Published on June 23, 2014
Marcus Evans Elite Family Office SummitMarcus Evans Elite Family Office SummitMarcus Evans Elite Family Office SummitMarcus Evans Elite Family Office SummitMarcus Evans Elite Family Office SummitMarcus Evans Elite Family Office SummitMarcus Evans Elite Family Office SummitMarcus Evans Elite Family Office Summit June 16, 2014June 16, 2014June 16, 2014June 16, 2014 ShepperdShepperdShepperdShepperd Investors AGInvestors AGInvestors AGInvestors AG WiesenstrasseWiesenstrasseWiesenstrasseWiesenstrasse 10101010 CH 8032 Zurich, SwitzerlandCH 8032 Zurich, SwitzerlandCH 8032 Zurich, SwitzerlandCH 8032 Zurich, Switzerland Tel. 41 44 586 5483Tel. 41 44 586 5483Tel. 41 44 586 5483Tel. 41 44 586 5483 Mobile 41 79 814 4349Mobile 41 79 814 4349Mobile 41 79 814 4349Mobile 41 79 814 4349
No Timelier and More Important Subject How Long Will the Gas Flow and Lights Stay On?
Europe, the Ukraine and Russia ◦ Dependence on Russian Natural Gas ◦ Economics and Politics Compromised ◦ Fundamental Security Also Now Questioned ◦ European Gas Runs Through Ukraine Ukraine “Owed” 5.2 Billion Euros for Russian Gas Price to Ukraine in 2007…USD 485 Per MCM Renegotiated USD 268 Plus Sevastopol Average Price to Europe….USD 380 Per MCMAverage Price to Europe….USD 380 Per MCM Often Spot Market Price Plus in Winter ◦ The Gas Exporting Countries Forum and “Big Gas Troika” Russia, Iran, Qatar, plus Algeria, Nigeria, Venezuela , Libya, Egypt Bolivia, Equatorial Guinea, Trinidad Tobago Control Globally 70% of Natural Gas and 85% of Liquid Natural Gas (LNG) OPEC of Gas ◦ Russia Creates Eurasian Union Russia, Belarus, Kazakhstan…and more to come… Members are Exporters of Raw Materials Much of the Middle East Is No Longer Reliable (Iraq, Libya et al.)
GECF Countries Control By Import Volume:GECF Countries Control By Import Volume:GECF Countries Control By Import Volume:GECF Countries Control By Import Volume: 61% of EU Gas Supply61% of EU Gas Supply61% of EU Gas Supply61% of EU Gas Supply 64% of EU Oil Supply64% of EU Oil Supply64% of EU Oil Supply64% of EU Oil Supply 62% Gas & Oil by Value Source: EU Energy Security Report May 28, 201462% Gas & Oil by Value Source: EU Energy Security Report May 28, 201462% Gas & Oil by Value Source: EU Energy Security Report May 28, 201462% Gas & Oil by Value Source: EU Energy Security Report May 28, 2014
High Cost Energy Drags Economy ◦ Substantial Job Loss ◦ Base Industries Cannot Compete, Must Relocate ◦ Spot Price Plus for Natural Gas Retail Price USD 21/mcf in Europe USD 6/mcf in US ◦ Always a Winter “Crisis” with Supply from Russia◦ Always a Winter “Crisis” with Supply from Russia ◦ German Angst Obstructs Change Against Shale, Against Electric Cars (1% vs 20% in Japan) EU Security Initiative Published ◦ Alternatives to Russian Sourced Gas ◦ Indigenous Gas Production (Yes, Shale Gas) ◦ Conservation and Alternative Energy Sources ◦ The Rumble of Earthquakes, or the Rumble of Tanks?
