Microsoft 2012 Annual Report Download - page 40

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The following table sets forth the one-day VaR for substantially all of our positions as of June 30, 2012 and June 30, 2011
and for the year ended June 30, 2012:
(In millions)
June 30,
2012
June 30,
2011
Year Ended June 30,
2012
Risk Categories
Average
High
Low
Foreign currency
$
98
$
86
$
173
$
229
$
84
Interest rate
$
71
$
58
$
64
$
73
$
57
Equity
$
205
$
212
$
194
$
248
$
165
Commodity
$
18
$
28
$
20
$
29
$
15
Total one-day VaR for the combined risk categories was $292 million at June 30, 2012 and $290 million at June 30, 2011.
The total VaR is 26% less at June 30, 2012, and 25% less at June 30, 2011, than the sum of the separate risk categories
in the above table due to the diversification benefit of the combination of risks.