 2019, the Company implemented a restructuring plan to streamline and Cash payments Charges, net Cash payments Charges, net Credits, net Cash payments Accrual balance at March 31, 2020 Accrual balance at March 31, 2018 Accrual balance at March 31, 2019 Accrual balance at March 31, 2017

accrued and other current liabilities, and long- Company's consolidated balance sheet. Leases with an initial term ofmonths 12 or less are not recorded on the balance sheet. For the Company's operating leases, the Company accounts for the lease and non- components as a single lease component. Lease expense is recognized on a str space and for transportation and office equipment. The Company accounts for leases in accordance with Topic 842 (see Note 2 Summary of Significant Accounting Policies) and determines if an arrangement is a lease or contains a lease at contract inception. ROU assets are included in other assets, short lease payments at lease commencement date. Topic 842 requires a lessee to discount its unpaid lease generally uses an incremental borrowing rate as the discount rate for the lease. The Company's incremental sheets. Note 17 term. using the interest rate implicit in the lease or, if the rate cannot be readily determined, its incremental borrowing rate. As the rate implicit in the lease is not readily determinable for the Company's operating leases, the Company The accrual balances are included accruedin and other current liabilities on the Company respectively, as of March other countries representedmore than 10% of the Company's total consolidated property, plant and equipment, net as of March 31,2020or 2019. Property, plant and equipment, Switzerland,net in Company's the home domicile, were $2.3 mill Note Note realign the Company's overall organizational structure and reallocate resources to support long- recognized cumulatively as of implementedplan fiscal in year 2016. opportunities. In July 2018, the Company's Board of Directors approved additional costs under this restructuring plan,totaling pre- costs and are presented as restructuring charges (credits), net in the Consolidated Statements of Operations. During the first quarter of fiscal year 2020, the Company had substantially completed this restructuring thousands):

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

)

31, -

3,646 7,882 5,111 1,130 2,861 9,484 5,814 1,330 1,177 10,002 11,849 39,620 (1,886 32,367 30,481 11,701 average Operating Lease Operating Lease

$ $ $ $ 31, 2020 for the following

years, and theyears, weighted - any lease payments made and

95 use asset includes 31, 2019 were as follows (in thousands): - of - s leases includes the noncancellable period of the lease. Certain ’ the Company does not generally borrow in a collateralized basis, it average remaining lease term 3.8 was use assets obtained exchangein for new operating lease liabilities$6.1 was - of -

31, 2020, cash paid for amounts included in the measurement of operating lease 31, 2020, the total operating lease costs were $14.1 million, which included short

( Continued ) Continued ( 31,

31,2020, the weighted- cancelable operating leases as of March

Leases

— the year ended March

For the year ended March Future minimum lease payments, as defined under the previous lease accounting guidance of ASC Topic 840 The Company's lease arrangements comprise of operating leases with various expiration dates through June The Company's leases do not contain any material residual value guarantees. For As of March Future lease payments included in the measurement of lease liabilities as of March Present value of lease liabilities 2024 2025 Thereafter Total lease payments Less interest 2021 2022 2023

Years EndingMarch31, Years Total lease payments 2020 2021 2022 2023 2024 Thereafter Years Ending March Years under our non-

uses its understanding of what its collateralized credit rating would be as an input to deriving an appropriate incremental borrowing rate. Theoperating lease right Note 17 borrowing rateis the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. Because 30, 2031. The lease term for all of the Company lease agreements include options to renew or terminate the lease, which are not reasonably certain to beexercised and therefore are not factored into our determination of the duration of the lease arrangement. discount rate was 3.0%. liabilities was $13.6 million, and right excludes lease incentives.

term lease costs and sublease income. Total variable lease costs were immaterial during the year ended March 2020. The total operating and variable lease costs were included costin of goods sold, marketing and selling, research and development, and general and administrative thein Company's consolidated statement of operations. five fiscal andyears thereafter are as follows (in thousands): million.

three years. Shares

96 to purchase its own shares following the expiration date of 2017 buyback $250.0 million

Event Subsequent In May 2020, the Company's Board of Directors approved the 2020 share buyback program, which authorizes 18—

Note

program. The Company's share buyback program is expected to remain in effect for a period of may be repurchased from time to time on the open market, through block trades or otherwise. Purchases may be started or stopped at any time without prior notice depending on market conditions and other factors. the Company to use upto

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

98 100 101 102 117 Page

97

APPLES APPLES

TABLE OF CONTENTS TABLE SWISS STATUTORY FINANCIAL STATEMENTS FINANCIAL

LOGITECH INTERNATIONAL S.A., INTERNATIONAL LOGITECH Notes to Swiss Statutory Financial Statements Proposal of the Board of Directors for Appropriation of Retained Earnings Report ofthe Statutory Auditor Swiss Statutory Balance Sheets (unconsolidated) Swiss Statutory Statements of Income (unconsolidated)

ates ates e raud or or raud

s articles of of s articles ’

s internal control system. An An system. control s internal ’

98

s judgment, including the assessment of the risks of material misstatement of the the of misstatement material of risks the of assessment the including s judgment, ’

s preparation of the financial statements in order to design audit procedures that are appropriate in the in appropriate are that procedures audit design to in order statements financial the of preparation s ’

s articles of incorporation. This responsibility includes designing, implementing and maintaining an internal internal an maintaining and implementing designing, includes responsibility This incorporation. of s articles ’ Responsibility ’

