The Spread '01 (or DVCS - Dollar Value of a 1 basis point increase in Credit Spread) measures the absolute change in the bond's price for a 1 basis point (0.01%) change in the z-spread.

To calculate it mathematically, we can take the first derivative of the price function with respect to the z-spread ($Z$). Given $P = 5e^{-(0.01+Z) \times 0.5} + 5e^{-(0.02+Z) \times 1.0} + 105e^{-(0.03+Z) \times 1.5}$

Taking the derivative with respect to $Z$: $dP/dZ = -0.5 \times 5 \times e^{-(0.01+Z) \times 0.5} - 1.0 \times 5 \times e^{-(0.02+Z) \times 1.0} - 1.5 \times 105 \times e^{-(0.03+Z) \times 1.5}$

At $Z = 3.0\%$ (or $0.03$):$dP/dZ = -2.5 e^{-0.02} - 5 e^{-0.05} - 157.5 e^{-0.09}$$dP/dZ \approx -2.5(0.9802) - 5(0.9512) - 157.5(0.9139)$$dP/dZ \approx -2.4505 - 4.7561 - 143.9442 \approx -151.15$

This means for a $1$unit change in$Z$, the price drops by$`$151.15`$ (per \`100$ par value). The Spread '01 represents a $1`$ basis point change ($0.0001$), so the price change for a `$1$ bp increase is $\151.15` \times 0.0001 = \`0.015115$ per $\$100`$ face value.

For a \`1,000,000$ par value, this scales up by a factor of $10`,000$ (\`1,000,000 / \$100`$). Spread '01 for \`1,000,000 = \0.01`5115 \times 10,000 = \`151.15`$.

Option C (\`151.16`$) is the nearest value.