2011 TOP to ILS Historical Review

YEARLY HIGH

2.2290 ILS

YEARLY LOW

1.8335 ILS

YEARLY AVERAGE

2.0420 ILS

2011 TOP to ILS Performance & Market Timing Review

Analysis of key historical highlights and timing insights for 2011

During 2011, the TOP to ILS exchange rate experienced significant fluctuation. The market reached its absolute peak on September 12, valuing the pair at 2.2290. Conversely, the yearly low was recorded on April 21, dropping to 1.8335.

This high-to-low spread represents a total annual volatility of 0.3955 ILS. From a start-to-finish perspective, comparing the January average rate of 1.9290 to the December average rate of 2.1755, the exchange rate registered a net change of 12.77% (reflecting a strengthening trend).

Looking at year-over-year peak valuations, the 2011 high of 2.2290 was up 11.02% compared to the 2010 peak of 2.0078, 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 11,145 ILS

2010 Average 9,693 ILS

Yearly Trough Low 9,167 ILS

Transaction Impact: A difference of 1,977.70 ILS purely based on transaction execution date.

Trend Visualization

Monthly average fluctuations over the course of 2011.

2.2253

1.8413

JanuMarcMayJulySeptNove

TOP to ILS 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 1.9370, compared to 2.1469 in the second half (H2: Jul–Dec). This shows that the rate was stronger in the second half (Jul–Dec) by a margin of 0.2099 points.

H1 Avg (Jan–Jun) 1.9370

H2 Avg (Jul–Dec) 2.1469

Volatility Range Comparison

Volatility

The most volatile month in 2011 was July, with a trading range of 0.1543 ILS (High: 2.1254 / Low: 1.9711). On the other end, February was the most stable month, with a tight range of 0.0620 ILS (High: 2.0051 / Low: 1.9430).

July Spread (Volatile) ±0.1543

February Spread (Stable) ±0.0620

Growth Streaks & Declines

Trends

Between June and September, the exchange rate recorded its longest consecutive growth streak of the year, climbing for 3 straight months. Conversely, the sharpest month-over-month decline occurred between September and October, when the average rate fell by 0.0554 points.

Longest Streak 3 Mo.

Sharpest MoM Drop -0.0554

Same-Month Historical Baseline

YoY Baseline

Comparing the current year's strongest month average (September 2011: 2.1933) against the same month in 2010 (average: 1.9209), the exchange rate shifted by +0.2723 (+14.18%).

2011 Avg (September) 2.1933

2010 Avg (September) 1.9209

Monthly Breakdown

Statistical summary for each calendar month.

Month	High	Low	Average
January	2.0034	1.8877	1.9290
February	2.0051	1.9430	1.9746
March	1.9716	1.8726	1.9209
April	1.9093	1.8335	1.8733
May	2.0120	1.9061	1.9624
June	2.0009	1.9287	1.9617
July	2.1254	1.9711	2.0284
August	2.1930	2.1221	2.1672
September	2.2290	2.1334	2.1933
October	2.1818	2.0938	2.1379
November	2.2130	2.1263	2.1794
December	2.2269	2.1539	2.1755