Microsoft 2014 Annual Report Download - page 41

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40
The following table sets forth the one-day VaR for substantially all of our positions as of June 30, 2014 and 2013 and for
the year ended June 30, 2014:
(In millions)
June 30,
2014
June 30,
2013
Y
ear Ended June 30,
2014
Risk Categories Average High Low
Foreign currency $ 179 $ 199 $ 215 $ 287 $ 117
Interest rate $ 73 $ 85 $ 82 $ 91 $ 73
Equity $ 176 $ 181 $ 208 $ 246 $ 173
Commodity $ 17 $ 19 $ 18 $ 21 $ 16
Total one-day VaR for the combined risk categories was $333 million at June 30, 2014 and $350 million at June 30, 2013.
The total VaR is 25% less at June 30, 2014, and 28% less at June 30, 2013, than the sum of the separate risk categories
in the table above due to the diversification benefit of the combination of risks.