Minimum Advertised Price Policy for HARD Goods-PRO 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 PRO Product, other than products that have been identified by Shimano as “close out.” PLEASE REFER TO ADDENDUM TO SHIMANO MAP POLICY FOR PRO 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 Listing of Covered PRO product

SAC Item Number	UPC Code
APRACB118	022255047890
APRACB119	022255002158
PRAB0018	022255425414
PRAB0019	022255425421
PRAB0023	022255425438
PRAB0038	022255464192
PRAB0039	022255464208
PRAB0041	022255464222
PRAB0042	022255475204
PRAB0043	022255475211
PRAB0045	022255475396
PRAB0046	022255475402
PRAC0001	022255384452
PRAC0043	022255428439
PRAC0055	022255445030
PRAC0056	022255445047
PRAC0057	022255445054
PRAC0058	022255445573
PRAC0073	022255464260
PRAC0074	022255464277
PRAC0075	022255464284
PRAC0085	022255464291
PRAC0091	022255476331
PRAC0093	022255476089
PRAC0094	022255476096
PRAC0095	022255476102
PRAC0127	022255015905
PRAC0129	022255016001
PRAC0130	022255016131
PRAC0136	022255018289
PRAC0137	022255018296
PRAC0155	022255063777
PRAC0211	022255063524
PRAC0212	022255063531
PRBA0029	022255445139
PRBA0033	022255476508
PRBA0035	022255476522
PRBA0037	022255476546
PRBA0039	022255476560
PRBA0050	022255063784
PRBA0051	022255063791
PRBA0052	022255063807
PRBA0053	022255063814
PRBC0012	022255008877
PRBC0013	022255008860
PRBC0014	022255008921
PRBC0017	022255008952
PRBC0019	022255011426
PRBC0026	022255063821
PRBC0027	022255063838
PRBT0016	022255009041
PRBT0018	022255009065
PRGP0034	022255445504
PRGP0036	022255469180
PRGP0046	022255476188
PRGP0053	022255476249
PRGP0055	022255476263
PRGP0061	022255476294
PRHA0098	022255393768
PRHA0261	022255464321
PRHA0262	022255464338
PRHA0308	022255464413
PRHA0309	022255464420
PRHA0310	022255464437
PRHA0311	022255464444
PRHA0312	022255464451
PRHA0313	022255464468
PRHA0314	022255464475
PRHA0315	022255464482
PRHA0316	022255464499
PRHA0317	022255464505
PRHA0318	022255464512
PRHA0319	022255464529
PRHA0320	022255464536
PRHA0330	022255475570
PRHA0331	022255475587
PRHA0340	022255475440
PRHA0341	022255475457
PRHA0342	022255475464
PRHA0343	022255475471
PRHA0344	022255475488
PRHA0345	022255475495
PRHA0346	022255475501
PRHA0347	022255475518
PRHA0348	022255475525
PRHA0349	022255475532
PRHA0351	022255992763
PRHA0352	022255992770
PRHA0361	022255995689
PRHA0362	022255995696
PRHA0365	022255017282
PRHA0366	022255017299
PRHA0367	022255017305
PRHA0368	022255017312
PRHA0374	022255017596
PRHA0375	022255017602
PRHA0376	022255017619
PRHA0380	022255017367
PRHA0381	022255017374
PRHA0382	022255017381
PRHA0401	022255046589
PRHA0402	022255046596
PRHA0418	022255046763
PRHA0418	022255046763
PRHA0419	022255046770
PRHA0419	022255046770
PRHA0420	022255063845
PRHA0421	022255063852
PRHA0423	022255063937
PRHA0424	022255063944
PRHA0425	022255063951
PRHA0439	022255063548
PRHA0440	022255063555
PRHA0441	022255063562
PRHA0445	022255063579
PRHA0446	022255063586
PRHA0447	022255063593
PRHS0018	022255445191
PRHS0020	022255446532
PRHS0070	022255469081
PRHS0071	022255464543
PRHS0110	22255043854
PRHS0111	22255043861
PRPU0007	022255445818
PRPU0039	022255411967
PRPU0041	022255411981
PRPU0042	022255411998
PRPU0043	022255425834
