Microsoft 2011 Annual Report Download - page 40

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40
The following table sets forth the one-day VaR for substantially all of our positions as of June 30, 2011 and 2010
and for the year ended June 30, 2011:
(In millions)
June 30,
2011
June 30,
2010
Y
ear Ended June 30,
2011
Risk Categories Average High Low
Foreign currency $ 86
$ 57
$ 67 $ 121 $ 40
Interest rate $ 58
$ 58
$ 56 $ 65 $ 50
Equity $ 212 $ 183 $ 211 $ 230 $ 184
Commodity $ 28
$ 19
$ 22 $ 30 $ 18
Total one-day VaR for the combined risk categories was $290 million at June 30, 2011 and $235 million at
June 30, 2010. The total VaR is 25% less at June 30, 2011, and 26% less at June 30, 2010, than the sum of the
separate risk categories in the above table due to the diversification benefit of the combination of risks.