rates and accrued interest thereon.
On certificates allowing for the deduction of a surrender charge, the cash surrender values may be less than accumulated investment certificate reserves prior to maturity dates.
Cash surrender values on certificates allowing for no surrender charge are equal to certificate reserves.
The Company generally invests the proceeds from investment certificates in fixed and variable rate securities.
The Company may hedge the interest rate risks under these obligations with derivative instruments.
As of December 31, 2009 and 2008, there were no outstanding derivatives to hedge these interest rate risks.
Certain investment certificate products have returns tied to the performance of equity markets.
The Company guarantees the principal for purchasers who hold the certificate for the full 52-week term and purchasers may participate in increases in the stock market based on the S&P 500 Index, up to a maximum return.
Purchasers can choose 100% participation in the market index up to the cap or 25% participation plus fixed interest with a combined total up to the cap.
Current first term certificates have maximum returns of 4% or 5%.
The equity component of these certificates is considered an embedded derivative and is accounted for separately.
The change in fair values of the embedded derivative reserve is reflected in banking and deposit interest expense.
See Note 20 for additional information about derivative instruments used to economically hedge the equity price risk related to the Company’s stock market certificates.14.
Debt Debt and the stated interest rates were as follows:
## Table 0 ##
On November 23, 2005, the Company issued $1.5 billion of unsecured senior notes including $800 million of five-year senior notes which mature November 15, 2010 and $700 million of 10-year senior notes which mature November 15, 2015, and incurred debt issuance costs of $7 million.
Interest payments are due semi-annually on May 15 and November 15.
In July 2009, the Company purchased $450 million aggregate principal amount of its senior notes due 2010, pursuant to a cash tender offer.
The tender offer consideration per $1,000 principal amount of these notes accepted for purchase was $1,000, with an early tender payment of $30.
Payments for these notes purchased pursuant to the tender offer included accrued and unpaid interest from the last interest payment date to, but not including, the settlement date.
The Company also repurchased $10 million of these notes in the second quarter of 2009 in open market transactions.
On June 8, 2009, the Company issued $300 million of unsecured senior notes which mature June 28, 2019, and incurred debt issuance costs of $3 million.
Interest payments are due semi-annually in arrears on June 28 and December 28.
On June 3, 2009, the Company issued $200 million of unsecured senior notes which mature June 15, 2039, and incurred debt issuance costs of $6 million.
Interest payments are due quarterly in arrears on March 15, June 15, September 15 and December 15.
In June 2005, the Company entered into interest rate swap agreements totaling $1.5 billion, which qualified as cash flow hedges related to planned debt offerings.
The Company terminated the swap agreements in November 2005 when the senior notes due 2010 and 2015 were issued.
The related gain on the swap agreements of $71 million was recorded to accumulated other comprehensive income (loss) and is being amortized as a reduction to interest expense over the period in which the hedged cash flows are expected to occur.
Considering the
The components of the Company’s share-based compensation expense, net of forfeitures, were as follows:
## Table 1 ##
For the years ended December 31, 2009, 2008 and 2007, the total income tax benefit recognized by the Company related to the sharebased compensation expense was $64 million, $52 million and $50 million, respectively.
As of December 31, 2009, there was $158 million of total unrecognized compensation cost related to non-vested awards under the Company’s share-based compensation plans.
That cost is expected to be recognized over a weighted-average period of 2.5 years.
Amended and Restated Ameriprise Financial 2005 Incentive Compensation Plan The 2005 ICP, which was amended and approved by shareholders on April 25, 2007, provides for the grant of cash and equity incentive awards to directors, employees and independent contractors, including stock options, restricted stock awards, restricted stock units, stock appreciation rights, performance shares and similar awards designed to comply with the applicable federal regulations and laws of jurisdiction.
Under the 2005 ICP, a maximum of 37.9 million shares may be issued.
Of this total, no more than 4.4 million shares may be issued after April 25, 2007 for full value awards, which are awards other than stock options and stock appreciation rights.
Shares issued under the 2005 ICP may be authorized and unissued shares or treasury shares.
Deferred Compensation Plan The Deferred Compensation Plan (‘‘DCP’’) gives certain employees the choice to defer a portion of their bonus, which can be invested in investment options as provided by the DCP, including the Ameriprise Financial Stock Fund.
