Shrugs work the trapezius muscle and some believe they
are useful for strengthening the lockout of a
deadlift.
 

With arms hanging straight, shrug your
shoulders straight up as high as possible.

Do not use
your arms to assist with the motion.  A barbell or
dumbells can be used for this exercise and they can be
done standing or seated.

Also See Dumbbell Shrugs

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