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Diet Pepsi (in some countries Pepsi Light) was introduced in 1964 and is a variant of Pepsi Cola with no sugar and zero calories; it is flavoured with aspartame.
Pepsi Max (in some countries Pepsi One as it has one calorie) was introduced in 1993 and is similar, though with a slightly different flavor, and also contains acesulfame potassium. It is also available without caffeine.
While Diet Pepsi is targeted at young women, Pepsi Max is targeted at young men.
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