sensitivities of assets and liabilities: Equity Market Level (Delta), Interest Rate Level (Rho) and Volatility (Vega).
Additionally, various second order sensitivities are managed.
We use various index options across the term structure, interest rate swaps and swaptions, total return swaps and futures to manage the risk exposures.
The exposures are measured and monitored daily, and adjustments to the hedge portfolio are made as necessary.
In 2013, we established a macro hedge program which uses a combination of options and/or swaps to provide protection against the statutory tail scenario risk arising from variable annuity reserves on our statutory surplus.
The program also covers some of the residual risks not covered by other hedging activities.
We assess this residual risk under a range of scenarios in creating and executing the macro hedge program.
The macro hedge program could result in additional earnings volatility as changes in the value of the macro hedge derivatives, which are designed to reduce statutory capital volatility, may not be closely aligned to changes in the variable annuity guaranty embedded derivatives.
To evaluate interest rate and equity price risk we perform sensitivity testing which measures the impact on pretax income from the sources listed below for a 12-month period following a hypothetical 100 basis point increase in interest rates or a hypothetical 10% decline in equity prices.
The interest rate risk test assumes a sudden 100 basis point parallel shift in the yield curve, with rates then staying at those levels for the next 12 months.
The equity price risk test assumes a sudden 10% drop in equity prices, with equity prices then staying at those levels for the next 12 months.
In estimating the values of variable annuity riders, equity indexed annuities, stock market certificates, indexed universal life insurance and the associated hedge assets, we assumed no change in implied market volatility despite the 10% drop in equity prices.
The following tables present our estimate of the impact on pretax income from these hypothetical market movements as of December 31, 2013:
## Table 0 ##
Interest Rate Exposure to Pretax Income
## Table 1 ##
N/A Not Applicable.
(1) Excludes incentive income which is impacted by market and fund performance during the period and cannot be readily estimated.
(2) Market impact on DAC and DSIC amortization resulting from lower projected profits.
(3) In estimating the impact on DAC and DSIC amortization resulting from lower projected profits, we have not changed our assumed equity asset growth rates.
This is a significantly more conservative estimate than if we assumed management follows its mean reversion guideline and increased near-term rates to recover the drop in equity values over a five-year period.
We make this same conservative assumption in estimating the impact from GMDB and GMIB riders.
Consolidated Results of Operations Year Ended December 31, 2013 Compared to Year Ended December 31, 2012 The following table presents our consolidated results of operations:
## Table 2 ##
Overall Income from continuing operations before income tax provision increased $732 million, or 59%, to $2.0 billion for the year ended December 31, 2013 compared to $1.2 billion for the prior year primarily reflecting the impact from unlocking and model changes, the impact of market appreciation and wrap account net inflows, the market impact on variable annuity guaranteed benefits (net of hedges and the related DSIC and DAC amortization), an increase in net income attributable to noncontrolling interests, a $30 million gain on the sale of Threadneedle’s strategic business investment in Cofunds in the second quarter of 2013 and a $24 million benefit from policyholder movement of investments in Portfolio Navigator funds under certain in-force variable annuities with living benefit guarantees to the managed volatility funds, partially offset by the negative impact from spread compression in our interest sensitive product lines and asset management net outflows.
The market impact on variable annuity guaranteed benefits (net of hedges and the related DSIC and DAC amortization) was an expense of $170 million for the year ended December 31, 2013, which included a $17 million benefit associated with unlocking.
This compares to an expense of $265 million for the prior year, which included a $14 million expense associated with unlocking and model changes.
The negative impact on earnings from spread compression in our interest sensitive product lines was approximately $136 million pretax for the year ended December 31, 2013 compared to the prior year.
The market impact on indexed universal life benefits (net of hedges and the related DAC amortization, unearned revenue amortization and the reinsurance accrual) was a benefit of $36 million for the year ended December 31, 2016 compared to an expense of $1 million for the prior year.