s Responsibility

’ Auditor in accordance audit our We conducted audit. our on based statements financial these on an opinion express to is responsibility Our reasonable obtain to audit the perform and plan we that require standards Those Standards. Auditing and Swiss law Swiss with misstatement. material from free are statements financial the whether assurance control internal the considers auditor the assessments, risk those making In error. or fraud due to whether statements, financial entity the to relevant system error. The board of directors is further responsible for selecting and applying appropriate accounting policies and making making and policies accounting appropriate applying and selecting for responsible further is directors of board The error. circumstances. the in reasonable are that estimates accounting statements. financial the in disclosures and amounts the about evidence audit obtain to procedures performing involves audit An auditor the on depend selected procedures The entity the of effectiveness the on opinion an expressing of purpose the for not but circumstances, Swiss Swiss of requirements the with accordance in statements financial the of preparation the for is responsible directors of board The company and the law f to due whether misstatement, material from free are that statements financial of preparation the to relevant system control audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estim accounting of reasonableness the and used policies accounting the of appropriateness the evaluating includes also audit , 2020. 31, March ended year the for notes and statement income sheet, balance Board of Directors have we evidence audit the that Webelieve statements. financial the of presentation overall the evaluating as well as made, opinion. audit our for a basis provide to appropriate and sufficient is obtained Opinion company and the law Swiss with comply 2020 31, March ended year the for statements financial the opinion, our In To the General Meeting of Logitech International S.A., Apples S.A., International Logitech of Meeting the General To the Statements Financial Auditor on the Statutory Report of th comprise which S.A., International Logitech of statements financial accompanying the audited have we auditor, statutory As Auditor Statutory Report of the

incorporation. Authority Oversight Audit Federal the of 1/2015 circular on the based Matters Audit on Key Report financial the of audit our in significance most of were judgment, professional our in that, matters those are rs matte audit Key report. in our communicate to matters audit key no are there that We determined have period. current the of statements

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020 of s articles of of s articles ’

99 Regula Tobler Regula Expert Audit Licensed

further confirm that the proposed appropriation of available earnings complies with Swiss law and the company and the law Swiss with complies earnings available of appropriation proposed the that confirm further Auditor in Charge Auditor Zurich, May 27, 2020 27, May Zurich, Rolf Hauenstein Rolf Expert Audit Licensed KPMG AG

In accordance with article 728a paragraph 1 item 3 CO and Swiss Auditing Standard 890, we confirm that an internal control control internal an that confirm we 890, Standard Auditing Swiss and 3 CO 1 item paragraph 728a article with accordance In board the of instructions the to according statements financial of preparation the for designed been has which exists, system directors. We al Requirements Legal Other Report on independence and (AOA) Act Oversight Auditor the to according licensing on requirements legal the meet we that confirm We independence. our with incompatible circumstances no are there and that AOA) 11 article and CO 728 (article

incorporation. We recommend that the financial statements submitted to you be approved. you to submitted statements financial the that We recommend incorporation.

)

—

895 1,265 9,580 2,450 4,000 43,277 10,845 36,988 21,143 25,143 2019 671,584 269,270 828,202 151,824 192,157 661,188 167,474 828,662 167,474 167,474 192,617 (166,774

1,020,819 1,020,819

)

March 31, — — —

1,265 9,580 4,514 1,527 3,764 7,201 18,946 45,315 64,261 64,261 43,277 10,845 39,773 49,578 2020 968,227 819,015 277,271 975,709 982,910 (182,181 1,032,488 1,032,488

3 3 7 2.1 2.3 2.3 2/5/6

Note

100

thousands) in (CHF

equity EQUITY ’ ’

(unconsolidated) SHEETS BALANCE

LOGITECH S.A.,APPLES INTERNATIONAL

equity

’

bearing payables to subsidiaries

-

equity:

The accompanying notes are an integral part of these statutory financial statements

’ current liabilities - current assets -

term bank deposits term interest Total liabilities and shareholders -

- Total liabilities current liabilities: current assets: - - Profit brought forward Profit for the year Reservefrom capital contribution General legal retained earnings reserves Total shareholders

- - - - Total current liabilities Total non Total assets Total current assets Treasury Shares Legal retained earnings reserves Available earnings Share capital Legal capital reserves Other liabilities Long Total non Payables to subsidiaries Investments Subordinated Note Loans to subsidiaries Cash Short Receivable from subsidiaries Otherreceivables Voluntary retained earnings: Shareholders Non LIABILITIES AND SHAREHOLDERS Current liabilities: Non ASSETS Current assets:

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

) )

(29 963

7,299 6,437 7,430 2019 (3,164 31,498 17,811 30,146 15,856 13,183 87,670 317,180 356,940 269,270

) 44

1,538 1,674 4,745 7,061 4,866 Year ended March 31, March ended Year 29,793 33,359 18,852 24,216 12,637 2020 (39,421 277,271 267,286 307,064

3 3 7 Note 2/3/6

101 thousands) in (CHF recoverable withholding taxes -

LOGITECH S.A.,APPLES INTERNATIONAL

STATEMENTS OF INCOME (unconsolidated) OF INCOME STATEMENTS

The accompanying notes are an integral part of these statutory financial statements.

Profit for the year

on treasury shares

Total expenses Total income Loss (Gain) / Loss on investments Foreign exchange (gain)/loss, net Administrative expenses Brand development expenses Other expenses Interest paid to subsidiaries (Income)/expense,capital and non Royalty fees Interest income from third parties Interest income from subsidiaries Dividend income Expenses:

Income:

e ar ”)

and Asia Pacific. lities denominated Holding Company

end rates of exchange. Realized exchange gains -

102 out basis. - based payment programsfor Board members and employees, the

sfy the exercise of employee stockoptions and purchase rights, the vesting in, first -

.

termloans. Loans granted in foreign currencies aretranslated at the rate at the

FINANCIAL STATEMENTS NOTES TO SWISS STATUTORY

bearing liabilities policies set out below have been applied consistently in all periods presented in these financial -

bearing liabilities are recognized in the balance sheet at nominal value. - General Presentation: of Basis and General

based payments term interest - The Swiss statutory financial statements of Logitech International S.A., Apples (the “ LogitechInternational S.A. isa SwissHolding company with itsregistered office Apples, in Switzerland, which Financialassets include long - The accounting The statutory financial statements present the financial position and results of operations of the Holding Company Treasury shares are recognized at acquisition cost and deducted from shareholders' equity at the time of acquisition. When treasury shares are used for share - Investments are recorded at acquisition cost less any impairment loss. Interest