Low Cost Energy Countries Attract Industry Shale and Low Cost Energy Saves America Shale Saves Tax Dollars (8.4% Electric, 28.7% Gas) ◦ USD 60 MM for Ohio Govt. 10.2 MM for Schools Per Year Changes Strategic Balances in the World Creates Economic and Political Independence inCreates Economic and Political Independence in Shale Countries Shale Oil and Gas is the Largest Geopolitical and Economic Change in the 21st Century ◦ Opportunities Abound
From Largest Importer to Largest Exporter of Oil in the World Very Soon More Gas Produced in Pennsylvania than in Qatar Dramatic Change In Trade and Economic Data ◦ Exports at 4.3 Million Barrels of Petroleum Products Per Day in 2013 1.7 Million Per Day in 20081.7 Million Per Day in 2008 ◦ Imports at 2.1 Million Barrels ◦ US Export Ban To Be Lifted Opportunities for Investment and Profit Throughout the Supply Chain
Reserves for the Future ◦ Approx. 350 Trillion Cubic Feet in Gas Reserves In US ◦ Utica Formation Alone Can Supply the Entire Energy of the US for 100 Years The US Converts to Natural Gas ◦ Compressed Natural Gas for Transportation◦ Compressed Natural Gas for Transportation ◦ Natural Gas for Power Generation ◦ The Real Story: www.truthlandmovie.com ◦ Lowest CO2 Emissions in 20 Years and Kyoto ◦ Goal Met Because of Shale Gas Power Generation ◦ 30 Percent CO2 Reduction by 2020 New Goal ◦ Coal Now Exported to Germany and Air Quality Diminishes The Real “Energiewende”
The Utica Formation ◦ 38 Trillion Cubic Feet Natural Gas ◦ 940 Million Barrels of Oil ◦ 208 Million Barrels of Natural Gas Liquids ◦ Shale Formation Between 200 and 400 Feet Thick (124 Meters) Bakken Play Compared (North Dakota)Bakken Play Compared (North Dakota) ◦ 6.7 Trillion Cubic Feet Natural Gas ◦ 7.4 Billion Barrels of Oil ◦ 530 Million Barrels of Natural Gas Liquids Ohio History ◦ First Well 1860 (2nd Well Drilled in North America) ◦ 65,080 Horizontal Wells Still Operating & Many “Fracked” in the 1980`s, or Earlier
Richest Shale Oil and Gas Formation in North America ◦ Approx. 60 Percent Liquid Condensate (Oil) ◦ Average 2,000 to 9,000 Barrels Per Day ◦ Top Well Produces 42 million Cubic Feet Per Day◦ Top Well Produces 42 million Cubic Feet Per Day ◦ USD 38 Billion Invested in the Last 3 Years ◦ Publicly Held Drillers Involved ◦ Refiners Already Close By, and Rapidly Expanding British Petroleum, Cleveland (Formerly Standard Oil) Marathon Oil, Findlay Ashland Oil, Canton
The Oil Rights Are Owned by the Land Owners ◦ Royalties and Bonuses Creating Multi Millionaires Daily ◦ Sales Tax Revenues have Tripled as Money Flows Wells Are Drilled ◦ Approximately USD 10 Million Per Well Infrastructure is Being Built ◦ USD 4 Billion New Refinery by Brazilian Investors◦ USD 4 Billion New Refinery by Brazilian Investors ◦ USD 2.2 Billion in New Gas Fired Power Plants Ohio Imported 10 Billion Cubic Ft. of Gas in 2011, Exports 10 Billion Cubic Ft. in 2014 ◦ Pipelines Change Direction and Flow to the Other States “A forgotten region will become World Class.” ◦ Region the “Newest World Class Asset.” Houston Chronicle, May 22, 2014
We are Local and Know the Oil Patch ◦ Family was Largest Land Owner in Tuscarawas County for Decades (Established 1918) ◦ Owned and Drilled Oil and Gas Wells On His Own Property in the 80`s ◦ Packaged 25-50 Oil Well Deals with Other Land◦ Packaged 25-50 Oil Well Deals with Other Land Owners and Investors ◦ Sold Ohio Real Estate Investments and Established Shepperd Investors AG in Zurich 2007 ◦ FMS Worked to Save the Community Before the Economic Crash