The impact on DAC, DSIC and reserves for insurance features in non-traditional long-duration contracts from actual versus expected market performance based on our view of bond and equity performance was a benefit of $18 million ($6 million for DAC, $2 million for DSIC and $10 million for insurance features in non-traditional long duration contracts) for the year ended December 31, 2016 reflecting favorable bond fund returns compared to a net expense of $12 million ($15 million for DAC, $4 million for DSIC and a $7 million benefit for insurance features in non-traditional long duration contracts) for the prior year reflecting unfavorable equity market and bond fund returns.
The following table presents the total pretax impacts on our revenues and expenses attributable to unlocking for the years ended December 31:
## Table 3 ##
(1) Includes a $16 million and $6 million net benefit related to the market impact on variable annuity guaranteed benefits and indexed universal life benefits for the years ended December 31, 2016 and 2015, respectively.
Net Revenues Net revenues decreased $474 million, or 4%, to $11.7 billion for the year ended December 31, 2016 compared to $12.2 billion for the prior year due to decreases in management and financial advice fees, distribution fees, net investment income and other revenues.
Net revenues for the year ended December 31, 2016 included $128 million of CIE revenues compared to $446 million for the prior year primarily reflecting the CIE deconsolidation.
Management and financial advice fees decreased $172 million, or 3%, to $5.8 billion for the year ended December 31, 2016 compared to $6.0 billion for the prior year primarily due to lower asset-based fees driven by a decrease in average AUM and a $44 million decrease in performance fees.
Average AUM decreased $28.3 billion, or 4%, compared to the prior year due to asset management net outflows and the negative impact of foreign currency translation, partially offset by wrap account net inflows.
See our discussion on the changes in AUM in our segment results of operations section.
Management and financial advice fees for the year ended December 31, 2016 included $46 million of fees we earned for services provided to CLOs and property funds that were deconsolidated effective January 1, 2016.
These fees were eliminated on a consolidated basis in the prior year.
Distribution fees decreased $52 million, or 3%, to $1.8 billion for the year ended December 31, 2016 compared to the prior year primarily due to lower transactional volume, partially offset by higher brokerage cash spread due to an increase in short-term interest rates.
Net investment income decreased $112 million, or 7%, to $1.6 billion for the year ended December 31, 2016 compared to $1.7 billion for the prior year primarily due to a $76 million decrease in CIE net investment income, a $35 million decrease in investment income on fixed maturities driven by low interest rates and a $26 million increase in losses related to investments in affordable housing partnerships, partially offset by a $24 million favorable change in the market impact of hedges on investments.
Net investment income for the year ended December 31, 2016 included $155 million of CIE net investment income compared to $231 million for the prior year primarily reflecting the CIE deconsolidation.
Other revenues decreased $165 million, or 13%, to $1.1 billion for the year ended December 31, 2016 compared to $1.3 billion for the prior year due to a $290 million decrease in CIE other revenues reflecting the CIE deconsolidation, partially offset by the impact of unlocking, the unearned revenue amortization and the reinsurance accrual offset to the market impact on indexed universal life benefits and higher fees from variable annuity guarantee sales in the prior year where the fees start on the first anniversary date and higher average fee rates on variable annuity guarantees.
The unearned revenue amortization and the reinsurance accrual offset to the market impact on indexed universal life benefits was a positive $24 million for the year ended December 31, 2016 compared to a positive $7 million for the prior year.
Other revenues for the year ended December 31, 2016 included a $64 million favorable impact from unlocking compared to an $8 million favorable impact in the prior year.
The primary driver of the unlocking impact to other revenues for the
## Table 4 ##
(1) Our long-term debt consists of both secured and unsecured debt and includes both principal and interest.
Interest payments for variable rate debt were calculated using the interest rates as of December 31, 2016.