The Company provides a match if the participant deferrals are invested in the Ameriprise Financial Stock Fund.
Participant deferrals vest immediately and the Company match vests after three years.
Distributions are made in shares of the Company’s common stock for the portion of the deferral invested in the Ameriprise Financial Stock Fund and the related Company match, for which the Company has recorded in equity.
The DCP does allow for accelerated vesting of the share-based awards in cases of death, disability and qualified retirement.
Compensation expense related to the Company match is recognized on a straight-line basis over the vesting period.
Ameriprise Financial 2008 Employment Incentive Equity Award Plan The 2008 Plan is designed to align new employees’ interests with those of the shareholders of the Company and attract and retain new employees.
The 2008 Plan provides for the grant of equity incentive awards to new employees who became employees in connection with a merger or acquisition, including stock options, restricted stock awards, restricted stock units, and other equity-based awards designed to comply with the applicable federal and foreign regulations and laws of jurisdiction.
Under the 2008 Plan, a maximum of 6.0 million shares may be issued.
Awards granted under the 2008 Plan may be settled in cash and/or shares of the Company’s common stock according to the award’s terms.
Stock Options Stock options granted have an exercise price not less than 100% of the current fair market value of a share of the Company’s common stock on the grant date and a maximum term of 10 years.
Stock options granted generally vest ratably over three to four years.
Vesting of option awards may be accelerated based on age and length of service.
Stock options granted are expensed on a straight-line basis over the option vesting period based on the estimated fair value of the awards on the date of grant using a Black-Scholes option-pricing model.
Net revenues increased $3 million compared to the prior year.
Net investment loss for the year ended December 31, 2009 reflects the transfer priced interest income allocated to the Annuities and Protection segments for maintaining excess liquidity and the period-over-period decline in short-term interest rates.
The increase in other revenues compared to the prior year was due to a $58 million gain on the repurchase of $135 million of our junior notes in 2009 compared to a gain of $19 million on the repurchase of $43 million of our junior notes in 2008.
Total expenses decreased $96 million, or 26%, to $267 million for the year ended December 31, 2009.
Interest and debt expense for the year ended December 31, 2009 included a $13 million expense related to the early retirement of $450 million of our 5.35% senior notes due 2010.
General and administrative expense decreased $116 million, or 46%, compared to the prior year due to money market support costs incurred in 2008, including $77 million related to the mark-to-market of Lehman Brothers securities that we purchased from various 2a-7 money market mutual funds managed by our subsidiary, RiverSource Investments, LLC and $36 million for the cost of guaranteeing specific client holdings in an unaffiliated money market mutual fund, and $60 million in restructuring charges in 2008, partially offset by higher performance compensation accruals and legal expenses in 2009.
Consolidated Results of Operations Year Ended December 31, 2008 Compared to Year Ended December 31, 2007 The following table presents our consolidated results of operations:
## Table 2 ##
MASCO CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 62 M.  EMPLOYEE RETIREMENT PLANS (Continued) Plan Assets.