Local, Real Deals Direct Opportunities from the Oil Patch Starts with Royalties and Continues through the Supply Chain and Downstream Team of Professionals and Technical ExpertsTeam of Professionals and Technical Experts ◦ Ohio ◦ North America ◦ Europe Families for Families, Individual and Institutional Investors
The Real Estate Owner Owns Minerals Below the Surface Oil Driller Leases the Rights ◦ Leases are Filed in the County Land Records ◦ Lease Rights Are Assignable and Transferable ◦ Time Limit to Drill Wells ◦ Owner Receives Approx. 20 Percent of the Gross Value◦ Owner Receives Approx. 20 Percent of the Gross Value Produced By the Well ◦ Royalty Rights Transferred to SIAG, Separable from Land Title Well Produces Oil and Gas ◦ Production Logs at Wellhead Checked Monthly ◦ Payment at Current Price for Oil and Gas Paid to Royalty Owner ◦ USD 10,000 in Production Means USD 2,000 in Royalties
Oil Rights are Leased The Royalty Rights are Acquired by SIAG from the Landowner for a Lump Sum Amount Assignment is Filed In the Land Records Royalty is Paid to SIAG Instead of LandownerRoyalty is Paid to SIAG Instead of Landowner ◦ Like “Clipping Coupons” ◦ Rights Are Readily Marketable and Transferrable Two Sources of Revenue ◦ Royalty Payments ◦ Increased Value of the Royalty Rights When Sold No Oil and Gas Operational Risk of Drillers
Eagle Ford Shale Formation In Texas ◦ 105% in 18 Months from Oil and Gas Production Value of Leases Exponential ◦ Initial Purchase Price USD 8,000 Per Acre ◦ Value of Royalty Rights in 6 Months USD 15,000 ◦ Value in One Year USD 100,000◦ Value in One Year USD 100,000 ◦ Current Value 100 x Cash Flow Ohio Is Early Stage, but Better than Eagle Ford ◦ January Price was USD 8,500 ◦ Value Now USD 15,000 ◦ Next Year… Like Eagle Ford ◦ Just Announced USD 2.0 Billion for Leases in the Coming Months by One Investor…Elevator Up!
Drilling ◦ 31 Drilling Companies in the Ohio Utica ◦ Publicly Owned Drilling Companies ◦ Co-investment with Local Drillers ◦ Investment in Stock of the Companies ◦ Consolidation Likely◦ Consolidation Likely Infrastructure ◦ Pipelines ◦ Compressor Houses ◦ CNG and LNG Facilities ◦ Power Generation ◦ Refining
Investment in Related Businesses and Companies Involved in the Shale Market° ◦ Schlumberger, Ecolab and Others Well Services ◦ Solvay Chemical and Others◦ Solvay Chemical and Others Solvents for the Oil Field ◦ Steel Pipe Companies Timken Company Canton US Steel Cleveland Vallourec Youngstown °Examples For Presentation Purposes Only. Consult Your Investment Advisor
Investment in Ventures Benefiting from Low Cost Energy (USD 100 Billion in Projects Already Announced in the US) ◦ Plastics and Chemical Companies ◦ Steel, Foundries ◦ Local Refiners◦ Local Refiners Investment in the Local Economic Growth ◦ Hotels (6 Under Construction in One Town) ◦ Multi Tenant Housing Rooms USD 800 per Month, Houses USD 6,000 per Month ◦ Industrial and Commercial Real Estate ◦ Land in the Right Location ◦ Other Businesses to Serve the Community
Buy a Business, or Buy a Few Shares Local Residents Renting Rooms in their Homes, Campers, Basements and Garages Invest in Funds for Infrastructure and More ◦ SIAG Structured and Developed for Families and Institutional InvestorsInstitutional Investors ◦ Others Be Creative and Use Your Imagination ◦ When Over100 Billion Dollars is Focused in One Place What Happens? ◦ Be There Ahead of Global Capital Change Elevators, Then Take the Elevator Up!
