million excluding a gain on a bargain purchase price adjustment on the acquisition of a majority share of our operations in Turkey and restructuring costs) compared with $53 million ($72 million excluding restructuring costs) in 2012 and $66 million ($61 million excluding a gain for a bargain purchase price adjustment on an acquisition by our then joint venture in Turkey and costs associated with the closure of our Etienne mill in France in 2009) in 2011.
Sales volumes in 2013 were higher than in 2012 reflecting strong demand for packaging in the agricultural markets in Morocco and Turkey.
In Europe, sales volumes decreased slightly due to continuing weak demand for packaging in the industrial markets, and lower demand for packaging in the agricultural markets resulting from poor weather conditions.
Average sales margins were significantly lower due to input costs for containerboard rising ahead of box sales price increases.
Other input costs were also higher, primarily for energy.
Operating profits in 2013 and 2012 included net gains of $13 million and $10 million, respectively, for insurance settlements and Italian government grants, partially offset by additional operating costs, related to the earthquakes in Northern Italy in May 2012 which affected our San Felice box plant.
Entering the first quarter of 2014, sales volumes are expected to increase slightly reflecting higher demand for packaging in the industrial markets.
Average sales margins are expected to gradually improve as a result of slight reductions in material costs and planned box price increases.
Other input costs should be about flat.
Brazilian Industrial Packaging includes the results of Orsa International Paper Embalagens S. A. , a corrugated packaging producer in which International Paper acquired a 75% share in January 2013.
Net sales were $335 million in 2013.
Operating profits in 2013 were a loss of $2 million (a gain of $2 million excluding acquisition and integration costs).
Looking ahead to the first quarter of 2014, sales volumes are expected to be seasonally lower than in the fourth quarter of 2013.
Average sales margins should improve reflecting the partial implementation of an announced sales price increase and a more favorable product mix.
Operating costs and input costs are expected to be lower.
Asian Industrial Packaging net sales were $400 million in 2013 compared with $400 million in 2012 and $410 million in 2011.
Operating profits for the packaging operations were a loss of $5 million in 2013 (a loss of $1 million excluding restructuring costs) compared with gains of $2 million in 2012 and $2 million in 2011.
Operating profits were favorably impacted in 2013 by higher average sales margins and slightly higher sales volumes compared with 2012, but these benefits were offset by higher operating costs.
Looking ahead to the first quarter of 2014, sales volumes and average sales margins are expected to be seasonally soft.
Net sales for the distribution operations were $285 million in 2013 compared with $260 million in 2012 and $285 million in 2011.
Operating profits were $3 million in 2013, 2012 and 2011.
Printing Papers Demand for Printing Papers products is closely correlated with changes in commercial printing and advertising activity, direct mail volumes and, for uncoated cut-size products, with changes in whitecollar employment levels that affect the usage of copy and laser printer paper.
Pulp is further affected by changes in currency rates that can enhance or disadvantage producers in different geographic regions.
Principal cost drivers include manufacturing efficiency, raw material and energy costs and freight costs.
Printing Papers net sales for 2013 were about flat with both 2012 and 2011.
Operating profits in 2013 were 55% lower than in 2012 and 69% lower than in 2011.
Excluding facility closure costs and impairment costs, operating profits in 2013 were 15% lower than in 2012 and 40% lower than in 2011.
Benefits from lower operating costs ($81 million) and lower maintenance outage costs ($17 million) were more than offset by lower average sales price realizations ($38 million), lower sales volumes ($14 million), higher input costs ($99 million) and higher other costs ($34 million).
In addition, operating profits in 2013 included costs of $118 million associated with the announced closure of our Courtland, Alabama mill.
During 2013, the Company accelerated depreciation for certain Courtland assets, and diligently evaluated certain other assets for possible alternative uses by one of our other businesses.
The net book value of these assets at December 31, 2013 was approximately $470 million.
During 2014, we have continued our evaluation and expect to conclude as to any uses for these assets during the first quarter of 2014.
Operating profits also included a $123 million impairment charge associated with goodwill and a trade name intangible asset in our India Papers business.
Operating profits in 2011 included a $24 million gain related to the announced repurposing of our Franklin, Virginia mill to produce fluff pulp and an $11 million impairment charge related to our Inverurie, Scotland mill that was closed in 2009.