Except for investments subsidiaries, in which are translated at historical rates, all assetsliabi and Shares of Logitech International S.A. are listed on both the SIX Swiss Exchange under the trading symbol LOGN and the Nasdaq Global Select Market under thetrading symbol LOGI. conducts its business through subsidiaries the in Americas, Europe, Middle East & Africa (“EMEA”)

Note 1 -

prepared in accordance with the provisions of the Swiss Law on Accounting and Financial Reporting (32nd title of the are Swissapplied Code of Obligations).Whereprinciples not prescribed valuation by law,and the significant accounting described below. statements,unless otherwise stated. subsidiaries to Loans balance sheet date, whereby unrealized losses are recorded but unrealized profits are not recognized. on a standalone basis and do not represent the consolidated financialposition of the HoldingCompany and its subsidiaries. Share In case of a resale, the gain or loss is recognized through the income statementa Loss/(Gain) as on Treasury Shares. Treasury shares held may be reissued to sati Treasury shares of restricted stock units, and acquisitions, or may be cancelled with shareholder approval. Treasury shares that are reissued are accounted for using the first

difference betweenthe acquisition costs and any consideration paid by the employees at date of exercise or vesting is recognized as loss on treasury shares - Long

in foreignin currencies are translated into Swiss francs (CHF) using year and losses arisingfrom as these wellas thosefrom business transactions denominatedin foreign currencies are recordthe in ed statement of income. Net unrealized exchange lossesare recorded in thestatement of income; net unrealizedgains, however,deferred are within accruedliabilities. Investments in subsidiaries

Exchange rate differences

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020 - owned -

term Loan term ount due in 5 ount due in years -

(which included a working capital adjustment and repayment 103

SL Topco,SL (Marlin)LP entered into an acquisition agreement with e in connectionin with the acquisitionof Blue MicrophonesHolding Corporation("Blue

). d

vidend Distribution by Subsidiary Company Related to Settlement of Long of Settlement to Related Company Subsidiary by Distribution vidend Sale of Investment in Lifesiz in Investment of Sale Capital Contribution from Logitech International S.A. to Logitech Inc. Logitech to S.A. International Logitech Contribution from Capital Corporation Holding of Microphones Blue Acquisition Acquisition of General Workings, Inc. Workings, General of Acquisition Di Changes in investments in subsidiaries: in investments in Changes (Continued) Presentation: of Basis and General

owned subsidiary, Logitech Europe S.A., in connection with the settlement of a long term loan payable to - As Logitech International S.A. has separately prepared its consolidated financial statements accordance in with a During the year ended March 31, 2020, the Holding Company received a dividend of CHF 156 million from its During the year ended March 31, 2019, the Holding Company received a dividend in kind from its wholly During the endedyear March 31, 2020, the Holding Company acquired GeneralWorkings, for Inc. a total

During the year ended March 31, 2020, the Holding Company converted its long term receivable loan During the year ended March 31, 2020 Marlin- bearing liabilities and audit fees the in notes as well as a cash flow statement and a management report accordance in with Swiss law (CO 961 recognizedaccounting standard (US GAAP), has it decided to foregopresenting additional information on interest notes the in disclosures additional and statement flow cash a Foregoing wholly Logitech Europe S.A. Note 3 - of debt on behalf of Blue Microphones). Following the acquisition, Logitech Europe S.A entered into an agreement to transfer all Blue Microphones shares to the Holding Company in the form of a dividend kind.in The dividend kind in consists of of all Logitech Europe S.A.'s shares of Blue Microphones. The Holding Company then contributed all of the shares of Blue Microphones to Logitech Inc. as an additional investment Logitech in Inc. subsidiary, Logitech Europe S.A., Microphones"). Logitech Europe S.A. acquired all equity interests in Blue Microphones on August 21, 2018, for a total consideration of approximately CHF 133.1 million cashin Note 2.2 - considerationof approximately CHF 104.7 million, whichincluded a workingcapital adjustment, plus an additional contingent consideration of CHF 28.1 million (CHF 22.8 million of the contingent consideration has of beenas recorded period the for March 31, 2020 in otherrevenues liabilities)net payable in Logitechcertain of stock upon the achievement beginning on January 1, 2020 and ending on June 30, 2020. Immediately after the acquisition, the Holding Company transferred all of its shares Generalin Workings, Inc., as a capital contribution to Logitech Inc. Note 2.4 - Note 2 - Note 2.1- Note 2.3 - (amounting to CHF 158.1 million) to Logitech Inc into equity in its subsidiary. The loan convertedwas as a capital contribution. representative shareholders of Lifesize, Inc. to acquire Lifesize. On March 2, 2020 (Valuation Date), as a shareholder of Lifesize, the Holding Company received total proceeds of CHF 45.3 million for its investment consistingof: (i) CHF 3.0 million in cash, of which CHF 0.8 million is held in escrow. (ii) CHF 7.2 million fair value (principal at CHF 8.1 million) in subordinated note in Marlin am together with interest of 6% per annum, at 0.5% increment after 18 months from inception date. (iii) CHF 34.3 million in Marlin shares, representing an ownership interest of approximately 11.8% in Marlin. The transaction resulted in a gain on long term investment of CHF 38.6 million. Note 1 -

1,0001,000 20,00020,000 10,00010,000 20,00020,000 50,00050,000 25,56525,565 48,00148,001 20,00020,000 18,15118,151 50,00050,000 18,00018,000 100,000100,000 150,000150,000 100,000100,000 182,939182,939 100,000100,000 200,000200,000 100,000100,000 100,000100,000 100,000100,000 8,020,0008,020,000

