Microsoft 2015 Annual Report Download - page 41

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40
Total one-day VaR for the combined risk categories was $237 million at June 30, 2015 and $333 million at June 30,
2014. The total VaR is 29% less at June 30, 2015, and 25% less at June 30, 2014, than the sum of the separate risk
categories in the table above due to the diversification benefit of the combination of risks.