Valuation Adjustments on Derivatives The Corporation records credit risk valuation adjustments on derivatives in order to properly reflect the credit quality of the counterparties and its own credit quality.
The Corporation calculates valuation adjustments on derivatives based on a modeled expected exposure that incorporates current market risk factors.
The exposure also takes into consideration credit mitigants such as enforceable master netting agreements and collateral.
CDS spread data is used to estimate the default probabilities and severities that are applied to the exposures.
Where no observable credit default data is available for counterparties, the Corporation uses proxies and other market data to estimate default probabilities and severity.
Valuation adjustments on derivatives are affected by changes in market spreads, non-credit-related market factors such as interest rate and currency changes that affect the expected exposure, and other factors like changes in collateral arrangements and partial payments.
Credit spreads and non-credit factors can move independently.
For example, for an interest rate swap, changes in interest rates may increase the expected exposure, which would increase the counterparty credit valuation adjustment (CVA).
Independently, counterparty credit spreads may tighten, which would result in an offsetting decrease to CVA.
The Corporation enters into risk management activities to offset market driven exposures.
The Corporation often hedges the counterparty spread risk in CVA with CDS.
The Corporation hedges other market risks in both CVA and DVA primarily with currency and interest rate swaps.
Since the components of the valuation adjustments on derivatives move independently and the Corporation may not hedge all of the market-driven exposures, the effect of a hedge may increase the gains or losses relating to valuation adjustments on derivatives or may result in a gross gain from valuation adjustments on derivatives becoming a negative adjustment (or the reverse).
In 2014, the Corporation adopted FVA into valuation estimates primarily to include funding costs on uncollateralized derivatives and derivatives where the Corporation is not permitted to use the collateral it receives.
The change in estimate resulted in a net pretax FVA charge of $497 million including a charge of $632 million related to funding costs associated with derivative asset exposures, partially offset by a funding benefit of $135 million related to derivative liability exposures.
The net FVA charge was recorded as a reduction to sales and trading revenue in Global Markets.
The Corporation calculated this valuation adjustment based on modeled expected exposure profiles discounted for the funding risk premium inherent in these derivatives.
FVA related to derivative assets and liabilities is the effect of funding costs on the fair value of these derivatives.
The table below presents CVA, DVA and FVA gains (losses) on derivatives, which are recorded in trading account profits, on a gross and net of hedge basis for 2014, 2013 and 2012.
CVA gains reduce the cumulative CVA thereby increasing the derivative assets balance.
DVA gains increase the cumulative DVA thereby decreasing the derivative liabilities balance.
CVA and DVA losses have the opposite impact.
FVA gains related to derivative assets reduce the cumulative FVA thereby increasing the derivative assets balance.
FVA gains related to derivative liabilities increase the cumulative FVA thereby decreasing the derivative liabilities balance.
## Table 0 ##
(1) At December 31, 2014, 2013 and 2012, the cumulative CVA reduced the derivative assets balance by $1.6 billion, $1.6 billion and $2.4 billion, respectively.
(2) FVA was adopted in 2014 and the cumulative FVA reduced the net derivatives balance by $497 million.
(3) At December 31, 2014, 2013 and 2012, the cumulative DVA reduced the derivative liabilities balance by $0.8 billion, $0.8 billion and $0.8 billion, respectively.
n/a = not applicable
Global Corporate and Global Commercial Banking Global Corporate and Global Commercial Banking each include Business Lending and Global Transaction Services (formerly Global Treasury Services) activities.
Business Lending includes various lending-related products and services and related hedging activities including commercial loans, leases, commitment facilities, trade finance, real estate lending and asset-based lending.
Global Transaction Services includes deposits, treasury management, credit card, foreign exchange, and short-term investment and custody solutions to corporate and commercial banking clients.
The table below presents a summary of Global Corporate and Global Commercial Banking results, which exclude certain capital markets activity in Global Banking
## Table 1 ##
Business Lending revenue in Global Corporate Banking and Global Commercial Banking remained relatively unchanged in 2014 compared to 2013 as the impact of growth in average loan balances was offset by spread compression.
Global Transaction Services revenue in Global Corporate Banking increased $223 million in 2014 driven by the impact of growth in U. S.  and non-U.
S.  deposit balances.
Global Transaction Services revenue in Global Commercial Banking remained relatively unchanged as the impact of higher deposit balances was more than offset by spread compression.
Average loans and leases in Global Corporate and Global Commercial Banking increased five percent in 2014 driven by growth in the commercial and industrial and commercial real estate portfolios.
Average deposits in Global Corporate and Global Commercial Banking increased 10 percent in 2014 due to client liquidity and international growth.
Investment Banking Client teams and product specialists underwrite and distribute debt, equity and loan products, and provide advisory services and tailored risk management solutions.
The economics of most investment banking and underwriting activities are shared primarily between Global Banking and Global Markets based on the activities performed by each segment.
To provide a complete discussion of our consolidated investment banking fees, the table below presents total Corporation investment banking fees including the portion attributable to Global Banking.
## Table 2 ##
Total Corporation investment banking fees of $6.1 billion, excluding self-led deals, included within Global Banking and Global Markets, remained relatively unchanged in 2014 compared to 2013 as strong investment-grade underwriting and advisory fees were offset by lower underwriting fees for other debt products.