Repayment of our $250.0 million variable rate term note, which has a contractual maturity date in January 2019, is reflected as a 2020 obligation in the table above based on the ability to exercise a one-year extension, which we may exercise at our discretion.
(2) Our unsecured line of credit has a contractual maturity date in January 2019, but is reflected as a 2020 obligation in the table above based on the ability to exercise a one-year extension, which we may exercise at our discretion.
Interest payments for our unsecured line of credit were calculated using the most recent stated interest rate that was in efffect.
(3) Our share of unconsolidated joint venture debt includes both principal and interest.
Interest expense for variable rate debt was calculated using the interest rate at December 31, 2016.
(4) Represents estimated remaining costs on the completion of owned development projects and third-party construction projects.
Related Party y TTransactions We provide property and asset management, leasing, construction and other tenant-related services to Wunconsolidated companies in which we have equity interests.
For the years ended December 31, 2016, 2015 and 2014 we earned management fees of $4.5 million, $6.8 million and $8.5 million, leasing fees of $2.4 million, $3.0 million and $3.4 million and construction and development fees of $8.0 million, $6.1 million and $5.8 million, respectivelyy, from these companies, prior to elimination of our ownership percentage.
WWe recorded these fees based on contractual terms that approximate market rates for these types of services and have eliminated our ownership percentages of these fees in the consolidated financial statements.
Commitments and Contingencies g The partnership has guaranteed the repayment of $32.9 million of economic development bonds issued by various municipalities in connection with certain commercial developments.
We will be required to make payments under W our guarantees to the extent that incremental taxes from specified developments are not sufficient to pay the bond f debt service.
Management does not believe that it is probable that we will be required to make any significant payments in satisfaction of these guarantees.
The Partnership also has guaranteed the repayment of an unsecured loan of one of our unconsolidated subsidiaries.
At December 31, 2016, the maximum guarantee exposure for this loan was approximately $52.1 million.
WWe lease certain land positions with terms extending to March 2114, with a total future payment obligation of $311.1 million.
The payments on these ground leases, which are classified as operating leases, are not material in any individual year.
In addition to ground leases, we are party to other operating leases as part of conducting our business, including leases of offfice space from third parties, with a total future payment obligation of $43.4 million at December 31, 2016.
No future payments on these leases are material in any individual year.
WWe are subject to various legal proceedings and claims that arise in the ordinary course of business.
In the opinion of management, the amount of any ultimate liability with respect to these actions is not expected to materially afffect our consolidated financial statements or results of operations.
We own certain parcels of land that are subject to special property tax assessments levied by quasi municipal Wentities.
To the extent that such special assessments are fixed and determinable, the discounted value of the full T

