U.S. do llar relative to foreign currencies that affect the Company 
would have resulted in a $2.2 million decrease in net income for 
the year ended June 30, 2012.  A 10% weakening from the levels 
experienced during the year ended June 30, 2012 of the U.S. dollar 
relative to foreign currencies that affect the Company would have 
resulted in a $2.2 million increase in net income for the  
year ended June 30, 2012.
Interest Rate Risk 
We repaid the debt that was outstanding at June 30, 2010 during 
fiscal 2011, thus, at June 30, 2012, we were not expo sed to 
interest rate fluctuations on outstanding debt.  We monitor 
depository institutions that hold our cash and cash equivalents, 
primarily for safety of principal and secondarily for maximizing yield 
on those funds.  We diversify our cash and cash equivalents among 
counterparties to minimize exposure to any of these entities. 
13Applied Industrial Technologies, Inc. and Subsidiaries
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