The correct answer is B) protected against freezing or be fitted with cutout valves and drain valves. This is the correct answer because the Code of Federal Regulations (CFR) requires that fire main outlet valves or hydrants located on exposed decks must be protected against freezing. This is to ensure that the fire safety equipment remains functional in cold weather conditions. Fitting the valves or hydrants with cutout valves and drain valves allows them to be isolated and drained to prevent freezing. The other answer choices are incorrect because they do not align with the specific CFR requirement for protecting exposed fire main outlet valves or hydrants from freezing.