Minimum Advertised Price Policy for HARD Goods-Pedals ONLY

Updated and Effective January 1, 2019

Shimano North America Bicycle, Inc. (“Shimano”) has established a unilateral policy (the “Policy”) regarding the minimum

advertised price (“MAP”) of its products in the United States.

Shimano believes that this Policy is necessary to ensure the preservation of the superior image of our brand and the value of

our products, and to ensure that retailers provide effective marketing and sales support for all Shimano products. This Policy

has been unilaterally adopted by Shimano and will be unilaterally enforced. Shimano is not requesting, or otherwise seeking,

any agreement or acknowledgment regarding this Policy from any retailer.

Terms of the Policy

This Policy applies only to retailer advertising of Shimano-branded bicycle HARD goods products, SPECIFICALLY

SHIMANO PEDALS, other than products that have been identified by Shimano as “close out.” PLEASE REFER TO

ADDENDUM TO SHIMANO MAP POLICY FOR PEDAL PRODUCT LISTING. Shimano will, from time to time,

identify certain products from a specific season’s merchandise as close out as of a prescribed date from which this Policy

shall cease to apply. For purposes of this Policy, HARD goods products include Pedals only.

Except as otherwise provided in this Policy or stated in writing by Shimano, the MAP for any Shimano product covered by

this Policy is the manufacturer’s suggested retail price (MSRP) for that product. This policy does not apply to the actual price

at which Shimano products are sold by retailers. Each retailer is free to independently determine its actual retail price for

Shimano products.

Unless subject to an exception specified below, any retailer advertisement that presents a price for a Shimano product lower

than the MSRP for that product is a violation of this Policy. In addition, any retailer advertisement which indicates a

Shimano product covered by this Policy is on sale, offered at a discount, eligible for a promotion, or any similar reference

that a consumer would reasonably believe implies a price for such product below MSRP is a violation of this Policy, whether

or not the advertisement lists a specific price for the product. For purposes of this Policy, advertising a price lower than the

MSRP includes:

*Advertising Shimano product covered by this Policy in combination with non-Shimano product at a single price;
*Advertising multiple Shimano products in combination for a single price that is less than the combined MSRPs.
*Advertising that offers gift certificates or store credit in combination with Shimano product at a single price, where
the value of the gift certificate or store credit results in a net advertised price below MSRP.
* Advertising a store-wide or site-wide sale or other general discount or promotion that, when applied to the sale of a
Shimano product covered by this Policy, would result in a net advertised price below MSRP, unless such advertising
does not identify the Shimano brand by name and includes no brand exclusion within the cycling category. When a
store-wide or site-wide sale or other general discount or promotion includes one or more brand exclusions within the
cycling category, Shimano HARD goods products must also be prominently listed as a brand exclusion, or such sale,
discount or promotion applicable to Shimano products covered by this Policy shall be considered a violation of this
Policy.
*Advertising Shimano product through an online auction where the minimum displayed bid is less than MSRP.

This Policy applies to all forms of advertising, including mailings (physical, emailed or disseminated by electronic media),

catalogs, print ads (inserts, magazines, newspapers, etc.) and displays at consumer exhibitions and shows. The display of a

Shimano product covered by this Policy on any website, including a retailer’s own website or any social media site, any

mobile app or any other electronic media, is advertising subject to this Policy. Any price information relating to Shimano

products on any website which can be accessed directly through any hypertext link or by any other method which uses the

hypertext transfer protocol (http) or any comparable protocol is considered to be advertising for purposes of this Policy.

This Policy will also apply to any form of digital marketing which is intended to communicate a price on a Shimano product

covered by this Policy below MSRP, including, for example, retargeting ads and pricing feeds to search engines, aggregators

or other third-party sites.

This Policy does not apply to the following (exceptions):

*Brick-and-mortar in-store displays, in-store banners, or in-store price markings

*Price information displayed on any website “shopping cart” page as a direct result of a customer’s action to make

the final purchase decision

*Electronic mail sent in direct response to a specific customer inquiry

*Advertising that offers free installation with purchase; free delivery with purchase; free training with purchase; or

free service with purchase, unless that advertising specifies a dollar value for these activities which implies a net

price for a Shimano product covered by this Policy below MSRP

*Advertising that offers a free gift with purchase so long as the gift has insignificant value relative to the total

purchase and includes no stated value for the gift which would imply a net price below MSRP.

*Advertising points or other accrued benefits from a retailer loyalty or comparable program which may be used

toward the purchase of a Shimano product so long as that product was not advertised at a price below MSRP and the

points or other accrued benefits were earned prior to, and are not dependent on, such purchase.

In response to any violations of this Policy, Shimano, in its unilateral discretion, will take the following actions:

First Violation: Shimano will issue a warning letter.

Second Violation: The retailer will be suspended for a period of at least 30 days, and during the suspension Shimano

will not ship product covered by this Policy to the retailer on any outstanding or new orders.

Third Violation: Shimano will cancel any outstanding orders from the retailer for product covered by this Policy

and will refuse to accept any new orders for product covered by this Policy from the retailer for

the remainder of the current season and the entirety of the subsequent season.

Shimano also reserves the right, in its sole discretion, to cause the same action that it takes with the Shimano product covered

by this MAP Policy, or a comparable action, to be taken with Shimano product not covered by this MAP Policy.

Questions Regarding This Policy

Compliance with this Policy is entirely within the control of each retailer. This Policy is non-negotiable and no modifications

will be made for any retailer. Shimano cannot and will not discuss this Policy outside of providing the terms of the Policy

and examples of compliant and non-compliant advertising.

In general, Shimano gathers input and feedback from retailers about policies and practices. If you have comments or

concerns about this Policy, you may submit those by email to map@shimano.com. Shimano will not respond to any

comments from one retailer about the activities of any other retailer.

ADDENDUM TO SHIMANO MAP POLICY FOR PEDAL PRODUCT LISTING

SAC Item Number UPC Code

EPDA520 689228084551

EPDA530 689228129306

EPDA600G 689228741409

EPDED500 689228689336

EPDEH500 689228866317

EPDES600 689228867567

EPDGR500L 689228695870

EPDGR500S 689228695887

EPDMT50 689228326880

EPDMX70 689228326668

EPDM324 689228072466

EPDM424 689228023147

EPDM520L 689228060470

EPDM520W 689228298910

EPDM530 689228692596

EPDM530W 689228726956

EPDM540 689228060487

EPDM540L 689228904248

EPDM647 689228218932

EPDM8000 689228920705

EPDM8020 689228920712

EPDM8040ML 689228637863

EPDM8040SM 689228623439

EPDM820 689228699359

EPDM828 689228637870

EPDR540 689228069794

EPDR540LA 689228354982

EPDR540LAW 689228355149

EPDR540W2 689228420977

EPDR550G 689228226623

EPDR550L 689228226326

EPDR7000 689228866287

EPDT400LR 689228561090

EPDT400WR 689228561137

EPDT421 689228749450

EPDT8000 689228749498

ESMSH45 689228428713

IPDM9000 689228595583

IPDM9100 689228945227

IPDM9100S1 689228945449

IPDM9120 689228945760

IPDR8000 689228646292

IPDR8000E1 689228646285

IPDR9100 689228741805

IPDR9100E1 689228741546