WALT DISNEY CO/ | 2013 | FY | 3

In fiscal years 2013, 2012 and 2011, the weighted average assumptions used in the option-valuation model were as follows:
 
 
2013
 
2012
 
2011
Risk-free interest rate
1.8
%
 
2.0
%
 
3.2
%
Expected volatility
26
%
 
31
%
 
28
%
Dividend yield
1.60
%
 
1.56
%
 
1.15
%
Termination rate
2.7
%
 
2.7
%
 
2.5
%
Exercise multiple
1.41

 
1.41

 
1.40

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