Microsoft 2006 Annual Report Download - page 41

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PAGE 40
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK (CONTINUED)
The following table sets forth the one-day VaR for substantially all of our positions as of June 30, 2006 and 2005, and for the
fiscal year ended June 30, 2006:
(In millions)
Y
ear ended June
30, 2006
Risk Categories
2006
2005
A
verage
High
Low
Interest rates
$66
$ 88
$ 82 $127
$62
Currency rates
91
52
33 9
1
1
1
Equity prices
88
164
116 168
84
Commodity prices
12
14
15 18
12
Total one-day VaR for the combined risk categories was $158 million at June 30, 2006 and $195 million at June 30, 2005.
The total VaR is 38% less at June 30, 2006 and 39% less at June, 30 2005 than the sum of the separate risk categories in the
above table due to the diversification benefit of the combination of risks.