PRPU0070	022255475693
PRPU0072	022255475709
PRPU0073	022255475716
PRPU0074	022255475723
PRPU0075	22255053679
PRPU0080	022255018418
PRPU0082	022255018326
PRPU0084	022255018340
PRPU0086	022255018364
PRPU0087	022255035477
PRPU0087B	022255069250
PRPU0088	022255063968
PRPU0090	022255018371
PRPU0092	022255018395
PRPU0095	022255034746
PRSA0187	022255995733
PRSA0190	022255003117
PRSA0191	022255003124
PRSA0192	022255003131
PRSA0193	022255003148
PRSA0200	022255003162
PRSA0201	022255003155
PRSA0206	022255003216
PRSA0207	022255003223
PRSA0213	022255003261
PRSA0214	022255003278
PRSA0215	022255003285
PRSA0216	022255003292
PRSA0218	022255003315
PRSA0219	022255003322
PRSA0220	022255003339
PRSA0221	022255003346
PRSA0222	022255003353
PRSA0223	022255003360
PRSA0229	022255003421
PRSA0230	022255003438
PRSA0231	022255003445
PRSA0232	022255003452
PRSA0233	022255003469
PRSA0234	022255003476
PRSA0235	022255003483
PRSA0236	022255003490
PRSA0238	022255003513
PRSA0239	022255003520
PRSA0240	022255003537
PRSA0241	022255003544
PRSA0245	022255003582
PRSA0246	022255003599
PRSA0247	022255003605
PRSA0248	022255003612
PRSA0249	022255003629
PRSA0250	022255003636
PRSA0251	022255003643
PRSA0252	022255003650
PRSA0254	022255003674
PRSA0255	022255003681
PRSA0258	022255046787
PRSA0258	022255046787
PRSA0259	022255046794
PRSA0259	022255046794
PRSA0260	022255046800
PRSA0260	022255046800
PRSA0261	022255046817
PRSA0261	022255046817
PRSA0262	022255046824
PRSA0262	022255046824
PRSA0263	022255046831
PRSA0263	022255046831
PRSA0270	022255047081
PRSA0270	022255047081
PRSA0271	022255047098
PRSA0271	022255047098
PRSA0300	022255063609
PRSA0301	022255063616
PRSA0307	022255063630
PRSA0308	022255063647
PRSA0309	022255063654
PRSA0310	022255063661
PRSA0311	022255063678
PRSP0107	022255464598
PRSP0108	022255464604
PRSP0109	022255464611
PRSP0141	022255475761
PRSP0142	022255475778
PRSP0145	022255475808
PRSP0146	022255475815
PRSP0161	022255992640
PRSP0163	022255992657
PRSP0164	022255992664
PRSP0166	022255992671
PRSP0170	022255017329
PRSP0171	022255050920
PRSP0172	022255017336
PRSP0173	022255017350
PRSP0191	022255035408
PRSP0225	022255063685
PRSP0226	022255063692
PRSP0227	022255063708
PRSP0228	022255063715
PRSP0229	022255063722
PRSP0231	022255063739
PRSP0233	022255063746
PRSS0059	022255386555
PRSS0299	022255436779
PRSS0300	022255446419
PRSS0309C	022255043724
PRSS0310C	022255043731
PRSS0311C	022255043748
PRSS0312C	022255043755
PRSS0313C	022255043762
PRSS0314C	022255043779
PRSS0315C	022255043786
PRSS0316C	022255043793
PRSS0317C	022255043809
PRSS0321	022255050814
PRSS0322	022255050821
PRSS0323	022255050838
PRSS0324	022255050845
PRSS0325	022255050852
PRSS0326	022255050869
PRSS0327	022255050876
PRSS0385C	022255043816
PRSS0386C	022255043823
PRSS0387C	022255043830
PRSS0388C	022255043847
PRSS0415	022255475938
PRSS0416	022255475945
PRSS0417	022255475952
PRSS0418	022255475969
PRSS0419	022255475976
PRSS0420	022255475983
PRSS0421	022255475990
PRSS0422	022255476003
PRSS0423	022255476010
PRSS0428	022255063753
PRSS0430	022255995610
PRSS0431	022255995627
PRSS0432	022255995641
PRSS0433	022255995634
PRSS0434	022255995658
PRSS0435	022255995665
PRSS0436	022255995672
PRSS0440	022255017008
PRSS0441	022255017015
