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Consider the following CDSs for GS as of 04/24/17:

Tenor	Cusip	CD1016 Mid Spr FS Sr CDS	Spread (bps)
6M	CX669502 CMAN Curncy	GS CDS USD SR 6M D14 Curncy	20.2
1Y	CGS1U1 CMAN Curncy	GS CDS USD SR 1Y D14 Curncy	28.9
2Y	CGS1U2 CMAN Curncy	GS CDS USD SR 2Y D14 Curncy	37.1
3Y	CGS1U3 CMAN Curncy	GS CDS USD SR 3Y D14 Curncy	48.8
4Y	CX398729 CMAN Curncy	GS CDS USD SR 4Y D14 Curncy	62.8
5Y	CGS1U5 CBIN Curncy	GS CDS USD SR 5Y D14 Curncy	73.9
7Y	CGS1U7 CMAN Curncy	GS CDS USD SR 7Y D14 Curncy	99.8
10Y	CGS1U10 CMAN Curncy	GS CDS USD SR 10Y D14 Curncy	117.7

Reference Entity Information

Name: Goldman Sachs Group

Sector: Financials

Industry: Financial Industry

Credit Default Swap Contracts Information

Country: US

Coupon Frequency: Quarterly

Debt Type: Senior

Day Count: ACT/360

Currency: USD

Coupon(bps): 100

Recovery: 0.40

Consider the following Interest Rate Yields:

1M	0.995
2M	1.0372
3M	1.1696
6M	1.4304
1Y	1.7765
2Y	1.5635
3Y	1.7165
4Y	1.839
5Y	1.9365
6Y	2.024
7Y	2.097
8Y	2.161
9Y	2.2205
10Y	2.267
12Y	2.352
15Y	2.431
20Y	2.504
25Y	2.529
30Y	2.533

Please estimate the hazard rate curve from the CDS spreads of GS. For the valuation model assume the JPMorgan model (defaults can occur midway during each payment period, but the accrual is made at the end of the periods).

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