of variable annuity riders, equity indexed annuities, stock market certificates, indexed universal life insurance and the associated hedge assets, we assume 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, 2014:
## 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.
(4) Market impact on DAC and DSIC amortization related to variable annuity riders is modeled net of hedge impact.
(5) The market impact of the macro hedge program is modeled net of any related impact to DAC and DSIC amortization.
The above results compare to an estimated negative net impact to pretax income of $389 million related to a 10% equity price decline and an estimated positive net impact to pretax income of $49 million related to a 100 basis point increase in interest rates as of December 31, 2013.
Net impacts shown in the above table from GMWB and GMAB riders result largely from differences between the liability valuation basis and the hedging basis.
Liabilities are valued using fair value accounting principles, with risk margins incorporated in contractholder behavior assumptions and with discount rates increased to reflect a current market estimate of our risk of nonperformance specific to these liabilities.
The nonperformance spread risk is not hedged.
Actual results could differ materially from those illustrated above as they are based on a number of estimates and assumptions.
These include assuming that implied market volatility does not change when equity prices fall by 10%, that management does not increase assumed equity asset growth rates to anticipate recovery of the drop in equity values when valuing DAC, DSIC and GMDB and GMIB liability values and that the 100 basis point increase in interest rates is a parallel shift of the yield curve.
Furthermore, we have not tried to anticipate changes in client preferences for different types of
See Note 14 for a description of the Company’s determination of the fair value of corporate debt securities, U. S.  government and agencies obligations, common stocks and other investments.
Receivables For receivables of the consolidated CLOs, the carrying value approximates fair value as the nature of these assets has historically been short term and the receivables have been collectible.
The fair value of these receivables is classified as Level 2.
Other Assets Other assets consist primarily of real estate held in property funds managed by Threadneedle.
The fair value of these properties is calculated by a third party appraisal service by discounting future cash flows generated by the expected market rental value for the property using the equivalent yield of a similar investment property.
Inputs used in determining the equivalent yield and expected rental value of the property may include: rental cash flows, current occupancy, historical vacancy rates, tenant history and assumptions regarding how quickly the property can be occupied and at what rental rates.
Management reviews the valuation report and assumptions used to ensure that the valuation was performed in accordance with applicable independence, appraisal and valuation standards.
Given the significance of the unobservable inputs to these measurements, these assets are classified as Level 3.
The CLOs hold an immaterial amount of warrants recorded in other assets.
Loans within the CLOs may default and go through a restructuring that can result in the CLO receiving warrants for the issuer’s equity securities.
Warrants are classified as Level 2 when the price is derived from observable market data.
Warrants from an issuer whose securities are not priced in active markets are classified as Level 3.
Liabilities Debt The fair value of the CLOs’ debt is determined using a discounted cash flow model.
Inputs used to determine the expected cash flows include assumptions about default, discount, prepayment and recovery rates of the CLOs’ underlying assets.
Given the significance of the unobservable inputs to this fair value measurement, the fair value of the CLOs’ debt is classified as Level 3.
Other Liabilities Other liabilities consist primarily of securities purchased but not yet settled held by consolidated CLOs.
The carrying value approximates fair value as the nature of these liabilities has historically been short term.
The fair value of these liabilities is classified as Level 2.
Fair Value Option The Company has elected the fair value option for the financial assets and liabilities of the consolidated CLOs.
Management believes that the use of the fair value option better matches the changes in fair value of assets and liabilities related to the CLOs.
The following table presents the fair value and unpaid principal balance of loans and debt for which the fair value option has been elected:
## Table 2 ##
affiliated products and services to our retail clients.
Intersegment expenses for this segment include expenses for investment management services provided by the Asset Management segment.
In addition to purchases of affiliated and non-affiliated mutual funds and other securities on a stand-alone basis, clients may purchase mutual funds, among other securities, in connection with investment advisory fee-based ‘‘wrap account’’ programs or services, and pay fees based on a percentage of their assets.
The following table presents the changes in wrap account assets and average balances for the years ended December 31:
## Table 3 ##
(1) Beginning April 1, 2014, net flows reflect all additions and withdrawals to and from the SPS wrap account program.
