Do all exup valves make a noise when ignition is switched on.

[Falcon 269]

Get down on the floor and take a close look at the EXUP cover bolts.  If they look rusty and don't appear to have been undone, demand that the dealer removes the cover to show you what's behind.

This will tell you more:  http://www.cartestsoftware.com/fz1/exupmaintenance.html

Don't ride away until you're satisfied with what you see.