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="3">Equity Price Exposure to Pretax Income</td></tr><tr><td>Equity Price Decline 10%</td><td>Before Hedge Impact</td><td>Hedge Impact</td><td>Net Impact</td></tr><tr><td></td><td colspan="3">(in millions)</td></tr><tr><td>Asset-based management and distribution fees<sup>-1</sup></td><td>$-243</td><td>$6</td><td>$-237</td></tr><tr><td>DAC and DSIC amortization<sup>-2 (3)</sup></td><td>-87</td><td>—</td><td>-87</td></tr><tr><td>Variable annuity riders:</td><td></td><td></td><td></td></tr><tr><td>GMDB and GMIB<sup>-3</sup></td><td>-78</td><td>—</td><td>-78</td></tr><tr><td>GMWB</td><td>-145</td><td>135</td><td>-10</td></tr><tr><td>GMAB</td><td>-34</td><td>31</td><td>-3</td></tr><tr><td>DAC and DSIC amortization<sup>-4</sup></td><td>N/A</td><td>N/A</td><td>5</td></tr><tr><td>Total variable annuity riders</td><td>-257</td><td>166</td><td>-86</td></tr><tr><td>Macro hedge program<sup>-5</sup></td><td>-5</td><td>27</td><td>22</td></tr><tr><td>Equity indexed annuities</td><td>1</td><td>-1</td><td>—</td></tr><tr><td>Certificates</td><td>2</td><td>-2</td><td>—</td></tr><tr><td>Indexed universal life insurance</td><td>8</td><td>-9</td><td>-1</td></tr><tr><td>Total</td><td>$-581</td><td>$187</td><td>$-389</td></tr></table>
<table><tr><td></td><td colspan="3">Interest Rate Exposure to Pretax Income</td></tr><tr><td>Interest Rate Increase 100 Basis Points</td><td>Before Hedge Impact</td><td>Hedge Impact</td><td>Net Impact</td></tr><tr><td></td><td colspan="3">(in millions)</td></tr><tr><td>Asset-based management and distribution fees<sup>-1</sup></td><td>$-40</td><td>$—</td><td>$-40</td></tr><tr><td>Variable annuity riders:</td><td></td><td></td><td></td></tr><tr><td>GMDB and GMIB</td><td>—</td><td>—</td><td>—</td></tr><tr><td>GMWB</td><td>435</td><td>-502</td><td>-67</td></tr><tr><td>GMAB</td><td>23</td><td>-26</td><td>-3</td></tr><tr><td>DAC and DSIC amortization<sup>-4</sup></td><td>N/A</td><td>N/A</td><td>14</td></tr><tr><td>Total variable annuity riders</td><td>458</td><td>-528</td><td>-56</td></tr><tr><td>Macro hedge program<sup>-5</sup></td><td>3</td><td>-17</td><td>-14</td></tr><tr><td>Fixed annuities, fixed insurance and fixed portion of variable annuities and variable insurance products</td><td>14</td><td>—</td><td>14</td></tr><tr><td>Brokerage client cash balances</td><td>134</td><td>—</td><td>134</td></tr><tr><td>Certificates</td><td>1</td><td>—</td><td>1</td></tr><tr><td>Indexed universal life insurance</td><td>10</td><td>—</td><td>10</td></tr><tr><td>Total</td><td>$580</td><td>$-545</td><td>$49</td></tr></table>
<table><tr><td></td><td colspan="2">Years Ended December 31,</td><td colspan="2"></td></tr><tr><td></td><td>2013</td><td>2012</td><td colspan="2">Change</td></tr><tr><td></td><td colspan="3">(in millions)</td><td></td></tr><tr><td>Revenues</td><td></td><td></td><td></td><td></td></tr><tr><td>Management and financial advice fees</td><td>$5,253</td><td>$4,692</td><td>$561</td><td>12%</td></tr><tr><td>Distribution fees</td><td>1,771</td><td>1,616</td><td>155</td><td>10</td></tr><tr><td>Net investment income</td><td>1,889</td><td>1,933</td><td>-44</td><td>-2</td></tr><tr><td>Premiums</td><td>1,282</td><td>1,223</td><td>59</td><td>5</td></tr><tr><td>Other revenues</td><td>1,035</td><td>795</td><td>240</td><td>30</td></tr><tr><td>Total revenues</td><td>11,230</td><td>10,259</td><td>971</td><td>9</td></tr><tr><td>Banking and deposit interest expense</td><td>31</td><td>42</td><td>-11</td><td>-26</td></tr><tr><td>Total net