2016 TOP to ILS Historical Review

YEARLY HIGH

1.7744 ILS

YEARLY LOW

1.6420 ILS

YEARLY AVERAGE

1.7049 ILS

2016 TOP to ILS Performance & Market Timing Review

Analysis of key historical highlights and timing insights for 2016

During 2016, the TOP to ILS exchange rate experienced significant fluctuation. The market reached its absolute peak on January 17, valuing the pair at 1.7744. Conversely, the yearly low was recorded on December 26, dropping to 1.6420.

This high-to-low spread represents a total annual volatility of 0.1324 ILS. From a start-to-finish perspective, comparing the January average rate of 1.7502 to the December average rate of 1.6825, the exchange rate registered a net change of -3.87% (reflecting a weakening trend).

Looking at year-over-year peak valuations, the 2016 high of 1.7744 was down 11.88% compared to the 2015 peak of 2.0137, 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 8,872 ILS

2015 Average 9,187 ILS

Yearly Trough Low 8,210 ILS

Transaction Impact: A difference of 662.10 ILS purely based on transaction execution date.

Trend Visualization

Monthly average fluctuations over the course of 2016.

1.7579

1.6661

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 1.7144, compared to 1.6955 in the second half (H2: Jul–Dec). This shows that the rate was stronger in the first half (Jan–Jun) by a margin of 0.0189 points.

H1 Avg (Jan–Jun) 1.7144

H2 Avg (Jul–Dec) 1.6955

Volatility Range Comparison

Volatility

The most volatile month in 2016 was October, with a trading range of 0.0835 ILS (High: 1.7492 / Low: 1.6657). On the other end, September was the most stable month, with a tight range of 0.0170 ILS (High: 1.6828 / Low: 1.6657).

October Spread (Volatile) ±0.0835

September Spread (Stable) ±0.0170

Growth Streaks & Declines

Trends

Between April and June, 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 January and February, when the average rate fell by 0.0347 points.

Longest Streak 2 Mo.

Sharpest MoM Drop -0.0347

Same-Month Historical Baseline

YoY Baseline

Comparing the current year's strongest month average (January 2016: 1.7502) against the same month in 2015 (average: 1.9914), the exchange rate shifted by -0.2411 (-12.11%).

2016 Avg (January) 1.7502

2015 Avg (January) 1.9914

Monthly Breakdown

Statistical summary for each calendar month.

Month	High	Low	Average
January	1.7744	1.7231	1.7502
February	1.7338	1.6603	1.7155
March	1.7328	1.6838	1.7152
April	1.7061	1.6757	1.6924
May	1.7159	1.6698	1.6933
June	1.7549	1.6868	1.7195
July	1.7262	1.6648	1.7021
August	1.6974	1.6646	1.6807
September	1.6828	1.6657	1.6737
October	1.7492	1.6657	1.7181
November	1.7521	1.6833	1.7157
December	1.7167	1.6420	1.6825