ShareShare Capital Capital EUREUR SEKSEK EUREUR PLNPLN CHFCHF AEDAED CHFCHF EUREUR CHFCHF CHFCHF RUBRUB ZARZAR NOKNOK TRYTRY CHFCHF GBPGBP EUREUR CHFCHF EUREUR EUREUR EUREUR

% % % 100100 100100 100100 100100 100100 100100 100100 100100 100100 100100 100100 100100 100100 100100 100100 100100 100100 100100 100100 100100 100100 Holding Holding

MilanMilan StockholmStockholm LeusdenLeusden WarsawWarsaw LausanneLausanne DubaiDubai Internet Internet CityCity LausanneLausanne AthensAthens Zurich Zurich Zurich Zurich MoscowMoscow GautengGauteng OsloOslo IstanbulIstanbul LausanneLausanne Windsor,BerkshireWindsor,Berkshire BarcelonaBarcelona LausanneLausanne ParisParis MunichMunich CorkCork Municipality Municipality

SpainSpain Russia Russia TurkeyTurkey IrelandIreland PolandPoland GreeceGreece NorwayNorway SwedenSweden EmiratesEmirates GermanyGermany 104 Incorporation Incorporation SwitzerlandSwitzerland SwitzerlandSwitzerland SwitzerlandSwitzerland SwitzerlandSwitzerland SwitzerlandSwitzerland SwitzerlandSwitzerland UnitedUnited Arab Arab NetherlandsNetherlands SouthSouth Africa Africa Jurisdiction of of of Jurisdiction Jurisdiction KingdomKingdom of of the the RepublicRepublic of of Italy Italy UnitedUnited Kingdom Kingdom RepublicRepublic of of France France FederalFederal Republic Republic ofof

””

LogitechLogitech ““

LLCLLC -- sssubsidiariessubsidiaries directly directly and andindirectlyindirectly held held include includefollowing:following: the the ’ ’

Investments in in in iaries:iaries:subsid subsid Investments Investments ent Liabilities: ent Conting

CHF for subsidiaries its Theto Holding Company has issued available guaranteescredit to of various bankslines for

TheThe Holding Holding Company Company LogitechLogitech Norway Norway AS AS LogitechLogitech Turkey Turkey Computer Computer Marketing Marketing ServicesServices LLC LLC LogitechLogitech (Streaming (Streaming Media) Media) SA SA LogitechLogitech Hellas Hellas MEPE MEPE LogitechLogitech SchweizSchweiz AG AG LogitechLogitech Upicto Upicto GmbH GmbH LimitedLimited Liability Liability Company Company LogiLogi Peripherals Peripherals Technologies Technologies (South(South Africa) Africa) (Proprietary) (Proprietary) LimitedLimited LogitechLogitech BeneluxBeneluxB.V.B.V. LogitechLogitech Poland PolandSpolkaSpolka z.o.o z.o.o LogitechLogitech S.A. S.A. LogitechLogitech MiddleMiddle East East FZ FZ LogitechLogitech GmbH GmbH LogitechLogitech Ireland Ireland ServicesServices Limited Limited LogitechLogitech Italia Italia SRLSRL LogitechLogitech Nordic Nordic AB AB LabtecLabtec Europe Europe S.A.S.A. LogitechLogitech U.K. U.K. LimitedLimited LogitechLogitech Espana Espana BCN BCN SL SL LogitechLogitech Europe Europe S.A. S.A. SASSAS Logitech Logitech France France EMEAEMEA NameName ofof Subsidiary Subsidiary 21.0 million and CHF 18.0 million at March 31, 2020 and March 31, 2019, respectively. The Holding Company also has a guarantee to one financial institution for lines of creditavailable to its subsidiaries without specifica amount. As of March 31, 2020 and 2019, there were no outstanding draw down amounts on the guarantee.

FiscalFiscal yearyear 2020 2020 NoteNote 5 - 5 -

Note 4 -

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

- 1 1 1 1 — 10 10 10 10 10 100 230

7,500 50,000 50,000 412,400 92,686,440 11,522,396

Share Capital USD USD USD USD USD USD USD CAD USD USD ARS BRL MXN CAD USD USD USD USD MXN

% % 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Holding

Municipality Carson City, Nevada Wilmington, Delware Wilmington, Delware Wilmington, Delware Newark, California Los Angeles, California Wilmington, Delware Halifax, Nova Scotia Francisco,San California Newark, California Buenos Aries PauloSao Santa Fe Vancouver Newark, California Newark, California Wilmington, Delaware Wilmington, Delaware Mexico City

rica rica rica rica rica rica rica rica rica rica rica rica rica Brazil

Mexico Canada Canada 105 Mexico Argentina of Ame of Ame of Ame of Ame of Ame of Ame of Ame of Ame of Ame of Ame of Ame of Ame of Ame Incorporation Jurisdiction of of Jurisdiction United States United States United States United States United States United States United States United States United States United States United States United States United States

(Continued) in subsidiaries: Investments Liminal Collective, Inc. Baltic Latvian Universal Electronics,LLC General Workings Inc. Streamlabs Canada Inc. Streamlabs LLC UE Acquisition Inc. Logitech Latin America,Inc. Blue Microphones Holding Corporation Logitech Servicios Latinoamérica, S.A de C.V Ultimate Ears Incorporated SightSpeed, Inc. Logitech Inc. Logitech (Streaming Media) Inc. Logitech (Slim Devices) Inc. WiLife, Inc. Logitech Argentina S.R.L. Logitech Do Brasil Comercio de Accessorios de Informatica Ltda. Logitech de Mexicode S.A. C.V. Logitech Canada Inc. Name of Subsidiary AMERICAS

Note 5 - Fiscal year 2020

1 1 2 13 13 13 12

10,000 107,270 110,000 2,559,863 7,800,000 1,100,000 22,000,000 10,000,000 155,000,000 260,000,000 150,144,225