revenues</td><td>11,199</td><td>10,217</td><td>982</td><td>10</td></tr><tr><td>Expenses</td><td></td><td></td><td></td><td></td></tr><tr><td>Distribution expenses</td><td>3,036</td><td>2,698</td><td>338</td><td>13</td></tr><tr><td>Interest credited to fixed accounts</td><td>806</td><td>831</td><td>-25</td><td>-3</td></tr><tr><td>Benefits, claims, losses and settlement expenses</td><td>1,954</td><td>1,899</td><td>55</td><td>3</td></tr><tr><td>Amortization of deferred acquisition costs</td><td>207</td><td>286</td><td>-79</td><td>-28</td></tr><tr><td>Interest and debt expense</td><td>281</td><td>276</td><td>5</td><td>2</td></tr><tr><td>General and administrative expense</td><td>2,945</td><td>2,989</td><td>-44</td><td>-1</td></tr><tr><td>Total expenses</td><td>9,229</td><td>8,979</td><td>250</td><td>3</td></tr><tr><td>Income from continuing operations before income tax provision</td><td>1,970</td><td>1,238</td><td>732</td><td>59</td></tr><tr><td>Income tax provision</td><td>492</td><td>335</td><td>157</td><td>47</td></tr><tr><td>Income from continuing operations</td><td>1,478</td><td>903</td><td>575</td><td>64</td></tr><tr><td>Loss from discontinued operations, net of tax</td><td>-3</td><td>-2</td><td>-1</td><td>-50</td></tr><tr><td>Net income</td><td>1,475</td><td>901</td><td>574</td><td>64</td></tr><tr><td>Less: Net income (loss) attributable to noncontrolling interests</td><td>141</td><td>-128</td><td>269</td><td>NM</td></tr><tr><td>Net income attributable to Ameriprise Financial</td><td>$1,334</td><td>$1,029</td><td>$305</td><td>30%</td></tr></table>
<table><tr><td>Pretax Increase (Decrease)</td><td>2016</td><td>2015</td></tr><tr><td></td><td colspan="2">(in millions)</td></tr><tr><td>Premiums</td><td>$—</td><td>$-3</td></tr><tr><td>Other revenues</td><td>64</td><td>8</td></tr><tr><td>Total revenues</td><td>64</td><td>5</td></tr><tr><td>Distribution expenses</td><td>-27</td><td>—</td></tr><tr><td>Benefits, claims, losses and settlement expenses</td><td>229</td><td>-58</td></tr><tr><td>Amortization of DAC</td><td>81</td><td>15</td></tr><tr><td>Total expenses</td><td>283</td><td>-43</td></tr><tr><td>Total<sup>-1</sup></td><td>$-219</td><td>$48</td></tr></table>
<table><tr><td></td><td colspan="7">Payments due by Period (in thousands)</td></tr><tr><td>Contractual Obligations</td><td>Total</td><td>2017</td><td>2018</td><td>2019</td><td>2020</td><td>2021</td><td>Thereafter</td></tr><tr><td>Long-term debt-1</td><td>$3,508,789</td><td>$203,244</td><td>$409,257</td><td>$366,456</td><td>$461,309</td><td>$329,339</td><td>$1,739,184</td></tr><tr><td>Line of credit-2</td><td>56,127</td><td>2,650</td><td>2,650</td><td>2,650</td><td>48,177</td><td>—</td><td>—</td></tr><tr><td>Share of unconsolidated joint ventures' debt-3</td><td>91,235</td><td>2,444</td><td>28,466</td><td>5,737</td><td>11,598</td><td>1,236</td><td>41,754</td></tr><tr><td>Ground leases</td><td>311,120</td><td>10,745</td><td>5,721</td><td>5,758</td><td>5,793</td><td>5,822</td><td>277,281</td></tr><tr><td>Development and construction backlog costs-4</td><td>344,700</td><td>331,553</td><td>13,147</td><td>—</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Other</td><td>43,357</td><td>7,502</td><td>7,342</td><td>5,801</td><td>4,326</td><td>3,906</td><td>14,480</td></tr><tr><td>Total Contractual Obligations</td><td>$4,355,328</td><td>$558,138</td><td>$466,583</td><td>$386,402</td><td>$531,203</td><td>$340,303</td><td>$2,072,699</td></tr></table>

Question: what is the percent change in management fees earned from 2015 to 2016?
Answer: 51.1111
Reasoning program: subtract(6.8,4.5), divide(#0,4.5), multiply(#1,const_100)