Stock Performance Graph At least annually, we consider which companies comprise a readily identifiable investment peer group.
McDonald's is included in published restaurant indices; however, unlike most other companies included in these indices, which have no or limited international operations, McDonald's does business in more than 100 countries and a substantial portion of our revenues and income is generated outside the U. S.  In addition, because of our size, McDonald's inclusion in those indices tends to skew the results.
Therefore, we believe that such a comparison is not meaningful.
Our market capitalization, trading volume and importance in an industry that is vital to the U. S.  economy have resulted in McDonald's inclusion in the Dow Jones Industrial Average (DJIA) since 1985.
Like McDonald's, many DJIA companies generate meaningful revenues and income outside the U. S.  and some manage global brands.
Thus, we believe that the use of the DJIA companies as the group for comparison purposes is appropriate.
The following performance graph shows McDonald's cumulative total shareholder returns (i. e. , price appreciation and reinvestment of dividends) relative to the Standard & Poor's 500 Stock Index (S&P 500 Index) and to the DJIA companies for the five-year period ended December 31, 2017.
The graph assumes that the value of an investment in McDonald's common stock, the S&P 500 Index and the DJIA companies (including McDonald's) was $100 at December 31, 2012.
For the DJIA companies, returns are weighted for market capitalization as of the beginning of each period indicated.
These returns may vary from those of the Dow Jones Industrial Average Index, which is not weighted by market capitalization, and may be composed of different companies during the period under consideration.
## Table 0 ##
Consolidated Operating Results
## Table 1 ##
n/m Not meaningful IMPACT OF FOREIGN CURRENCY TRANSLATION ON REPORTED RESULTS While changes in foreign currency exchange rates affect reported results, McDonald’s mitigates exposures, where practical, by purchasing goods and services in local currencies, financing in local currencies and hedging certain foreign-denominated cash flows.
In 2017, results reflected the stronger Euro, offset by the weaker British Pound.
In 2016 and 2015, results were negatively impacted by weaker foreign currencies.
Impact of foreign currency translation on reported results
## Table 2 ##
NET INCOME AND DILUTED EARNINGS PER COMMON SHARE In 2017, net income increased 11% (11% in constant currencies) to $5.2 billion and diluted earnings per common share increased 17% (17% in constant currencies) to $6.37.
Foreign currency translation had no impact on diluted earnings per share.
In 2016, net income increased 3% (6% in constant currencies) to $4.7 billion and diluted earnings per common share increased 13% (16% in constant currencies) to $5.44.
Foreign currency translation had a negative impact of $0.11 on diluted earnings per share.
Results in 2017 reflected stronger operating performance, G&A savings and improved performance in Japan, which enabled the reversal of a valuation allowance on a deferred tax asset in Japan.2017 results included approximately $700 million of net tax cost associated with the Tax Act, reflecting provisional amounts related to the deemed repatriation charge of approximately $1.2 billion, partly offset by a benefit of approximately $500 million resulting from the revaluation of deferred tax assets and liabilities to the lower enacted U. S.  corporate tax rate of 21%.
In addition to the $0.82 per share of net tax cost associated with the Tax Act, 2017 results included a net benefit of $0.53 per share consisting of an approximate $850 million gain on the sale of the Company’s businesses in China and Hong Kong, offset in part by $150 million of current year restructuring and non-cash impairment charges in connection with the Company’s global G&A and refranchising initiatives.
Excluding the above items, as well as $342 million of prior year strategic charges, net income was $5.4 billion, an increase of 10% (10% in constant currencies), and diluted earnings per share was $6.66, an increase of 16% (16% in constant currencies).
Results in 2016 benefited from stronger operating performance and higher gains on sales of restaurant businesses, mostly in the U. S.  Results in 2016 included $342 million, or $0.28 per share, of strategic charges.
an average of 7.1 in 2000.
The top 100 largest clients used an average of 11.3 products in 2001, up from an average of 11.2 in 2000.
State Street benefits significantly from its ability to derive revenue from the transaction flows of clients.
This occurs through the management of cash positions, including deposit balances and other short-term investment activities, using State Street’s balance sheet capacity.
Significant foreign currency transaction volumes provide potential for foreign exchange trading revenue as well.
Fee Revenue Total operating fee revenue was $2.8billion in 2001, compared to $2.7 billion in 2000, an increase of 6%.
Adjusted for the formation of CitiStreet, the growth in fee revenue was 8%.
Growth in servicing fees of $199 million, or 14%, was the primary contributor to the increase in fee revenue.
This growth primarily reflects several large client wins installed starting in the latter half of 2000 and continuing throughout 2001, and strength in fee revenue from securities lending.
Declines in equity market values worldwide offset some of the growth in servicing fees.
Management fees were down 5%, adjusted for the formation of CitiStreet, reflecting the decline in the worldwide equity markets.
Foreign exchange trading revenue was down 5%, reflecting lower currency volatility, and processing fees and other revenue was up 21%, primarily due to gains on the sales of investment securities.
Servicing and management fees are a function of several factors, including the mix and volume of assets under custody and assets under management, securities positions held, and portfolio transactions, as well as types of products and services used by clients.
State Street estimates, based on a study conducted in 2000, that a 10% increase or decrease in worldwide equity values would cause a corresponding change in State Street’s total revenue of approximately 2%.
If bond values were to increase or decrease by 10%, State Street would anticipate a corresponding change of approximately 1% in its total revenue.
Securities lending revenue in 2001 increased approximately 40% over 2000.
Securities lending revenue is reflected in both servicing fees and management fees.
Securities lending revenue is a function of the volume of securities lent and interest rate spreads.
While volumes increased in 2001, the year-over-year increase is primarily due to wider interest rate spreads resulting from the unusual occurrence of eleven reductions in the U. S.  federal funds target rate during 2001.