Europe ◦ UK 14th Lease Round This Fall by DECC ◦ Poland Concessions Issued and New Law ◦ Germany SSHHH! Starts Quietly German Angst to Innovation No to Shale, No to Electric Cars ◦ France SSHHH! Jobs Trump the Liberal Socialists and Green Party Politics ◦ Deterrents: Lack of Infrastructure, Taxation, Law◦ Deterrents: Lack of Infrastructure, Taxation, Law South America ◦ Brazil In Planning ◦ Argentina Underway Asia ◦ China In Planning 20,000 ft. Wells ◦ Australia In Planning
Harnessing Global Capital Flow Turning the Worst Economy in the US to the Best (Currently No. 1 State) Transforming Poor and Unemployed Farmers into Millionaires (250 in Carroll Coúnty In 2 Years) New Generation of Philanthropy and Charitable OrganizationsNew Generation of Philanthropy and Charitable Organizations Creating an Enormous Economic Infrastructure for the Next 50 Years Attracting Global Businesses with Low Cost Energy Creating 200,000 Thousand Jobs for the Rust Belt in the New “Black Belt”
In German: „ÖlIn German: „ÖlIn German: „ÖlIn German: „Öl---- und Gasrevolution in Nordamerikaund Gasrevolution in Nordamerikaund Gasrevolution in Nordamerikaund Gasrevolution in Nordamerika Die Welt wird ein bisschen Schiefer“ (The World is a Bit More Out of Balance) In American:In American:In American:In American: „Shale Brings Hope; Independence and Prosperity“
Frederick MetzFrederick MetzFrederick MetzFrederick Metz ShepperdShepperdShepperdShepperdFrederick MetzFrederick MetzFrederick MetzFrederick Metz ShepperdShepperdShepperdShepperd ShepperdShepperdShepperdShepperd Investors AGInvestors AGInvestors AGInvestors AG WiesenstrasseWiesenstrasseWiesenstrasseWiesenstrasse 10101010 CH 8032 Zurich, SwitzerlandCH 8032 Zurich, SwitzerlandCH 8032 Zurich, SwitzerlandCH 8032 Zurich, Switzerland Tel. 41 44 586 5483Tel. 41 44 586 5483Tel. 41 44 586 5483Tel. 41 44 586 5483 Mobile 41 79 814 4349Mobile 41 79 814 4349Mobile 41 79 814 4349Mobile 41 79 814 4349 Email: email@example.comEmail: firstname.lastname@example.orgEmail: email@example.comEmail: firstname.lastname@example.org
THIS CONFIDENTIAL DOCUMENT (THIS “PRESENTATION”) IS BEING DELIVERED TO A LIMITED NUMBER OF PARTIES WHO, IT IS BELIEVED, MAY BE INTERESTED IN FINANCING THIS LEASE ROYLTY OPPORTUNITY FOR SHEPPERD INVESTORS AG (SIAG) THIS PRESENTATION IS FURNISHED TO YOU ON A CONFIDENTIAL BASIS SOLELY FOR THE PURPOSE OF DECIDING WHETHER OR NOT YOU WISH TO PROCEED WITH A FURTHER INVESTIGATION OF THE UTICA ROYALTY INTEREST PURCHASE (THE “PROJECT”). THIS PRESENTATION IS NOT AN INVITATION TO ACQUIRE INTERESTS IN SIAG; OR ANY OTHER ENTITY, NOR DOES IT CONSTITUTE AN OFFER FOR SALE OR THE SOLICITATION OF AN OFFER TO BUY ANY INTERESTS IN THE LEASE ROYALTIES. IT IS NOT INTENDED TO FORM THE BASIS OF ANY INVESTMENT DECISION AND SHOULD NOT BE CONSIDERED AS A RECOMMENDATION BY SIAG OR ANY OTHER PERSON WHO IS AN ISSUER ORDISTRIBUTOR OF THIS PRESENTATION. SUBSCRIPTION FOR INTERESTS WILL BE MADE SOLELY ON THE BASIS OF THE INFORMATION CONTAINED IN THE PROSPECTUS THIS PRESENTATION DOES NOT PURPORT TO BE COMPREHENSIVE OR NECESSARILY CONTAIN ALL THE INFORMATION THAT THE RECIPIENT MAY REQUIRE TO MAKE SUCH DECISIONS. WHILE THE INFORMATION CONTAINED HEREIN HAS BEEN PREPARED IN GOOD FAITH, NO REPRESENTATION, UNDERTAKING, PROMISE OR WARRANTY, EXPRESS OR IMPLIED, IS OR WILL BE MADE OR GIVEN, AND NO RESPONSIBILITY OR LIABILITY