Share Capital

USD USD AUD CNY HKD INR MYR AUD JPY INR TWD USD KRW NZD USD SGD USD USD

% % 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Holding

Municipality Hong Kong Channai, Tamil Nadu Kuala Lumpar Wilayah Persekutuan Mumbai, Maharashtra Hong Kong Seoul Auckland Beijing Shenzhen Tokyo Hsinchu Suzhou Shanghai Hong Kong Sydney Sydney Singapore Singapore

ia India India Japan

of China of China of China of China of China Malaysia 106 Singapore Singapore s Republic s Republic s Republic s Republic ’ Hong Kong Hong Kong of Austral of Australia Hong Kong Republic of Republic of Incorporation Jurisdiction of of Jurisdiction New Zealand New Commonwealth Commonwealth Taiwan, Republic Republic of Korea People’ People’ People People’

(Continued) in subsidiaries: Investments (Malaysia) Sdn. Bhd Consulting Company Limited Logi Computer Peripherals Logitech JB Australia Pty Ltd Logitech (Beijing) Trading Company Limited Logitech Technology (Shenzhen) Logitech Engineering Designs& India Company Limited Logitech (China) Technology Company Limited Logitech Asia Logistics Limited Logitech Asia Pacific Limited Logitech Australia Computer Peripherals Limited Pty Private Limited Logitech Korea Ltd Logitech New Zealand Co. Limited Logitech Service Asia Pacific Pte Ltd Logitech SingaporeLtd Pte Logitech Technology (Suzhou) LogiCool Co., Ltd Logitech Electronics (India) Private Limited LogitechFar East, Limited Logitech Hong Kong Limited Name of Subsidiary PACIFIC ASIA

Note 5 - Fiscal year 2020

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

1,000 20,000 50,000 25,565 48,001 20,000 18,151 50,000 18,000 20,000 10,000 150,000 100,000 182,939 100,000 200,000 100,000 100,000 100,000 100,000 8,020,000

Share Capital EUR CHF CHF RUB ZAR NOK TRY CHF GBP EUR CHF EUR EUR EUR EUR SEK EUR PLN CHF AED CHF

% % 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Holding

Athens Zurich Zurich Moscow Gauteng Oslo Istanbul Lausanne Berkshire Windsor Barcelona Lausanne Paris Munich Cork Milan Stockholm Leusden Warsaw Lausanne Dubai Internet City Lausanne Municipality

Spain Russia Turkey Ireland Poland Greece Norway Sweden Emirates Germany 107 Incorporation Switzerland Switzerland Switzerland Switzerland Switzerland Switzerland United Arab Netherlands South Africa Jurisdiction of of Jurisdiction Kingdom of the United Kingdom Republic of Italy Republic of France Federal Republic of

Logitech”

LLC -

(Continued) in subsidiaries: Investments

(South Africa) (Proprietary) Limited Logitech Upicto GmbH Limited Liability Company “ Logi Peripherals Technologies Logitech Norway AS Logitech Turkey Computer Marketing Services LLC Logitech Middle East FZ Logitech (Streaming Media) SA Logitech Hellas MEPE Logitech Schweiz AG Logitech Italia SRL Logitech Nordic AB Logitech BeneluxB.V. Logitech PolandSpolka z.o.o Logitech S.A. Logitech Espana BCN SL Logitech Europe S.A. SAS Logitech France Logitech GmbH Logitech Ireland Services Limited Labtec Europe S.A. Logitech U.K. Limited Name of Subsidiary EMEA

Note 5 - Fiscal year 2019

- 1 1 1 10 10 10 10 100 230

50,000 50,000 412,400 92,686,440 11,522,396

Share Capital USD USD USD USD USD ARS BRL MXN CAD USD USD USD USD MXN USD

% % 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Holding

Wilmington, Delware Wilmington, Delware Wilmington, Delware Newark, California Los Angeles, California Buenos Aries PauloSao Santa Fe Vancouver Newark, California Newark, California Wilmington, Delaware Wilmington, Delaware Mexico City Carson City, Nevada Municipality

rica rica rica rica rica rica rica rica rica rica Brazil Mexico

Canada Mexico 108 Argentina of Ame of Ame of Ame of Ame of Ame of Ame of Ame of Ame of Ame of Ame Incorporation Jurisdiction of of Jurisdiction United States United States United States United States United States United States United States United States United States United States

(Continued) in subsidiaries: Investments UE Acquisition Inc. Logitech Latin America,Inc. Blue Microphones Holding Corporation Baltic Latvian Universal Electronics,LLC Logitech Servicios Latinoamérica, S.A de C.V Ultimate Ears Incorporated SightSpeed, Inc. Logitech (Streaming Media) Inc. Logitech (Slim Devices) Inc. WiLife, Inc. Logitech Do Brasil Comercio de Accessorios de Informatica Ltda. Logitech de Mexicode S.A. C.V. Logitech Canada Inc. Logitech Inc. Logitech Argentina S.R.L. Name of Subsidiary AMERICAS Note 5 - Fiscal year 2019

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

1 2 1 13 13 13 12

10,000 107,270 110,000 2,559,863 7,800,000 1,100,000 22,000,000 10,000,000 155,000,000 260,000,000 150,144,225

Share Capital

USD AUD CNY HKD INR MYR AUD JPY INR TWD USD KRW NZD USD SGD USD USD USD

% % 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 Holding

Hong Kong Sydney Beijing Shenzhen Channai, Tamil Nadu Kuala Lumpar Wilayah Persekutuan Sydney Tokyo Mumbai, Maharashtra Hsinchu Hong Kong Seoul Auckland Singapore Singapore Suzhou Shanghai Hong Kong Municipality

ia India India Japan of China of China of China of China of China Malaysia 109 Singapore Singapore s Republic s Republic s Republic s Republic ’ ’ ’ ’ Hong Kong of Austral of Australia Hong Kong Republic of Republic of Hong Kong Incorporation Jurisdiction of of Jurisdiction New Zealand New Commonwealth Commonwealth Taiwan, Republic Republic of Korea People People People People