ENTERGY NEW ORLEANS, INC.  AND SUBSIDIARIES MANAGEMENT’S FINANCIAL DISCUSSION AND ANALYSIS Results of Operations Net Income 2016 Compared to 2015 Net income increased $3.9 million primarily due to higher net revenue, partially offset by higher depreciation and amortization expenses, higher interest expense, and lower other income.2015 Compared to 2014 Net income increased $13.9 million primarily due to lower other operation and maintenance expenses and higher net revenue, partially offset by a higher effective income tax rate.
Net Revenue 2016 Compared to 2015 Net revenue consists of operating revenues net of: 1) fuel, fuel-related expenses, and gas purchased for resale, 2) purchased power expenses, and 3) other regulatory charges.
Following is an analysis of the change in net revenue comparing 2016 to 2015.
## Table 3 ##
The retail electric price variance is primarily due to an increase in the purchased power and capacity acquisition cost recovery rider, as approved by the City Council, effective with the first billing cycle of March 2016, primarily related to the purchase of Power Block 1 of the Union Power Station.
See Note 14 to the financial statements for discussion of the Union Power Station purchase.
The net gas revenue variance is primarily due to the effect of less favorable weather on residential and commercial sales.
The volume/weather variance is primarily due to a decrease of 112 GWh, or 2%, in billed electricity usage, partially offset by the effect of favorable weather on commercial sales and a 2% increase in the average number of electric customers

<table><tr><td></td><td colspan="2">2014</td><td colspan="2">2013</td><td colspan="2">2012</td></tr><tr><td>(Dollars in millions)</td><td>Gross</td><td>Net</td><td>Gross</td><td>Net</td><td>Gross</td><td>Net</td></tr><tr><td>Derivative assets (CVA)<sup>(1)</sup></td><td>$-22</td><td>$191</td><td>$738</td><td>$-96</td><td>$1,022</td><td>$291</td></tr><tr><td>Derivative assets (FVA)<sup>(2)</sup></td><td>-632</td><td>-632</td><td>n/a</td><td>n/a</td><td>n/a</td><td>n/a</td></tr><tr><td>Derivative liabilities (DVA)<sup>(3)</sup></td><td>-28</td><td>-150</td><td>-39</td><td>-75</td><td>-2,212</td><td>-2,477</td></tr><tr><td>Derivative liabilities (FVA)<sup>(2)</sup></td><td>135</td><td>135</td><td>n/a</td><td>n/a</td><td>n/a</td><td>n/a</td></tr></table>
<table><tr><td></td><td colspan="2">Global Corporate Banking</td><td colspan="2">Global Commercial Banking</td><td colspan="2">Total</td></tr><tr><td>(Dollars in millions)</td><td>2014</td><td>2013</td><td>2014</td><td>2013</td><td>2014</td><td>2013</td></tr><tr><td>Revenue</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Business Lending</td><td>$3,421</td><td>$3,432</td><td>$3,936</td><td>$3,967</td><td>$7,357</td><td>$7,399</td></tr><tr><td>Global Transaction Services</td><td>3,027</td><td>2,804</td><td>2,893</td><td>2,939</td><td>5,920</td><td>5,743</td></tr><tr><td>Total revenue, net of interest expense</td><td>$6,448</td><td>$6,236</td><td>$6,829</td><td>$6,906</td><td>$13,277</td><td>$13,142</td></tr><tr><td>Balance Sheet</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Average</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total loans and leases</td><td>$129,610</td><td>$126,630</td><td>$140,539</td><td>$130,606</td><td>$270,149</td><td>$257,236</td></tr><tr><td>Total deposits</td><td>143,649</td><td>128,198</td><td>117,664</td><td>108,532</td><td>261,313</td><td>236,730</td></tr><tr><td>Year end</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total loans and leases</td><td>$131,019</td><td>$130,066</td><td>$141,555</td><td>$139,401</td><td>$272,574</td><td>$269,467</td></tr><tr><td>Total deposits</td><td>130,557</td><td>144,312</td><td>120,787</td><td>120,860</td><td>251,344</td><td>265,172</td></tr></table>
<table><tr><td></td><td colspan="2">Global Banking</td><td colspan="2">Total Corporation</td></tr><tr><td>(Dollars in millions)</td><td>2014</td><td>2013</td><td>2014</td><td>2013</td></tr><tr><td>Products</td><td></td><td></td><td></td><td></td></tr><tr><td>Advisory</td><td>$1,098</td><td>$1,019</td><td>$1,207</td><td>$1,125</td></tr><tr><td>Debt issuance</td><td>1,532</td><td>1,620</td><td>3,583</td><td>3,804</td></tr><tr><td>Equity issuance</td><td>583</td><td>595</td><td>1,490</td><td>1,472</td></tr><tr><td>Gross investment banking fees</td><td>3,213</td><td>3,234</td><td>6,280</td><td>6,401</td></tr><tr><td>Self-led deals</td><td>-91</td><td>-92</td><td>-215</td><td>-275</td></tr><tr><td>Total investment banking fees</td><td>$3,122</td><td>$3,142</td><td>$6,065</td><td>$6,126</td></tr></table>
<table><tr><td></td><td>Amount (In Millions)</td></tr><tr><td>2015 net revenue</td><td>$293.9</td></tr><tr><td>Retail electric price</td><td>39.0</td></tr><tr><td>Net gas revenue</td><td>-2.5</td></tr><tr><td>Volume/weather</td><td>-5.1</td></tr><tr><td>Other</td><td>-8.1</td></tr><tr><td>2016 net revenue</td><td>$317.2</td></tr></table>

Question: Which year is Advisory for Global Banking the lowest?
Answer: 2013