For all periods presented prior to April 1, 2014, additions and withdrawals to and from certain non-billable investments of this program were reflected in the Market appreciation and other line and purchases and sales of billable investments were reported in the Net flows line.
Nets flows for the SPS program are now reported on a consistent basis with our other wrap account programs.
(2) Advisory wrap account assets represent those assets for which clients receive advisory services and are the primary driver of revenue earned on wrap accounts.
Clients may hold non-advisory investments in their wrap accounts that do not incur an advisory fee.
(3) Average ending balances are calculated using an average of the prior period’s ending balance and all months in the current period.
Wrap account assets increased $21.2 billion, or 14%, during the year ended December 31, 2014 due to net inflows of $14.2 billion and market appreciation and other of $7.0 billion.
Average advisory wrap account assets increased $25.7 billion, or 19%, compared to the prior year primarily due to net inflows and market appreciation.
The following table presents the results of operations of our Advice & Wealth Management segment on an operating basis:
## Table 4 ##
Our Advice & Wealth Management segment pretax operating earnings, which exclude net realized gains or losses, increased $200 million, or 34%, to $792 million for the year ended December 31, 2014 compared to $592 million for the prior year primarily due to strong growth in wrap account assets and continued expense management.
Pretax operating margin was 16.5% for the year ended December 31, 2014 compared to 13.8% for the prior year.
Net Revenues Net revenues exclude net realized gains or losses.
Net revenues increased $511 million, or 12%, to $4.8 billion for the year ended December 31, 2014 compared to $4.3 billion for the prior year primarily reflecting wrap account net inflows and market appreciation.
Operating net revenue per branded advisor increased to $496,000 for the year ended December 31, 2014, up 13% from $440,000 for the prior year driven by asset growth and client activity.
Total branded advisors were 9,672 at December 31, 2014 compared to 9,716 at December 31, 2013.
The following table presents the total pretax impacts on our revenues and expenses attributable to unlocking for the years ended December 31:
## Table 5 ##
(1) Includes a $17 million net benefit and a $14 million net expense related to the market impact on variable annuity guaranteed benefits for the years ended December 31, 2013 and 2012, respectively.
The impact of unlocking for the year ended December 31, 2012 included a $41 million benefit, net of DAC and DSIC amortization, from an adjustment to the model which values the reserves related to living benefit guarantees primarily attributable to prior periods.
Net Revenues Net revenues increased $982 million, or 10%, to $11.2 billion for the year ended December 31, 2013 compared to $10.2 billion for the prior year primarily due to higher management and financial advice fees, distribution fees and other revenues.
Management and financial advice fees increased $561 million, or 12%, to $5.3 billion for the year ended December 31, 2013 compared to $4.7 billion for the prior year primarily due to higher asset-based fees driven by an increase in average AUM, as well as a shift to higher fee retail assets at Threadneedle and revenue enhancements related to various pricing adjustments.
Average AUM increased $41.0 billion, or 7%, compared to the prior year primarily due to market appreciation and wrap account net inflows, partially offset by asset management net outflows.
See our discussion on the changes in AUM in our segment results of operations section below.
Distribution fees increased $155 million, or 10%, to $1.8 billion for the year ended December 31, 2013 compared to $1.6 billion for the prior year due to higher client assets and increased client activity.
Net investment income decreased $44 million, or 2%, to $1.9 billion for the year ended December 31, 2013 compared to $1.9 billion for the prior year reflecting a $193 million decrease in investment income on fixed maturity securities, partially offset by a $30 million gain on the sale of Threadneedle’s investment in Cofunds in the second quarter of 2013 and a $110 million increase in net investment income of CIEs.
The decrease in investment income on fixed maturity securities was primarily due to low interest rates and approximately $126 million of lower investment income due to the sale of Ameriprise Bank’s investment portfolio as a result of the transition of banking operations.
Other revenues increased $240 million, or 30%, to $1.0 billion for the year ended December 31, 2013 compared to $795 million for the prior year due to the impact of unlocking, higher fees from variable annuity guarantees, and a $189 million increase in other revenues of CIEs.
