QUESTION 6 An investor sells credit protection via the iTraxx Main CDS contract, which includes 125 investment-grade issuers. The notional amount is 250 million. The investor is worried about a few of the companies in the index and buys a single-entity CDS on Company X with 2 million notional. Soon after, Company X defaults. What is the value of the investor's net exposure to Company X? a) 2 million. b) 1 million. c) No net exposure.