GIPS Capital Return 2011 Q59 return, period, amongst, why, 2011

pawn

Just finished the 2011 PM Mock and amongst many wrong answers i got the GIPS RE return calc wrong.

Capital Return = (V1 - V0 - Capex + SaleProceeds) / CE

V1 = 13m V0 = 11.7 Capex = 2.7m Sales=3.5m CE=13.25m

Makes sense according to the formula BUT why dont we adjust for the Capital Contribution in the numerator?
Portfolio Value has increased by 1.3m but there was a 1.5m contribution during that period aswel?

Thanks in advance for any views.