(Continued) in subsidiaries: Investments

Logitech JB Australia Pty Ltd Company Limited Logitech Technology (Shenzhen) Consulting Co Limited Logitech Engineering Designs& India Private Limited Logi Computer Peripherals (Malaysia) Sdn. Bhd Logitech (China) Technology Company Limited Logitech Asia Logistics Limited Logitech Asia Pacific Limited Logitech Australia Computer Peripherals Pty, Limited Logitech (Beijing) Trading Logitech Service Asia Pacific Pte Ltd Logitech SingaporeLtd Pte Logitech Technology (Suzhou) Company, Limited Logitech Electronics (India) Private Limited LogitechFar East, Limited Logitech Hong Kong Limited Logitech Korea Ltd Logitech New Zealand Co. Limited LogiCool Co., Ltd Name of Subsidiary PACIFIC ASIA

Note 5 - Fiscal year 2019

) ) ) ) ) ) ) )

— — s ’ 9,783 9,777 2,525 9,948 (4,502 (1,079 (4,933 (6,238 (4,358 (8,239 15,241 33,510 (16,727 (14,508 CHF 161,981 166,773 182,181 Total cost (in thousands)

) ) ) ) ) ) ) )

— —

57,789 (86,797 861,560 255,305 218,595 276,230 389,270 shares (991,011 (439,516 (301,195 (553,194 (367,635 (387,515 6,209,647 8,526,642 7,243,733 Number of (1,248,881

— — 43.7

Price 14.64 14.19 14.47 38.89 14.89 38.32 13.39 44.72 12.25 12.43 36.01 12.73 39.15

Average Average

s directors and employees under the Holding

’

5 7 3 4 — — 21 19 18 21 33 37 32 21 10 15

Number of Transactions

110

s shareholders approved an amendment to the Holding Company ’

period of three years and has expired on April 30, 2020. Shares have been

: of CHF 13.2 million for Logitech Do Brasil Comercio de Accessorios de

as follows:

s treasury shares were s share incentive and share purchase plans. The gain or loss on the disposal of repurchased treasury shares ’ ’ (Gain) / Loss on investments on Loss / (Gain) Shares: Treasury Authorized and Conditional Share Capital Increases: Capital Share and Conditional Authorized In September 2018, the Holding Company As of March 31, 2020, none of the aforementioned authorized registered shares had been issued.

During fiscal years2020 and 2019, repurchases of the Holding Company's shares and issuances from the Holding

InMarch 2017, the Holding Company's Board of Directors approved the 2017 sharebuyback program, which Additions Q3 Q3 Disposals Additions Q4 Q4 Disposals Held by the Holding Company at March 31, 2020 Disposals Q4 Disposals Held by the Holding Company at March 31, 2019 Additions Q1 Q1 Disposals Additions Q2 Q2 Disposals Disposals Q1 Disposals Additions Q2 Q2 Disposals Additions Q3 Q3 Disposals Additions Q4 Held by the Holding Company at March 31, 2018 Additions Q1

As of the end of fiscal year 2019, managementassessed the investment Logitech in Do Brasil Comercio de Company The disposals of treasury shares towere the Holding Company authorizes the Holding Companyto use up to $250 million to purchase its own shares. The Holding Company's share buyback programremained effect in for a repurchasedfrom time totime market,theopen on through block trades or otherwise. During the fiscal yearended March 31, 2020, the Holding Company repurchased 1,250,830 registered shares for approximately CHF48.7 million, including transaction costs. As of March 31, 2020 CHF 133.1 million stillwas available for repurchase under the 2017 buyback program.There was no share buyback subsequentto March 31, 2020. Company is recorded in the statements of income. Capital Authorized Note 8 -

AccessoriosInformatica de Ltda, and determined that the investment is not fully recoverable. Therefore, the Holding Company recorded an impairment loss Note 7 - Note 6 - Informatica Ltda. Articles of Incorporation to authorize the Board of Directors to issue up to 34,621,324 new registered shares until September 5, 2020.

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

s ’

Relevant Date January 10, 2020 February 16, 2016 December 31, 2019 September 29, 2014

(2)

4.0% 6.8% 3.0% 3.0% Percentage of Voting Rights Voting

. is based. isonnotification a filed with the SIX

(1)

Shares Number of of Number 6,929,971 5,210,328 5,239,853 11,810,629 111 (Continued) ncreases: public. sshareholders approved an amendmentto theHolding Company I apital ’ C

semployee equity incentiveplans. The shareholders alsoapproved the ’ (6) hare

(5) s share capital consists of registered shares. To the knowledge of the Holding Company, the the s share capital consists Company, of registeredHolding shares.the To of theknowledge ’ requires shareholders who own or have discretionary authority to exercise voting rights S Conditional nd

(4) (3) estments or acquisitions. apital Shareholders: Significant a Authorized of conditional capital representing the issuance of up to 25.0 million shares to cover any conversion rights under of under conditional rights capital conversion representing any cover the to issuance shares of million up to 25.0