IS OR WILLPROMISE OR WARRANTY, EXPRESS OR IMPLIED, IS OR WILL BE MADE OR GIVEN, AND NO RESPONSIBILITY OR LIABILITY IS OR WILL BE ACCEPTED BY SIAG, ANY OF THEIR AFFILIATES OR ANY OF THEIR RESPECTIVE DIRECTORS, OFFICERS, SHAREHOLDERS, MEMBERS, MANAGERS, EMPLOYEES, ADVISORS OR AGENTS OR BY ANY OTHER PERSON AS TO OR IN RELATION TO THE ACCURACY, RELIABILITY OR COMPLETENESS OF THE PRESENTATION OR ANY OTHER INFORMATION OR DATA OF WHATEVER KIND MADE AVAILABLE TO ANY INTERESTED PARTY OR ITS ADVISORS.THE PRESENTATION INCLUDES CERTAIN STATEMENTS WITH RESPECT TO THE PROJECT’S PROJECTED PERFORMANCE. ESTIMATES OFFUTURE PERFORMANCE REFLECT VARIOUS ASSUMPTIONS MADE BY SIAGAND/OR OUTSIDE SOURCES THAT MAY OR MAY NOT PROVE ACCURATE, AS WELL AS THE EXERCISE OF A SUBSTANTIAL DEGREE OF JUDGMENT BY HIGHPOINT AS TO THE SCOPEAND PRESENTATION OF SUCH INFORMATION. NO REPRESENTATIONS OR WARRANTIES ARE MADE AS TO THE ACCURACY OF SUCHSTATEMENTS OR ESTIMATES OF ANTICIPATED PERFORMANCE. ACTUAL RESULTS DURING PROJECTION PERIODS MAY DIFFER SUBSTANTIALLY FROM THOSE PROJECTED. THIS FINANCING OPPORTUNITY WILL NOT BE REGISTERED UNDER THE FINMA; FSA; UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE OR OTHER SECURITIES LAWS, AND WILL NOT BE APPROVED BY THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR ANY OTHER FEDERAL OR STATE GOVERNMENTAL OR SELF‐REGULATORY AGENCY. THE PARTNERSHIP WILL NOT BE REGISTERED UNDER THE UNITED STATES INVESTMENT COMPANY ACT OF 1940, AS AMENDED. NO GOVERNMENTAL OR OTHERAGENCY HAS PASSED OR WILL PASS OPINION ON THE ACCURACY OR ADEQUACY OF THIS PRESENTATION: T
The SIAG Team In Europe and North America Drilling Companies Operating in Ohio Top Counties for Shale in Ohio Government Wins with Shale Mostly Water and Sand Used in Fracking One Million Cannot Be Wrong!
Frederick Metz Shepperd, CEO ◦ CEO, 30 Years Ohio Oil and Gas Experience ◦ Former CFO of Becker Pumps and Aerzen USA (JV with Becker) German Pump Manufacturers for Oil and Gas Applications and Gas Transmission ◦ Global Business and Supply Chain Expertise Professional and Technical Advisors on Oil andProfessional and Technical Advisors on Oil and Gas in Europe and Middle East ◦ Shale Oil Development, Oil Refining, Downstream Trading and Hedging ◦ LNG and CNG Infrastructure ◦ Gas Turbine Power Generation Collaboration with Families and Friends in the Industry
Local Buying Group ◦ Land Men Responsible for Lease Acquisitions ◦ Local Knowledge and Focused on “Sweet Spot” Long Before Others ◦ Decades of Experience in Lease Right Procurement Local Lease Administration ◦ Local Coordinator of Royalty Program for SIAG◦ Local Coordinator of Royalty Program for SIAG ◦ Currently Manages USD 100 Million In Oil and Gas Leasing Programs ◦ Programs Coordinated With Family Offices, Individual and Institutional investors Geological and Technical Support ◦ Former Board Member of Blackstone Energy Local Network of Experts from the Ohio Oil Patch
