45 CP 2020 ANNUAL REPORT Exchange rates (Canadian/U.S. dollar) 2020 2019 2018 2017 2016 Beginning of year – January 1 $ 1.30 $ 1.36  $ 1.25  $ 1.34  $ 1.38  Beginning of quarter – April 1 $ 1.41 $ 1.33  $ 1.29  $ 1.33  $ 1.30  Beginning of quarter – July 1 $ 1.36 $ 1.31  $ 1.32  $ 1.30  $ 1.29  Beginning of quarter – October 1 $ 1.33 $ 1.32  $ 1.29  $ 1.25  $ 1.31  End of year – December 31 $ 1.28 $ 1.30  $ 1.36  $ 1.25  $ 1.34  High/Low exchange rates (Canadian/U.S. dollar) 2020 2019 2018 2017 2016 High $ 1.45 $ 1.36  $ 1.37  $ 1.37  $ 1.46  Low $ 1.27 $ 1.30  $ 1.23  $ 1.21  $ 1.25  In 2020, the impact of a stronger U.S. dollar resulted in an increase in total revenues of $33 million, an increase in total operating expenses of $23 million and an increase in net interest expense of $4 million. In 2019, the impact of a stronger U.S. dollar resulted in an increase in total revenues of $87 million, an increase in total operating expenses of $48 million and an increase in net interest expense of $10 million. The impact of fluctuations in the exchange rate between the Canadian dollar and the U.S. dollar on the Company's results is discussed further in Item 7A. Quantitative and Qualitative Disclosures About Market Risk, Foreign Exchange Risk. Fluctuations in fuel prices affect the Company’s results because fuel expense constitutes a significant portion of CP's operating costs. As fuel prices fluctuate, there will be a timing impact on earnings, as discussed further in Item 1. Business, Operations, Fuel Cost Adjustment Program and Item 1A. Risk Factors, Volatility Risks. Impact of Fuel Price on Earnings Average Fuel Price (U.S. dollars per U.S. gallon) 2020 2019 2018 For the year ended – December 31 $ 1.90 $ 2.49  $ 2.72  For the three months ended – December 31 $ 1.91 $ 2.53  $ 2.71  Toronto Stock Exchange (in Canadian dollars) 2020 2019 2018 Opening Common Share price, as at January 1 $ 331.03 $ 242.24  $ 229.66  Ending Common Share price, as at March 31 $ 310.55 $ 275.34  $ 227.20  Ending Common Share price, as at June 30 $ 345.32 $ 308.43  $ 240.92  Ending Common Share price, as at September 30 $ 405.05 $ 294.42  $ 273.23  Ending Common Share price, as at December 31 $ 441.53 $ 331.03  $ 242.24  Change in Common Share price for the year ended December 31 $ 110.50 $ 88.79  $ 12.58  The impact of fuel price on earnings includes the impacts of provincial and federal carbon taxes and levies recovered and paid, on revenues and expenses, respectively. In 2020, the favourable impact of fuel prices on Operating income was $25 million. Lower fuel prices resulted in a decrease in total operating expenses of $195 million. Lower fuel prices, partially offset by the timing of recoveries from CP's fuel cost adjustment program and increased carbon tax recoveries, resulted in a decrease in total revenues of $170 million from 2019. In 2019, the impact of lower fuel prices resulted in a decrease in Total revenues of $39 million and a decrease in Total operating expenses of $77 million. Fluctuations in the Common Share price affect the Company's operating expenses because share-based liabilities are measured at fair value. The Company's Common Shares are listed on the Toronto Stock Exchange ("TSX") and the New York Stock Exchange ("NYSE") with ticker symbol "CP". The following tables indicate the opening and closing Common Share price on the TSX and the NYSE for each quarter and the change in the price of the Common Shares on the TSX and the NYSE for the years ended December 31, 2020, 2019 and 2018: Impact of Share Price on Earnings