2011 GEL to ARS Historical Review

YEARLY HIGH

2.5930 ARS

YEARLY LOW

2.1956 ARS

YEARLY AVERAGE

2.4509 ARS

2011 GEL to ARS Performance & Market Timing Review

Analysis of key historical highlights and timing insights for 2011

During 2011, the GEL to ARS exchange rate experienced significant fluctuation. The market reached its absolute peak on December 5, valuing the pair at 2.5930. Conversely, the yearly low was recorded on January 17, dropping to 2.1956.

This high-to-low spread represents a total annual volatility of 0.3975 ARS. From a start-to-finish perspective, comparing the January average rate of 2.2155 to the December average rate of 2.5823, the exchange rate registered a net change of 16.56% (reflecting a strengthening trend).

Looking at year-over-year peak valuations, the 2011 high of 2.5930 was up 14.31% compared to the 2010 peak of 2.2683, indicating shifts in long-term support levels.

Transfer Payout Power Comparison

Comparing the value generated converting 5,000 GEL based on timing:

Yearly Peak High 12,965 ARS

2010 Average 10,941 ARS

Yearly Trough Low 10,978 ARS

Transaction Impact: A difference of 1,987.28 ARS purely based on transaction execution date.

Trend Visualization

Monthly average fluctuations over the course of 2011.

2.6190

2.1788

JanuMarcMayJulySeptNove

GEL to ARS Seasonal Trends & Volatility Analysis

A structured review of seasonal halves, trading extremes, consecutive streaks, and historical baselines.

Seasonal Halves (H1 vs H2)

Seasonal

The average exchange rate in the first half of the year (H1: Jan–Jun) was 2.3655, compared to 2.5364 in the second half (H2: Jul–Dec). This shows that the rate was stronger in the second half (Jul–Dec) by a margin of 0.1709 points.

H1 Avg (Jan–Jun) 2.3655

H2 Avg (Jul–Dec) 2.5364

Volatility Range Comparison

Volatility

The most volatile month in 2011 was April, with a trading range of 0.1151 ARS (High: 2.4908 / Low: 2.3757). On the other end, September was the most stable month, with a tight range of 0.0135 ARS (High: 2.5355 / Low: 2.5221).

April Spread (Volatile) ±0.1151

September Spread (Stable) ±0.0135

Growth Streaks & Declines

Trends

Between July and December, the exchange rate recorded its longest consecutive growth streak of the year, climbing for 5 straight months. Conversely, the sharpest month-over-month decline occurred between April and May, when the average rate fell by 0.0059 points.

Longest Streak 5 Mo.

Sharpest MoM Drop -0.0059

Same-Month Historical Baseline

YoY Baseline

Comparing the current year's strongest month average (December 2011: 2.5823) against the same month in 2010 (average: 2.2552), the exchange rate shifted by +0.3271 (+14.50%).

2011 Avg (December) 2.5823

2010 Avg (December) 2.2552

Monthly Breakdown

Statistical summary for each calendar month.

Month	High	Low	Average
January	2.2411	2.1956	2.2155
February	2.3144	2.2228	2.2662
March	2.3812	2.3293	2.3576
April	2.4908	2.3757	2.4426
May	2.4887	2.4100	2.4366
June	2.4994	2.4525	2.4743
July	2.5110	2.4334	2.4726
August	2.5514	2.4852	2.5239
September	2.5355	2.5221	2.5285
October	2.5622	2.5185	2.5423
November	2.5822	2.5504	2.5686
December	2.5930	2.5577	2.5823