## Table 0 ##
North American Printing Papers net sales were $2.6 billion in 2013, $2.7 billion in 2012 and $2.8 billion in 2011.
Goodwill Our goodwill results from our fiscal year 1999 acquisition of Roney & Co.  (now part of RJ&A), our fiscal year 2001 acquisition of Goepel McDermid, Inc.  (now RJ Ltd. ), our April 1, 2011 acquisition of Howe Barnes, our April 4, 2011 acquisition of a controlling interest in RJES (as discussed more fully below, this goodwill was determined to be impaired in fiscal year 2013), and our April 2, 2012 acquisition of Morgan Keegan (see Note 3 for additional information regarding this acquisition).
The following summarizes our goodwill by segment, along with the balance and activity for the years indicated:
## Table 1 ##
(1) Additions are directly attributable to the acquisition of Morgan Keegan (see Notes 1 and 3 for additional information).
(2) The goodwill adjustment arose during the quarter ended December 31, 2012 from a change in a tax election pertaining to whether assets acquired and liabilities assumed are written-up to fair value for tax purposes.
This election is made on an entity-by-entity basis, and during the period indicated, our assumption regarding whether we would make such election changed for one of the Morgan Keegan entities we acquired.
The offsetting balance associated with this adjustment to goodwill was the net deferred tax asset.
(3) The impairment expense in the year ended September 30, 2013 is associated with the RJES reporting unit.
We concluded the goodwill associated with this reporting unit to be completely impaired during the quarter ended March 31, 2013.
Since we did not own 100% of RJES as of the goodwill impairment testing date, for the year ended September 30, 2013 the effect of this impairment expense on the pre-tax income attributable to Raymond James Financial, Inc.  is approximately $4.6 million and the portion of the impairment expense attributable to the noncontrolling interests is approximately $2.3 million.
Goodwill is subject to an evaluation of potential impairment on an annual basis, or more often if events or circumstances indicate there may be impairment.
We performed our annual goodwill impairment testing as of December 31, 2012.
We elected to not exercise the option to perform a qualitative assessment, but instead to perform a quantitative assessment of the equity value of each reporting unit that includes an allocation of goodwill.
In our determination of the reporting unit fair value of equity, we used a combination of the income approach and the market approach.
Under the income approach, we used discounted cash flow models applied to each respective reporting unit.
Under the market approach, we calculated an estimated fair value based on a combination of multiples of earnings of guideline companies in the brokerage and capital markets industry that are publicly traded on organized exchanges, and the book value of comparable transactions.
The estimated fair value of the equity of the reporting unit resulting from each of these valuation approaches was dependent upon the estimates of future business unit revenues and costs, such estimates were subject to critical assumptions regarding the nature and health of financial markets in future years as well as the discount rate to apply to the projected future cash flows.
In estimating future cash flows, a balance sheet as of the test date and a statement of operations for the last twelve months of activity for each reporting unit (or for the nine month period since the Closing Date for Morgan Keegan reporting units) were compiled.
Future balance sheets and statements of operations were then projected, and estimated future cash flows were determined by the combination of these projections.
The cash flows were discounted at the reporting units estimated cost of equity which was derived through application of the capital asset pricing model.
The valuation result from the market approach was dependent upon the selection of the comparable guideline companies and transactions and the earnings multiple applied to each respective reporting units’ projected earnings.
Finally, significant management judgment was applied in determining the weight assigned to the outcome of the market approach and the income approach, which resulted in one single estimate of the fair value of the equity of the reporting unit.
The following table summarizes the activity impacting the fee-billable financial assets under management in non-managed programs (excluding activity in MK & Co.  non-managed fee-based assets for the periods prior to the conversion of MK & Co.  accounts to the RJ&A platform) for the periods indicated:
## Table 2 ##
(1) Certain assets in non-managed accounts, predominately comprised of cash balances, are excluded from the calculation of the account value for fee billing purposes.
The amounts presented have been revised from the amounts initially reported to reflect only billable assets and to present such balances on a consistent basis with those reported as of September 30, 2013.
(2) In mid-February 2013, the client accounts of MK & Co.  were converted onto the RJ&A platform.
Year ended September 30, 2013 compared with the year ended September 30, 2012 – Asset Management Pre-tax income in the Asset Management segment increased $29 million, or 43%, over the prior year.
