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No valve on ours.
Consensus was that with just the axleback the cold start was quiet enough that the implementation of the valve wasn't needed (cold start being the valves primary purpose). Cold start is loud with the mid-pipe included but the thought was that if you want the mid-pipe your whole desire is to be louder so the valve flies in the face of that desire. =)
I'm sure that reasoning doesn't work the same for everyone but that's what was decided here at least and with the polled dealers.
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