PRSS0442	022255017022
PRSS0443	022255017039
PRSS0444	022255017046
PRSS0445	022255017053
PRSS0452	022255017091
PRSS0453	022255017107
PRSS0454	022255017114
PRSS0455	022255017121
PRSS0462	022255017169
PRSS0463	022255017176
PRSS0464	022255017183
PRSS0465	022255017190
PRSS0472	022255017237
PRSS0473	022255017244
PRSS0474	022255017251
PRSS0475	022255017268
PRSS0477	022255040822
PRSS0477	022255040822
PRSS0478	022255040839
PRSS0478	022255040839
PRSS0486	022255046886
PRSS0486	022255046886
PRSS0487	022255046893
PRSS0487	022255046893
PRTA0001	022255389341
PRTA0002	022255386166
PRTA0004	022255386098
PRTA0006	022255386111
PRTA0007	022255386128
PRTA0011	022255384926
PRTA0026	022255476348
PRTA0027	022255476355
PRTA0028	022255476362
PRTA0029	022255476379
PRTA0048	022255476478
PRTA0050	022255476492
PRTA0052	022255063760
PRTA0056	022255993623
PRTA0057	022255046909
PRTA0058	022255046916
PRTA0058	022255046916
PRTA0059	022255046923
PRTA0059	022255046923
PRTA0060	022255046930
PRTA0060	022255046930
PRTA0061	022255046947
PRTA0061	022255046947
PRTA0062	022255046954
PRTA0062	022255046954
PRTLB025	022255002233
PRTLB026	022255002226
PRTLB027	022255002202
PRTLB029	022255002271
PRTLB030	022255002295
PRTLB032	022255002165
PRTLB033	022255002172
PRTLB039	022255002189
PRTLB040	022255002257
PRTL0037	022255465076
PRTL0038	022255465083
PRTL0056	022255992688
PRTL0074	022255018401
PRTL0080	022255063975
PRTL0084	022255063982
PRTL0085	022255063999
PRTL0086	022255064002
PRTL0087	022255064019
PRTL0088	022255064026
PRTL0095	022255064033
PRTL0099	022255064040
PRWH0036	022255994194
PRWH0038	022255476072
PRWH0039	022255994200
PRWH0040	022255046978
PRWH0042	022255994217
PRWH0043	022255994224
PR100335	022255369121
PR100340	022255375122
PR100349	022255369206
PR100350	022255369213
PR100352	022255368599
PR100360	022255368247
PR100399	022255368773
PR100710	022255427081
PR100715	022255427098
PR100719	022255403108
PR100720	022255403115
PR302718	022255381192
PR320300	022255366458
PR320442	022255367592
PR320492	022255367639
PR320775	022255377850
PR368283	022255395656
PR500095	022255366465
YPRAB0005	022255414494
YPRAB0011	022255410373
YPRAB0029	022255426558
YPRBA0031	022255022774
YPRBA0042	022255011464
YPRCC0025	022255419062
YPRCC0026	022255414517
YPRHS0101	022255022798
YPRPU0021	022255419079
YPRPU0036	022255419116
YPRPU0038	022255419123
YPRPU0046	022255419130
YPRPU0058	22255022781
YPRSP0106	022255022828
YPRSP0120	022255022835
YPRSP0121	022255055352
YPRSP0192	022255035415
YPRSP0193	022255035422
YPRSP0194	022255035439
YPRSP0195	022255035446
YPRSP0196	022255035453
YPRSP0197	022255035460
YPRSS0204	022255022842
YPRSS0370	022255022880
YPRSS0371	22255022897
YPRSS0437	22255052665
YPRSS0480	22255040846
YPRSS0481	22255040853
YPRSS0490	022255046985
YPRSS0490	022255046985
YPRSS0491	022255046992
YPRSS0491	022255046992
YPRSS0492	022255047005
YPRSS0492	022255047005
YPRSS0493	022255047012
YPRSS0493	022255047012
YPRSS0494	022255047029
YPRSS0494	022255047029
YPRSS0496	022255047036
YPRSS0496	022255047036
YPRSS0497	022255047043
YPRSS0497	022255047043
YPRSS0498	022255047050
YPRSS0498	022255047050
YPRSS0499	022255047067
YPRSS0499	022255047067
YPRSS0500	022255047074
YPRSS0500	022255047074