Colum

The main point here is that you cannot link multi-period attributions as you normally link multi-period returns....

They are trying to show the math behind all this, which I highly doubt will show up on the exam.. I don't think they expect us to memorize these kinds of formulas.. they just want us to understand the basic concepts ..

But to reproduce the math here:
Single multi-period attribute return

Rp - Rb = A1*(1+Rp2) + A2*(1+Rb1)

where,
Rp - portfolio return
Rb - benchmark return
A1 - attribute in year1
A2 - attribute in year2
Rp2 - portfolio return in year2
Rb1 - benchmark return in year1

........

but who knows.. they are trying to make the exams harder and harder by year.. so they might throw in a couple of these..