Rasec

First part of the equation is sensitivity to factor 1.
Second part of the equation is sensitivity to factor 2.
Third part is the sensitivity to the covariance of the factors.
(A * B * Factor 1) + (C * D * Factor 2) + [(A * D * Covariance Factor) + (B * C * Covariance Factor)]
The book never showed an example where a country had exposure to factor 1 and factor 2.
They used Global Stocks and Global Bonds as the factor and covariance between stocks and bonds.