Investment advisory fee revenue increased by $49 million, or 25%, generated by an increase in assets under management.
Assets under management in managed programs have increased $13.2 billion, or 31%, over the prior year.
The increase results from a combination of net inflows, inflows resulting from our acquisition of an interest in ClariVest, inflows resulting from the conversion of MK & Co.  accounts to the RJ&A platform, and market appreciation in asset values.
Assets under management in non-managed programs have increased $9.4 billion, or 17%, over the prior year.
The increase results from a combination of net inflows, inflows resulting from the conversion of MK & Co.  accounts to the RJ&A platform, and market appreciation in asset values.
Other revenue increased by $7 million, or 18%, primarily resulting from an increase in fee income generated by our RJT subsidiary reflecting a 19% increase in RJT client assets as compared to the prior year, to $2.92 billion as of September 30, 2013.
Expenses increased by approximately $25 million, or 15%, resulting from a $11 million, or 13%, increase in administrative and incentive compensation and benefits costs, a $7 million, or 25%, increase in investment sub-advisory fees, a $4 million, or 12%, increase in other expenses and a $3 million, or 16%, increase in communications and information processing expense.
The increase in administrative and incentive compensation expense is a result of the combination of increases in salary expenses resulting from the addition of ClariVest, annual increases and additions to staff associated with our legacy operations, as well as an increase in performance compensation which is directly related to the increase in investment advisory fee revenues.
The increase in investment sub-advisory fee expense is directly related to the increase in advisory fees paid to the external managers associated with certain assets included within the UMA and Raymond James Consulting Services programs.
The increase in other expense is primarily due to increases in the costs incurred so that certain funds sponsored by Eagle are available as investment choices on the platforms of other broker-dealers and increases in the expenses of RJT result from the increase in client assets.
The increase in communication and information processing expense is primarily a result of the addition of ClariVest operations and costs associated with the implementation of a new back-office system supporting this segment.
Year ended September 30, 2012 compared to the year ended September 30, 2011 – Asset Management Pre-tax income in the Asset Management segment in fiscal year 2012 increased $1 million, or 2%, as compared to the prior year.
Investment advisory fee revenue in fiscal year 2012 increased by $10 million, or 5%, generated by an increase in assets under management.
Total legacy Raymond James assets under management in managed programs were $8.5 billion more at September 30, 2012 than they were as of September 30, 2011, an increase of 24% (fee revenue excludes fees arising from fee-based assets in programs managed by Morgan Keegan as the revenues associated with these activities are reflected in our PCG segment until the PCG integration occurs in fiscal year 2013).
Since the prior year, net inflows of client assets into managed programs approximated $3 billion while asset values have increased by $5.5 billion.
Despite the decrease in assets under management in non-managed programs experienced during the fourth quarter of fiscal year 2011, resulting in lower revenue during our first quarter of fiscal year 2012, assets in non-managed programs steadily increased during fiscal year 2012.
As a result of the manner in which our fee revenues are computed, the increase in assets under management experienced during the September 2012 quarter will have a positive impact on our billings for the first quarter of fiscal year 2013.
Expenses increased by approximately $10 million, or 6%, in fiscal year 2012 resulting from a $5 million, or 6%, increase in administrative and performance based incentive compensation, and a $5 million, or 17%, increase in other expenses.
The increase in other expense is primarily due to increases in various corporate overhead allocations to this segment, increases in the costs incurred so that certain funds sponsored by Eagle are available as investment choices on the platforms of other broker-dealers, and an increase in the third party expenses RJT incurred in the performance of certain of its obligations to clients.