Drilling CompanyDrilling CompanyDrilling CompanyDrilling Company Location of PermitsLocation of PermitsLocation of PermitsLocation of Permits American Energy UticaAmerican Energy UticaAmerican Energy UticaAmerican Energy Utica Guernsey, Harrison Antero ResAntero ResAntero ResAntero Res Appalachian CorpAppalachian CorpAppalachian CorpAppalachian Corp Monroe, Noble Anadarko E & P Co. L.P.Anadarko E & P Co. L.P.Anadarko E & P Co. L.P.Anadarko E & P Co. L.P. Coshocton, Guernsey, Muskingum, Noble Atlas NobleAtlas NobleAtlas NobleAtlas Noble Columbiana, Harrison Brammer EngineeringBrammer EngineeringBrammer EngineeringBrammer Engineering Trumbull Beusa EnergyBeusa EnergyBeusa EnergyBeusa Energy Ashtabula BP America Prod. Co.BP America Prod. Co.BP America Prod. Co.BP America Prod. Co. Trumbull CarrizoCarrizoCarrizoCarrizo Guernsey ChesapeakeChesapeakeChesapeakeChesapeake Exploration LLCExploration LLCExploration LLCExploration LLC Carroll, Columbiana, Geauga, Guernsey, Harrison, Jefferson, Mahoning, Portage, Stark, Tuscarawas ChevronChevronChevronChevron Appalachia,LLCAppalachia,LLCAppalachia,LLCAppalachia,LLC Harrison CNX Gas Co. LLCCNX Gas Co. LLCCNX Gas Co. LLCCNX Gas Co. LLC Jefferson, Mahoning, Monroe, Noble, Portage, Trumbull, Tuscarawas DevonDevonDevonDevon Ashland, Coshocton, Guernsey, Holmes, Knox, Medina, Wayne, Eclipse Resources 1 LPEclipse Resources 1 LPEclipse Resources 1 LPEclipse Resources 1 LP Guernsey, Harrison, Monroe, Noble EM Energy OhioEM Energy OhioEM Energy OhioEM Energy Ohio Monroe, Washington EnerVest Operating LLCEnerVest Operating LLCEnerVest Operating LLCEnerVest Operating LLC Carroll, Guernsey, Jefferson, Muskingum, Noble, Stark, Tuscarawas EQT Production Co.EQT Production Co.EQT Production Co.EQT Production Co. Guernsey Gulfport Energy Corp.Gulfport Energy Corp.Gulfport Energy Corp.Gulfport Energy Corp. Belmont, Guernsey, Harrison, Halcon OperatingHalcon OperatingHalcon OperatingHalcon Operating Trumbull, Mahoning Hall DrillingHall DrillingHall DrillingHall Drilling Monroe Hess Ohio ResourcesHess Ohio ResourcesHess Ohio ResourcesHess Ohio Resources LLCLLCLLCLLC Belmont, Guernsey, Harrison, Jefferson H G EnergyH G EnergyH G EnergyH G Energy Monroe Hilcorp Energy CoHilcorp Energy CoHilcorp Energy CoHilcorp Energy Co Columbiana, Mahoning Mountaineer KeystoneMountaineer KeystoneMountaineer KeystoneMountaineer Keystone Portage Petroleum Dev. CorpPetroleum Dev. CorpPetroleum Dev. CorpPetroleum Dev. Corp Guernsey, Morgan, Washington R E Gas DevelopmentR E Gas DevelopmentR E Gas DevelopmentR E Gas Development Carroll, Guernsey, Noble RiceRiceRiceRice Belmont Sierra Resources LLCSierra Resources LLCSierra Resources LLCSierra Resources LLC Carroll, Columbiana, Tuscarawas Statoil USAStatoil USAStatoil USAStatoil USA Monroe SwepiSwepiSwepiSwepi Columbiana Triad Hunter LLCTriad Hunter LLCTriad Hunter LLCTriad Hunter LLC Monroe, Washington XTOXTOXTOXTO Belmont, Monroe
County Total Number of Well Permits Number of Producing wells Ashland 1 0 Ashtabula 1 0 Belmont 105 23 Carroll 408 223 Columbiana 103 31 Coshocton 5 1 Geauga 1 0 Guernsey 104 32 Harrison 234 61 Holmes 3 0 Jefferson 40 12Jefferson 40 12 Knox 2 0 Mahoning 30 8 Medina 1 0 Monroe 88 17 Morgan 3 0 Muskingum 3 1 Noble 108 34 Portage 15 4 Stark 13 2 Trumbull 15 9 Tuscarawas 17 3 Washington 11 5 Wayne 1 1 Total 1312131213121312 467467467467
One Million Wells in the US Many Used “Fracking” Over the Last 30 Years Not One Incident of Ground Water Contamination from Wells (Environmental Protection Agency, 2014) A “Tense” BattleA “Tense” Battle ◦ Anti Fracking Crowd Speaks in the Subjunctive Tense Would, Should, Could ◦ Pro Fracking Crowd Speaks in Present and Past Tense Is, Was, Does ◦ Fear vs. Facts: You be the Judge
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