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2016 PM Q35

What is value added return? The calculations shown seem to be something like:

(Total portfolio return) - (Total Benchmark return) - (Trading Costs)

Fairly straightforward, but I do not see any mention of this in the equity section.

EDIT - I found it in the curriculum. It is literally the last EOC in the performance evaluation reading.

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Where are you finding the PM exams? Do you have a link for the past 3 years (2015, 2016 and 2017?)

A friend gave me the PDFs

¯\_(ツ)_/¯

Anyone care to share the digital versions with me? Muy thanks