Results of Operations – RJ Bank The following table presents consolidated financial information for RJ Bank for the years indicated:
## Table 3 ##

<table><tr><td>In millions</td><td>2013</td><td>2012</td><td>2011</td></tr><tr><td>Sales</td><td>$6,205</td><td>$6,230</td><td>$6,215</td></tr><tr><td>Operating Profit</td><td>271</td><td>599</td><td>872</td></tr></table>
<table><tr><td></td><td colspan="2">Segment</td><td></td></tr><tr><td></td><td>Private client group</td><td>Capital markets</td><td>Total</td></tr><tr><td></td><td colspan="3">(in thousands)</td></tr><tr><td>Goodwill at September 30, 2011</td><td>$48,097</td><td>$23,827</td><td>$71,924</td></tr><tr><td>Additions<sup>-1</sup></td><td>125,220</td><td>102,967</td><td>228,187</td></tr><tr><td>Impairment losses</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Goodwill at September 30, 2012</td><td>$173,317</td><td>$126,794</td><td>$300,111</td></tr><tr><td>Adjustments to prior year additions<sup>-2</sup></td><td>1,267</td><td>1,041</td><td>2,308</td></tr><tr><td>Impairment losses<sup>-3</sup></td><td>—</td><td>-6,933</td><td>-6,933</td></tr><tr><td>Goodwill at September 30, 2013</td><td>$174,584</td><td>$120,902</td><td>$295,486</td></tr></table>
<table><tr><td></td><td colspan="4">Year ended September 30,</td><td></td></tr><tr><td></td><td>2013</td><td>2012</td><td></td><td>2011</td><td></td></tr><tr><td></td><td colspan="4">(in millions)</td><td></td></tr><tr><td>Assets under management at beginning of period</td><td>$48,368</td><td>$37,601</td><td><sup>-1</sup></td><td>$33,309</td><td><sup>-1</sup></td></tr><tr><td>Net inflows of client assets</td><td>6,421</td><td>6,264</td><td></td><td>6,743</td><td></td></tr><tr><td>Net market appreciation (depreciation) in asset values</td><td>3,265</td><td>4,503</td><td></td><td>-2,451</td><td></td></tr><tr><td>Inflows resulting from the conversion of MK & Co. accounts to the RJ&A platform<sup>-2</sup></td><td>6,627</td><td>—</td><td></td><td>—</td><td></td></tr><tr><td>Assets under management at end of period</td><td>$64,681</td><td>$48,368</td><td></td><td>$37,601</td><td></td></tr></table>
<table><tr><td></td><td colspan="5">Year ended September 30,</td></tr><tr><td></td><td>2013</td><td>% change</td><td>2012</td><td>% change</td><td>2011</td></tr><tr><td></td><td colspan="5">($ in thousands)</td></tr><tr><td>Revenues:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest income</td><td>$348,068</td><td>5%</td><td>$331,683</td><td>17%</td><td>$284,640</td></tr><tr><td>Interest expense</td><td>-9,224</td><td>-5%</td><td>-9,659</td><td>-28%</td><td>-13,334</td></tr><tr><td>Net interest income</td><td>338,844</td><td>5%</td><td>322,024</td><td>19%</td><td>271,306</td></tr><tr><td>Other income (loss)</td><td>8,062</td><td>-42%</td><td>14,010</td><td>629%</td><td>-2,648</td></tr><tr><td>Net revenues</td><td>346,906</td><td>3%</td><td>336,034</td><td>25%</td><td>268,658</td></tr><tr><td>Non-interest expenses:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Employee compensation and benefits</td><td>21,835</td><td>18%</td><td>18,432</td><td>23%</td><td>14,968</td></tr><tr><td>Communications and information processing</td><td>3,043</td><td>7%</td><td>2,835</td><td>18%</td><td>2,402</td></tr><tr><td>Occupancy and equipment</td><td>1,168</td><td>28%</td><td>912</td><td>8%</td><td>842</td></tr><tr><td>Provision for loan losses</td><td>2,565</td><td>-90%</td><td>25,894</td><td>-23%</td><td>33,655</td></tr><tr><td>FDIC insurance premiums</td><td>5,716</td><td>5%</td><td>5,435</td><td>-39%</td><td>8,855</td></tr><tr><td>Affiliate deposit account servicing fees</td><td>29,650</td><td>10%</td><td>26,852</td><td>30%</td><td>20,733</td></tr><tr><td>Other</td><td>15,215</td><td>-2%</td><td>15,516</td><td>9%</td><td>14,210</td></tr><tr><td>Total non-interest expenses</td><td>79,192</td><td>-17%</td><td>95,876</td><td>—</td><td>95,665</td></tr><tr><td>Pre-tax income</td><td>$267,714</td><td>11%</td><td>$240,158</td><td>39%</td><td>$172,993</td></tr></table>

Question: In which section the sum of Net revenues has the highest value?
Answer: 2013