2011 TOP to ARS Historical Review

YEARLY HIGH

2.5843 ARS

YEARLY LOW

2.1075 ARS

YEARLY AVERAGE

2.3561 ARS

2011 TOP to ARS Performance & Market Timing Review

Analysis of key historical highlights and timing insights for 2011

During 2011, the TOP to ARS exchange rate experienced significant fluctuation. The market reached its absolute peak on August 10, valuing the pair at 2.5843. Conversely, the yearly low was recorded on January 13, dropping to 2.1075.

This high-to-low spread represents a total annual volatility of 0.4768 ARS. From a start-to-finish perspective, comparing the January average rate of 2.1389 to the December average rate of 2.4695, the exchange rate registered a net change of 15.46% (reflecting a strengthening trend).

Looking at year-over-year peak valuations, the 2011 high of 2.5843 was up 18.92% compared to the 2010 peak of 2.1731, indicating shifts in long-term support levels.

Transfer Payout Power Comparison

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

Yearly Peak High 12,921 ARS

2010 Average 10,156 ARS

Yearly Trough Low 10,537 ARS

Transaction Impact: A difference of 2,384.01 ARS purely based on transaction execution date.

Trend Visualization

Monthly average fluctuations over the course of 2011.

2.5826

2.0985

JanuMarcMayJulySeptNove

TOP 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 2.2278, compared to 2.4845 in the second half (H2: Jul–Dec). This shows that the rate was stronger in the second half (Jul–Dec) by a margin of 0.2568 points.

H1 Avg (Jan–Jun) 2.2278

H2 Avg (Jul–Dec) 2.4845

Volatility Range Comparison

Volatility

The most volatile month in 2011 was July, with a trading range of 0.1806 ARS (High: 2.5619 / Low: 2.3813). On the other end, February was the most stable month, with a tight range of 0.0177 ARS (High: 2.1732 / Low: 2.1555).

July Spread (Volatile) ±0.1806

February Spread (Stable) ±0.0177

Growth Streaks & Declines

Trends

Between January and August, the exchange rate recorded its longest consecutive growth streak of the year, climbing for 7 straight months. Conversely, the sharpest month-over-month decline occurred between August and September, when the average rate fell by 0.0420 points.

Longest Streak 7 Mo.

Sharpest MoM Drop -0.0420

Same-Month Historical Baseline

YoY Baseline

Comparing the current year's strongest month average (August 2011: 2.5422) against the same month in 2010 (average: 2.0314), the exchange rate shifted by +0.5109 (+25.15%).

2011 Avg (August) 2.5422

2010 Avg (August) 2.0314

Monthly Breakdown

Statistical summary for each calendar month.

Month	High	Low	Average
January	2.1585	2.1075	2.1389
February	2.1732	2.1555	2.1686
March	2.1875	2.1614	2.1739
April	2.2961	2.1715	2.2198
May	2.3243	2.2961	2.3132
June	2.3858	2.3372	2.3522
July	2.5619	2.3813	2.4453
August	2.5843	2.5155	2.5422
September	2.5773	2.4161	2.5002
October	2.5126	2.4014	2.4601
November	2.5338	2.3894	2.4899
December	2.5045	2.4460	2.4695