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elanesian Dreams (2015) Official Film Trailer /LQNWRWKLVLVVXHKWWSHWDQRUJLVVXHVZSDSXDZSDSKWP %DFNLVVXHVRI:HVW3DSXD5HSRUW *RRJOH6HDUFK ::: KWWSZZZHWDQRUJ %HFRPHDQ(7$16XVWDLQHUPDNHDSOHGJHYLDFUHGLWFDUGKHUH %DFNJURXQG_7DNH$FWLRQ_1HZV_/LQNV_:KDW<RX&DQ'R_5HVRXUFHV_&RQWDFW (7$16WRUH_(VWDIHWD_,PDJHV_+RPH_7LPRU3RVWLQJV_6HDUFK_6LWH,QGH[_ )ROORZ(7$1
© Copyright 2026 Paperzz