## Table 3 ##

<table><tr><td>Company/Index</td><td>12/31/2012</td><td>12/31/2013</td><td>12/31/2014</td><td>12/31/2015</td><td>12/31/2016</td><td>12/31/2017</td></tr><tr><td>McDonald's Corporation</td><td>$100</td><td>$114</td><td>$113</td><td>$148</td><td>$157</td><td>$228</td></tr><tr><td>S&P 500 Index</td><td>100</td><td>132</td><td>151</td><td>153</td><td>171</td><td>208</td></tr><tr><td>Dow Jones Industrials</td><td>100</td><td>130</td><td>143</td><td>143</td><td>167</td><td>213</td></tr></table>
<table><tr><td>Dollars and shares in millions, except per share data</td><td>Amount</td><td>2017 Increase/ (decrease)</td><td>Amount</td><td>2016 Increase/ (decrease)</td><td>2015 Amount</td></tr><tr><td>Revenues</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sales by Company-operated restaurants</td><td>$12,719</td><td>-17%</td><td>$15,295</td><td>-7%</td><td>$16,488</td></tr><tr><td>Revenues from franchised restaurants</td><td>10,101</td><td>8</td><td>9,327</td><td>5</td><td>8,925</td></tr><tr><td>Total revenues</td><td>22,820</td><td>-7</td><td>24,622</td><td>-3</td><td>25,413</td></tr><tr><td>Operating costs and expenses</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Company-operated restaurant expenses</td><td>10,410</td><td>-18</td><td>12,699</td><td>-9</td><td>13,977</td></tr><tr><td>Franchised restaurants-occupancy expenses</td><td>1,789</td><td>4</td><td>1,718</td><td>4</td><td>1,647</td></tr><tr><td>Selling, general & administrative expenses</td><td>2,231</td><td>-6</td><td>2,384</td><td>-2</td><td>2,434</td></tr><tr><td>Other operating (income) expense, net</td><td>-1,163</td><td>n/m</td><td>76</td><td>-64</td><td>209</td></tr><tr><td>Total operating costs and expenses</td><td>13,267</td><td>-21</td><td>16,877</td><td>-8</td><td>18,267</td></tr><tr><td>Operating income</td><td>9,553</td><td>23</td><td>7,745</td><td>8</td><td>7,146</td></tr><tr><td>Interest expense</td><td>922</td><td>4</td><td>885</td><td>39</td><td>638</td></tr><tr><td>Nonoperating (income) expense, net</td><td>58</td><td>n/m</td><td>-6</td><td>87</td><td>-48</td></tr><tr><td>Income before provision for income taxes</td><td>8,573</td><td>25</td><td>6,866</td><td>5</td><td>6,556</td></tr><tr><td>Provision for income taxes</td><td>3,381</td><td>55</td><td>2,180</td><td>8</td><td>2,027</td></tr><tr><td>Net income</td><td>$5,192</td><td>11%</td><td>$4,686</td><td>3%</td><td>$4,529</td></tr><tr><td>Earnings per common share—diluted</td><td>$6.37</td><td>17%</td><td>$5.44</td><td>13%</td><td>$4.80</td></tr><tr><td>Weighted-average common shares outstanding—diluted</td><td>815.5</td><td>-5%</td><td>861.2</td><td>-9%</td><td>944.6</td></tr></table>
<table><tr><td></td><td></td><td colspan="2">Reported amount</td><td></td><td colspan="2">Currency translation benefit/(cost)</td></tr><tr><td>In millions, except per share data</td><td>2017</td><td>2016</td><td>2015</td><td>2017</td><td>2016</td><td>2015</td></tr><tr><td>Revenues</td><td>$22,820</td><td>$24,622</td><td>$25,413</td><td>$186</td><td>$-692</td><td>$-2,829</td></tr><tr><td>Company-operated margins</td><td>2,309</td><td>2,596</td><td>2,511</td><td>17</td><td>-89</td><td>-331</td></tr><tr><td>Franchised margins</td><td>8,312</td><td>7,609</td><td>7,278</td><td>25</td><td>-118</td><td>-626</td></tr><tr><td>Selling, general & administrative expenses</td><td>2,231</td><td>2,384</td><td>2,434</td><td>-10</td><td>28</td><td>158</td></tr><tr><td>Operating income</td><td>9,553</td><td>7,745</td><td>7,146</td><td>28</td><td>-173</td><td>-771</td></tr><tr><td>Net income</td><td>5,192</td><td>4,686</td><td>4,529</td><td>2</td><td>-97</td><td>-473</td></tr><tr><td>Earnings per common share—diluted</td><td>6.37</td><td>5.44</td><td>4.80</td><td>—</td><td>-0.11</td><td>-0.50</td></tr></table>
<table><tr><td>(Dollars in millions)</td><td>2001-1</td><td>2000</td><td>1999-2</td><td>Change 00-01</td><td>Adjusted Change 00-01-3</td></tr><tr><td>Servicing fees</td><td>$1,624</td><td>$1,425</td><td>$1,170</td><td>14%</td><td>14%</td></tr><tr><td>Management fees</td><td>511</td><td>581</td><td>600</td><td>-12</td><td>-5</td></tr><tr><td>Foreign exchange trading</td><td>368</td><td>387</td><td>306</td><td>-5</td><td>-5</td></tr><tr><td>Processing fees and other</td><td>329</td><td>272</td><td>236</td><td>21</td><td>21</td></tr><tr><td>Total fee revenue</td><td>$2,832</td><td>$2,665</td><td>$2,312</td><td>6</td><td>8</td></tr></table>

Question: what is the percent change of servicing fees between 1999 and 2000?
Answer: 0.21795