The Federal Act on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading of InSeptember 2008, the Holding Company The Holding Company As of March 31, 2020, none of the aforementioned conditional registered shares had been issued. During fiscal BlackRock, Inc. Credit Suisse AG The Capital Group Companies, Inc. UBS Fund Management (Switzerland) AG Name ______(1) Financial instruments other than shares are not taken into consideration for the calculation of the relevant shareholdings. (2) Shareholdings are calculated based on the aggregate number of voting rights entered into the Swiss commercial register. This aggregate number was 173,106,620 voting rights as of March 31, 2020. (3) The number of shares held by BlackRock, Inc. is based on the number of shares reported as beneficially owned by BlackRock, Inc. and its subsidiaries on a Schedule 13G filed with the U.S. Securities and Exchange Commission on February 5, 2020. (4) The number of shares held by Credit Suisse AG through its indirect subsidiaries is based on a Schedule 13G filed with the U.S.Securities and Exchange Commission onFebruary 16, 2016. (5) The number of shares held Theby Capital Group Companies, Inc June 19, 2015 (“FMIA”) Swiss Exchange Regulation on January 21, 2020. (6) The number of shares held by UBS Fund Management (Switzerland) AG is based on a notification filed with the SIX Exchange Regulation on October 7, 2014. exceeding certain percentage thresholds of a company incorporated in Switzerland whose shares are listed on a stock exchange in Switzerland to notify the company and the relevant Swiss exchange of such holdings. Following receipt of this notification, the company is required to inform the Note 8 - c Conditional a future convertible bond issuance. This conditional capital was created in order to provide financing flexibility for future expansion, inv years2020 and 2019,all employee equity incentivecommitments satisfied were from treasury shares heldthe by Holding Company. A description of the employee equity incentive commitments outstanding is presented in Note 5 of statementsthe consolidated financial S.A. on pages 74 to 80 of this Annual Report. of Logitech International Note 9 - beneficial owners holding more than 3% of the voting rights of the Holding Company as of March 31, 2020 were as follows: Articles of Incorporation to reserve conditional capital of 25.0 million shares for potential issuance on the exercise of rights granted underthe Holding Company creation -

n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 2023 2023 its that may Fiscal Years of Expiration

n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a $7.83 $20.08 - Exercise Price $14.05

based restricted un stock

— — —

(1)

4,982 4,982 4,982 4,982 4,982 4,982 4,982 4,982 4,982 84,092 Held 215,128 170,290 PRSUs Options, and RSUs 1,602,254 1,686,346

2006 Stock Incentive Plan became exercisable at

— — — 7,508 2,469 5,693 33,897 18,800 12,657 28,003 18,971 63,001 As of March 2020 As 31, 513,895 558,442 141,492 699,934 322,896 112 Shares Held

priced stock options granted under the Logitech International S.A. 2012 Stock -

basedrestricted stock units that may vest uponmeeting certain minimum share price -

(4) executive Directors vest in one annual installment.

based restricted stock units that may vest upon the later of one to three fromyears the grant date

(2)

(7)

(6) (8)

day trading period, met or exceeded the exercise price of the applicable tranche of the three tranches of

(3) -

basedrestricted stock unitsthat vest infour equal annual installmentsfrom the date of grant. RSUs

- (3) Group Management Team Members of the (5) -

Team: Management and Group Members Ownership Board of Share

Inducement Equity Plan vested if and only when Logitech’s average closing share price, over a consecutive ninety the grant. PRSUs granted to executive officers (including members of the Group Management Team and Mr. DeLuca) are market the later of two fromyears grant the date or upon meeting certain minimum share price performance criteria. For Mr. Bracken Darrell, some options became exercisable over four equal in years annual installmentsfrom the date of grant, and premium based options granted under the Logitech International S.A. Each option provides the right to purchase one share at the exercise price. For Mr. Guerrino De Luca, market performance criteria measured against market conditions at the end of three years from the grant date, performance- or upon meeting certain operating performance criteria, and performance- vest upon meeting certain operating performance criteria and share price performancecriteria measured against market conditions at the end of three years from the grant date. RSUs granted to executive officers are time granted to non-

Group ManagementTeam Members of the (1) The following tables set forth the shares and options held by each of the individual members of the Board of Vincent Pilette TotalGroup Management Team Total Non Board of Directors Members of the Group Management Team: Bracken Darrell Nathan Olmstead Neil Hunt Marjorie Lao Neela Montgomery Dimitri Panayotopoulos Michael Polk Lung Yeh Edouard Bugnion Guerrino De Luca Guy Gecht Didier Hirsch Non- Board of Directors: Patrick Aebischer Wendy Becker

Directors and the Group Management Team as of March 31, 2020 and 2019: Note - 10

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020

f June 1, 2019, and was appointed as the Annual General Meeting in September

113 election as a director at the Annual General Meeting in September 2019.

Share Ownership of Board Members and Group Management Team: (Continued) Team: Management and Group Members Ownership Board of Share Mr. Guerrino De Luca is an executive member of the Board ofDirectors and his equity compensation, including awards, is structured similarly to the members of the Group Management Team.

Mr. Vincent Pilette resigned from the Group Management Team, effective as of May 17, 2019.

Mr. Dimitri Panayotopoulos resigned as a director in June 2019. Mr. Lung Yeh did not stand for re- Mr. Guy Gecht and Mr. Michael Polk were first electedat as directors 2019. the Company's Chief Financial Officer and a memberof the Group Management Team on July 22, 2019. Mr. NateMr. Olmstead joined the Company as head ofFinancial Planning Analysis & Aprilon1,2019, was appointed as the Company's interim Chief Financial Officer, effectiveo as

Mr. Bracken Darrell, Logitech's President and Chief Executive Officer, is also a memberof the Board of Directors.

(2) (8) (4) (5) (3) (7) (6) Note - 10

n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 2023 2023 Fiscal Years of Expiration

n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a $7.83 $20.08 $8.03- Exercise Price

— —

(1) 3,573 3,573 3,573 3,573 3,573 3,573 3,573 3,573 3,573 31,893 Held 212,598 247,002 100,048 180,441 PRSUs Options, and RSUs 2,199,202 2,578,145

—

9,293 4,193 8,831 3,221 32,622 16,841 24,637 80,059 55,366 60,526 33,897 16,121

As of March 2019 As 31, 599,220 427,733 192,265 669,461 303,076 114 Shares Held

(8)

(3)

(5) (6)

(4) (7)

(2) (2) Group Management Team Members of

-

Share Ownership of Board Members and Group Management Team: (Continued) Team: Management and Group Members Ownership Board of Share Group Management Team Members of the -

