2012 TOP to ILS Historical Review

YEARLY HIGH

2.3233 ILS

YEARLY LOW

2.1274 ILS

YEARLY AVERAGE

2.2173 ILS

2012 TOP to ILS Performance & Market Timing Review

Analysis of key historical highlights and timing insights for 2012

During 2012, the TOP to ILS exchange rate experienced significant fluctuation. The market reached its absolute peak on August 16, valuing the pair at 2.3233. Conversely, the yearly low was recorded on May 20, dropping to 2.1274.

This high-to-low spread represents a total annual volatility of 0.1959 ILS. From a start-to-finish perspective, comparing the January average rate of 2.1874 to the December average rate of 2.1716, the exchange rate registered a net change of -0.72% (reflecting a weakening trend).

Looking at year-over-year peak valuations, the 2012 high of 2.3233 was up 4.23% compared to the 2011 peak of 2.2290, 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 11,616 ILS

2011 Average 10,212 ILS

Yearly Trough Low 10,637 ILS

Transaction Impact: A difference of 979.46 ILS purely based on transaction execution date.

Trend Visualization

Monthly average fluctuations over the course of 2012.

2.3036

2.1597

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 2.1972, compared to 2.2375 in the second half (H2: Jul–Dec). This shows that the rate was stronger in the second half (Jul–Dec) by a margin of 0.0403 points.

H1 Avg (Jan–Jun) 2.1972

H2 Avg (Jul–Dec) 2.2375

Volatility Range Comparison

Volatility

The most volatile month in 2012 was November, with a trading range of 0.1567 ILS (High: 2.3207 / Low: 2.1639). On the other end, April was the most stable month, with a tight range of 0.0232 ILS (High: 2.2138 / Low: 2.1905).

November Spread (Volatile) ±0.1567

April Spread (Stable) ±0.0232

Growth Streaks & Declines

Trends

Between January and March, the exchange rate recorded its longest consecutive growth streak of the year, climbing for 2 straight months. Conversely, the sharpest month-over-month decline occurred between November and December, when the average rate fell by 0.0730 points.

Longest Streak 2 Mo.

Sharpest MoM Drop -0.0730

Same-Month Historical Baseline

YoY Baseline

Comparing the current year's strongest month average (August 2012: 2.2916) against the same month in 2011 (average: 2.1672), the exchange rate shifted by +0.1244 (+5.74%).

2012 Avg (August) 2.2916

2011 Avg (August) 2.1672

Monthly Breakdown

Statistical summary for each calendar month.

Month	High	Low	Average
January	2.2227	2.1547	2.1874
February	2.2421	2.1788	2.2082
March	2.2720	2.1975	2.2305
April	2.2138	2.1905	2.2028
May	2.2775	2.1274	2.1803
June	2.2086	2.1579	2.1741
July	2.3130	2.1781	2.2428
August	2.3233	2.2730	2.2916
September	2.2946	2.2355	2.2623
October	2.2701	2.1804	2.2119
November	2.3207	2.1639	2.2446
December	2.1982	2.1503	2.1716