Other revenues for the year ended December 31, 2013 included an $18 million negative impact from unlocking compared to a $41 million negative impact in the prior year.
The primary driver of the unlocking impact to other revenues in both years was lower projected gains on reinsurance contracts resulting from favorable mortality experience.
Other revenues for the prior year included $17 million of revenue from former banking operations.
Expenses Total expenses increased $250 million, or 3%, to $9.2 billion for the year ended December 31, 2013 compared to $9.0 billion for the prior year primarily due to increases in distribution expenses and benefits, claims, losses and settlement expenses, partially offset by decreases in amortization of DAC and general and administrative expense.
Distribution expenses increased $334 million, or 13%, to $2.9 billion for the year ended December 31, 2013 compared to $2.6 billion for the prior year driven by growth in assets under management.
See our discussion on the changes in AUM in our segment results of operations section below.
Interest credited to fixed accounts decreased $25 million, or 3%, to $806 million for the year ended December 31, 2013 compared to $831 million for the prior year driven by lower average fixed annuity account balances.
Average fixed annuities contract accumulation values decreased $508 million, or 4%, to $13.5 billion for the year ended December 31, 2013 compared to the prior year due to net outflows.
Entergy New Orleans, LLC and Subsidiaries Management’s Financial Discussion and Analysis the City Council’s advisors and Entergy New Orleans.
In February 2018 the City Council approved the settlement, which deferred cost recovery to the 2018 Entergy New Orleans rate case, but also stated that an adjustment for 2018-2019 AMI costs can be filed in the rate case and that, for all subsequent AMI costs, the mechanism to be approved in the 2018 rate case will allow for the timely recovery of such costs.
Sources of Capital Entergy New Orleans’s sources to meet its capital requirements include: ?
internally generated funds; ?
cash on hand; ?
debt and preferred membership interest issuances; and ?
bank financing under new or existing facilities.
Entergy New Orleans may refinance, redeem, or otherwise retire debt prior to maturity, to the extent market conditions and interest rates are favorable.
Entergy New Orleans’s receivables from the money pool were as follows as of December 31 for each of the following years.

<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>$-254</td><td>$4</td><td>$-250</td></tr><tr><td>DAC and DSIC amortization<sup>-2(3)</sup></td><td>-100</td><td>—</td><td>-100</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>-103</td><td>—</td><td>-103</td></tr><tr><td>GMWB</td><td>-239</td><td>236</td><td>-3</td></tr><tr><td>GMAB</td><td>-36</td><td>34</td><td>-2</td></tr><tr><td>DAC and DSIC amortization<sup>-4</sup></td><td>N/A</td><td>N/A</td><td>8</td></tr><tr><td>Total variable annuity riders</td><td>-378</td><td>270</td><td>-100</td></tr><tr><td>Macro hedge program<sup>-5</sup></td><td>—</td><td>19</td><td>19</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>18</td><td>-22</td><td>-4</td></tr><tr><td>Total</td><td>$-711</td><td>$268</td><td>$-435</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>$-44</td><td>$—</td><td>$-44</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>826</td><td>-898</td><td>-72</td></tr><tr><td>GMAB</td><td>28</td><td>-30</td><td>-2</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>854</td><td>-928</td><td>-60</td></tr><tr><td>Macro hedge program<sup>-5</sup></td><td>—</td><td>-31</td><td>-31</td></tr><tr><td>Fixed annuities, fixed insurance and fixed portion of variable annuities and variable insurance products</td><td>49</td><td>—</td><td>49</td></tr><tr><td>Brokerage client cash balances</td><td>138</td><td>—</td><td>138</td></tr><tr><td>Certificates</td><td>2</td><td>—</td><td>2</td></tr><tr><td>Indexed universal life insurance</td><td>34</td><td>1</td><td>35</td></tr><tr><td>Total</td><td>$1,033</td><td>$-958</td><td>$89</td></tr></table>