Members of the Group Management Team: Vincent Pilette Marcel Stolk L. Joseph Sullivan TotalGroup Management Team Lung Yeh Total Non the Board of Directors Sue GoveSue Didier Hirsch Neil Hunt Marjorie Lao Neela Montgomery Dimitri Panayotopoulos Patrick Aebischer Wendy Becker Edouard Bugnion Davis Sally Guerrino De Luca Non Board of Directors: Bracken Darrell Note - 10

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020 - g g

19") as a its that may -

tantial

(Continued) 19 has caused public health - based restricted un stock Team: essential businesses and people to be

2006 StockIncentive Plan became exercisable at

elections as directors at the Annual General Meetin

Management 115 Group 19 pandemic has significantly curtailed global economic activity, -

priced stock options granted under the Logitech InternationalS.A. 2012 Stock Members and -

basedrestricted stock units that may vest uponmeeting certain minimum share price - Board of home. The COVID

- at - executive Directors vest in one annual installment. based restricted stock units that may vest upon the later of one to three fromyears the grant date authorities thein countries in which we operate, or that we determine are thein best interest e members ofthe Group Management Team.

19: - Ownership time equivalents: day trading period, met or exceeded the exercise price of the applicable tranche of the three tranches of - - basedrestricted stock unitsthat vest infour equal annual installmentsfrom the date of grant. RSUs - ctors. Share Covid Full Inducement Equity Plan vested if and only when Logitech’s average closing share price, over a consecutive ninety the grant. PRSUs granted to executive officers (including members of the Group Management Team and Mr. DeLuca) are market the later of two fromyears grant the date or upon meeting certain minimum share price performance criteria. For Mr. Bracken Darrell, some optionsbecame exercisable over four equal in years annual installmentsfrom the date of grant, and premium Each option provides the right to purchase one share at the exercise price. For Mr. Guerrino De Luca, market basedoptions granted underthe Logitech International S.A. performance criteria measured against market conditions at the end of three years from the grant date, performance- or upon meeting certain operating performance criteria, and performance- vest upon meeting certain operating performance criteria and share price performancecriteria measured against market conditions atthe end of three years from the grant date. RSUs granted to executive officers are time granted to non- Dire an executive memberof the Boardof Directors. Hiscompensation, including equityawards, is structured similarly to th 19 or any such modifications or alterations may have on our business, results of operations, financial

-

(1) (5) Mr. Bracken Darrell, Logitech's President and Chief Executive Officer, is also a member of the Board of (6) Mr. Vincent Pilette resigned from the Group Management Team, effective as of 17, May 2019. (4) Ms. Marjorie Lao firstwas elected as a director at the Annual General Meeting in September 2018. (7) Mr. Marcel Stolk resigned from the Group ManagementTeam, effective as of March 31, 2019. (8) Mr. L. Joseph Sullivan resigned from the Group Management Team, effective as of May 2, 2018. in September 2018. (3) Mr. Guerrino De Luca wasLogitech's Chairman through the AnnualGeneral Meeting in September 2019 and is (2) Ms. Sally Davis and Ms. Sue Gove did not stand for re - In March 2020, theWorld Health Organization declared the outbreak of a novel coronavirus ("COVID Logitech International S.A. does not have any employees. Note - 10

pandemic, which continues to spread throughout the world. The spread of COVID officials to recommend precautions to mitigate the spread of the virus and, certainin markets in which we operate, government authorities have issued orders that require the closure of non- quarantined or to shelter Note 12 -

- 11 Note modifications, such as employee work locations and virtualization among other changes.We are continuing to actively monitor the situation and may take further actions that alter our business operations as may be required by federal, state or local of our employees, customers, partners, suppliers or shareholders. It is not clear what the potential effects of COVID operations, financial condition and stock price. caused significant volatility and disruption in global financial and commercial markets, and is likely to lead to recessionary conditions for an indeterminate amount ofWe time. are conducting our business with subs 19 to - home requirements - at - losure and shelter at home

its own shares. This share buyback program is 19, when businessc - 19 in China, we experienced disruptionsto our - 19 on our business and our operational and financial - 116

********************************

(Continued)

19: - Events: Subsequent Covid

In May 2020, the Holding Company's Board of Directors approved the 2020 share buyback program, which During February 2020, following the initial outbreak of COVID continue at least during the first half of fiscal 2021.year However, due to the ongoing shelter logistics costs.We expect the increased logistics costs and adverse effects on our gross margins from COVID

or recommendations in many countries, there highwas demand and consumption of our products. It is difficult to predict the progression, the duration and all of the effects of COVID guidelines may be eased or lifted, and how consumer demand, inventory and logistical effects and costsmay evolve over time, or the impact on our future sales and results of operations. Some of this impact will undoubtedly occur over multiple financial periods and, given that we manufacturemany of our own products, may have a lag effect between periods. The full extent of the impactof COVID authorized the Holding Company to use up to $250.0 million to purchase performance is currently uncertain and will depend on many factors outside our control. Note 13 - expected to remain in effect for a period of three years. Shares may be repurchased from time to time the on open market, through blocktrades or otherwise. Purchasesmay startedbe or stopped at any time without prior notice depending on market conditions and other factors. Note - 12 manufacturing, supply chain and logistics services, resulting in temporary inventory declines and an increase in

Annual Report Fiscal Year 2020 Annual Report Fiscal Year 2020 )

277,271 962,286 819,015 (134,000 1,096,286

Year ended Year

March 2020 31, CHF

CHF 117

(1)

The Board of Directors proposes a distribution of an aggregate grossdividend of CHF 134,000,000 or approximately CHF net 0.8029 per share. Theoutstanding, per share shares estimate is based on 166,896,973 of treasury shares, as of March 31, 2020. The proposal of the Board of Directors for appropriation of retained earnings was as follows for thefiscal year 2020 (in thousands):

Balance of retained earnings to be carried forward Retained earnings available at end of fiscal year 2020 Available earnings brought forward Profit for the year Proposed dividend

EARNINGS OF RETAINED OF THEAPPROPRIATION BOARDPROPOSAL OF DIRECTORS FOR ______(1)