PEPSICO INC | 2013 | FY | 3

Our weighted-average Black-Scholes fair value assumptions are as follows:

2013


2012


2011

Expected life
6 years


6 years


6 years

Risk-free interest rate
1.1
%

1.3
%

2.5
%
Expected volatility
17
%

17
%

16
%
Expected dividend yield
2.7
%

3.0
%

2.9
%

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