<table><tr><td></td><td colspan="2">December 31,</td></tr><tr><td></td><td>2014</td><td>2013</td></tr><tr><td></td><td colspan="2">(in millions)</td></tr><tr><td>Syndicated loans</td><td></td><td></td></tr><tr><td>Unpaid principal balance</td><td>$5,871</td><td>$4,628</td></tr><tr><td>Excess unpaid principal over fair value</td><td>-100</td><td>-56</td></tr><tr><td>Fair value</td><td>$5,771</td><td>$4,572</td></tr><tr><td>Fair value of loans more than 90 days past due</td><td>$32</td><td>$23</td></tr><tr><td>Fair value of loans in nonaccrual status</td><td>32</td><td>23</td></tr><tr><td>Difference between fair value and unpaid principal of loans more than 90 days past due, loans in nonaccrual status or both</td><td>25</td><td>33</td></tr><tr><td>Debt</td><td></td><td></td></tr><tr><td>Unpaid principal balance</td><td>$6,248</td><td>$5,032</td></tr><tr><td>Excess unpaid principal over fair value</td><td>-218</td><td>-228</td></tr><tr><td>Fair value</td><td>$6,030</td><td>$4,804</td></tr></table>
<table><tr><td></td><td>2014</td><td>2013</td></tr><tr><td></td><td colspan="2">(in billions)</td></tr><tr><td>Beginning balance</td><td>$153.5</td><td>$124.6</td></tr><tr><td>Net flows<sup>-1</sup></td><td>14.2</td><td>13.1</td></tr><tr><td>Market appreciation and other<sup>-1</sup></td><td>7.0</td><td>15.8</td></tr><tr><td>Ending balance</td><td>$174.7</td><td>$153.5</td></tr><tr><td>Advisory wrap account assets ending balance<sup>-2</sup></td><td>$173.5</td><td>$152.6</td></tr><tr><td>Average advisory wrap account assets<sup>-3</sup></td><td>$163.9</td><td>$138.2</td></tr></table>
<table><tr><td></td><td colspan="2">Years Ended December 31,</td><td></td><td></td></tr><tr><td></td><td>2014</td><td>2013</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>$2,413</td><td>$2,039</td><td>$374</td><td>18%</td></tr><tr><td>Distribution fees</td><td>2,213</td><td>2,095</td><td>118</td><td>6</td></tr><tr><td>Net investment income</td><td>136</td><td>127</td><td>9</td><td>7</td></tr><tr><td>Other revenues</td><td>72</td><td>65</td><td>7</td><td>11</td></tr><tr><td>Total revenues</td><td>4,834</td><td>4,326</td><td>508</td><td>12</td></tr><tr><td>Banking and deposit interest expense</td><td>28</td><td>31</td><td>-3</td><td>-10</td></tr><tr><td>Total net revenues</td><td>4,806</td><td>4,295</td><td>511</td><td>12</td></tr><tr><td>Expenses</td><td></td><td></td><td></td><td></td></tr><tr><td>Distribution expenses</td><td>2,943</td><td>2,641</td><td>302</td><td>11</td></tr><tr><td>Interest and debt expense</td><td>6</td><td>6</td><td>—</td><td>—</td></tr><tr><td>General and administrative expense</td><td>1,065</td><td>1,056</td><td>9</td><td>1</td></tr><tr><td>Total expenses</td><td>4,014</td><td>3,703</td><td>311</td><td>8</td></tr><tr><td>Operating earnings</td><td>$792</td><td>$592</td><td>$200</td><td>34%</td></tr></table>
<table><tr><td>Pretax Increase (Decrease)</td><td>2013</td><td>2012</td></tr><tr><td></td><td colspan="2">(in millions)</td></tr><tr><td>Other revenues</td><td>$-18</td><td>$-41</td></tr><tr><td>Benefits, claims, losses and settlement expenses</td><td>-5</td><td>-28</td></tr><tr><td>Amortization of DAC</td><td>-79</td><td>23</td></tr><tr><td>Interest credited to fixed accounts</td><td>—</td><td>2</td></tr><tr><td>Total expenses</td><td>-84</td><td>-3</td></tr><tr><td>Total<sup>-1</sup></td><td>$66</td><td>$-38</td></tr></table>

Question: Which year is Banking and deposit interest expense the lowest?
Answer: 2014