Microsoft 2013 Annual Report Download - page 41

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The following table sets forth the one-day VaR for substantially all of our positions as of June 30, 2013 and 2012 and for
the year ended June 30, 2013:
(In millions)
June 30,
2013
June 30,
2012
Year Ended June 30,
2013
Risk Categories
Average
High
Low
Foreign currency
$ 199
$ 98
$ 215
$ 256
$ 90
Interest rate
$ 85
$ 71
$ 73
$ 86
$ 63
Equity
$ 181
$ 205
$ 198
$ 211
$ 178
Commodity
$ 19
$ 18
$ 20
$ 24
$ 18
Total one-day VaR for the combined risk categories was $350 million at June 30, 2013 and $292 million at June 30, 2012.
The total VaR is 28% less at June 30, 2013, and 26% less at June 30, 2012, than the sum of the separate risk categories
in the above table due to the diversification benefit of the combination of risks.