Our qualified defined-benefit pension plan weighted average asset allocation, which is based upon fair value, was as follows:

<table><tr><td> </td><td colspan="2"> Outstanding Balance December 31,</td><td colspan="2"> Stated Interest Rate December 31,</td></tr><tr><td> </td><td> 2009</td><td> 2008</td><td>2009</td><td> 2008</td></tr><tr><td> </td><td colspan="4"> (in millions) </td></tr><tr><td>Senior notes due 2010</td><td>$340</td><td>$800</td><td>5.4%</td><td>5.4%</td></tr><tr><td>Senior notes due 2015</td><td>700</td><td>700</td><td>5.7</td><td>5.7</td></tr><tr><td>Senior notes due 2019</td><td>300</td><td>—</td><td>7.3</td><td>—</td></tr><tr><td>Senior notes due 2039</td><td>200</td><td>—</td><td>7.8</td><td>—</td></tr><tr><td>Junior subordinated notes due 2066</td><td>322</td><td>457</td><td>7.5</td><td>7.5</td></tr><tr><td>Floating rate revolving credit borrowings due 2013</td><td>142</td><td>64</td><td>4.1</td><td>3.6</td></tr><tr><td>Floating rate revolving credit borrowings due 2014</td><td>198</td><td>—</td><td>5.9</td><td>—</td></tr><tr><td>Floating rate revolving credit borrowings due 2014</td><td>41</td><td>—</td><td>2.5</td><td>—</td></tr><tr><td>Municipal bond inverse floater certificates due 2021</td><td>6</td><td>6</td><td>0.3</td><td>2.2</td></tr><tr><td>Total</td><td>$2,249</td><td>$2,027</td><td></td><td></td></tr></table>
<table><tr><td> </td><td colspan="3"> Years Ended December 31,</td></tr><tr><td> </td><td> 2009</td><td> 2008</td><td> 2007</td></tr><tr><td> </td><td colspan="3"> (in millions) </td></tr><tr><td>Stock options</td><td>$53</td><td>$40</td><td>$37</td></tr><tr><td>Restricted stock awards</td><td>59</td><td>57</td><td>52</td></tr><tr><td>Restricted stock units</td><td>70</td><td>51</td><td>54</td></tr><tr><td>Total</td><td>$182</td><td>$148</td><td>$143</td></tr></table>
<table><tr><td> </td><td colspan="2">Years Ended December 31,</td><td></td><td></td></tr><tr><td> </td><td>2008</td><td>2007</td><td colspan="2">Change</td></tr><tr><td> </td><td colspan="4">(in millions, except percentages)</td></tr><tr><td> Revenues</td><td></td><td></td><td></td><td></td></tr><tr><td>Management and financial advice fees</td><td>$2,899</td><td>$3,238</td><td>$-339</td><td>-10%</td></tr><tr><td>Distribution fees</td><td>1,565</td><td>1,762</td><td>-197</td><td>-11</td></tr><tr><td>Net investment income</td><td>817</td><td>2,014</td><td>-1,197</td><td>-59</td></tr><tr><td>Premiums</td><td>1,048</td><td>1,017</td><td>31</td><td>3</td></tr><tr><td>Other revenues</td><td>766</td><td>724</td><td>42</td><td>6</td></tr><tr><td>Total revenues</td><td>7,095</td><td>8,755</td><td>-1,660</td><td>-19</td></tr><tr><td>Banking and deposit interest expense</td><td>179</td><td>249</td><td>-70</td><td>-28</td></tr><tr><td>Total net revenues</td><td>6,916</td><td>8,506</td><td>-1,590</td><td>-19</td></tr><tr><td> Expenses</td><td></td><td></td><td></td><td></td></tr><tr><td>Distribution expenses</td><td>1,912</td><td>2,011</td><td>-99</td><td>-5</td></tr><tr><td>Interest credited to fixed accounts</td><td>790</td><td>847</td><td>-57</td><td>-7</td></tr><tr><td>Benefits, claims, losses and settlement expenses</td><td>1,125</td><td>1,179</td><td>-54</td><td>-5</td></tr><tr><td>Amortization of deferred acquisition costs</td><td>933</td><td>551</td><td>382</td><td>69</td></tr><tr><td>Interest and debt expense</td><td>109</td><td>112</td><td>-3</td><td>-3</td></tr><tr><td>Separation costs</td><td>—</td><td>236</td><td>-236</td><td>-100</td></tr><tr><td>General and administrative expense</td><td>2,472</td><td>2,562</td><td>-90</td><td>-4</td></tr><tr><td>Total expenses</td><td>7,341</td><td>7,498</td><td>-157</td><td>-2</td></tr><tr><td>Pretax income (loss)</td><td>-425</td><td>1,008</td><td>-1,433</td><td>NM</td></tr><tr><td>Income tax provision (benefit)</td><td>-333</td><td>202</td><td>-535</td><td>NM</td></tr><tr><td>Net income (loss)</td><td>-92</td><td>806</td><td>-898</td><td>NM</td></tr><tr><td>Less: Net loss attributable to noncontrolling interests</td><td>-54</td><td>-8</td><td>-46</td><td>NM</td></tr><tr><td>Net income (loss) attributable to Ameriprise Financial</td><td>$-38</td><td>$814</td><td>$-852</td><td>NM</td></tr></table>

Question: Which year is Management and financial advice fees the highest for Years Ended December 31?
Answer: 2007