0UPJPV
8QGtDHQHOURGDMHGHODVHULH
$OOt$EDMR
HOSUy[LPRp[LWRGH$QWHQD\3ODQRD3ODQR0L=RQD79
-V[VZ
:LYPLZ ®
7YVNYHTHZ
6[YVZ ®
0S\Z[YHJPVULZ ®
,U[YL]PZ[HZ
,_JS\ZP]HZ
+LZ[HJHKV
*HSLUKHYPV
<UKxHLULSYVKHQLKLSHZLYPLº(SSx(IHQV»LS
WY}_PTVt_P[VKL(U[LUH`7SHUVH
7SHUV
7\ISPJHKVWVY(U[V^cMLIYLYV
*H[LNVYxHZ!(Y[xJ\SVZ+LZ[HJHKV,_JS\ZP]HZ:LYPLZ=xKLVZ
º(SSx(IHQVº[PLULTHNPH!SHU\L]HZLYPLKL(U[LUH`7SHUVH7SHUVX\LZLY\LKHLU
LSLTISLTm[PJV7HSHJPVKL4VUZHS]LZZP[\HKVLULSJLU[YVOPZ[}YPJVKL:L]PSSH[PLUL
[VKVZ SVZ PUNYLKPLU[LZ WHYH [YP\UMHY /LTVZ [LUPKV SH VWVY[\UPKHK KL JVTWHY[PY \U
KxH KL YVKHQL Q\U[V HS LX\PWV HJVTWH|mUKVSVZ LU Z\Z X\LOHJLYLZ KPHYPVZ `
HJLYJmUKVUVZH‚UTmZHLZ[HU\L]HWYVK\JJP}UX\LZLN\YVZLYm\Ut_P[VJ\HUKVZL
LTP[HLU[LSL]PZP}U
§/HaJSPJHX\x
,U 4P AVUH ;= W\LKLZ KPZMY\[HY `H LU L_JS\ZP]H KL SHZ MV[VZ ` ]xKLVZ KL SVZ
KLJVYHKVZ`LSYVKHQL ` LZ[H JY}UPJH LU SH X\L LU[LUKLYmZ WVY X\t ]H H [YP\UMHY LU
[LSL]PZP}U (KLTmZ LU SVZ WY}_PTVZ KxHZ WVKYmZ KPZMY\[HY HX\x LU SH ^LI KL SHZ
LU[YL]PZ[HZTmZJVTWSL[HZHZ\ZWYV[HNVUPZ[HZ
º(SSx(IHQV!<UHJVTLKPHX\L[LOHYmYLxYZxVZx
%XVFDUHQODZHE
%XVFDU
:Ð.<,56:,5
*HKH KL[HSSL J\LU[H ` [VKV LZ PTWVY[HU[L WVY LZV LU LS YVKHQL KL º(SSx (IHQV» UV
K\KHULUYLWL[PYSHZLZJLUHZOHZ[HX\LLSYLZ\S[HKVLZ}W[PTV`JVUZPN\LZHJHYSH
YPZHHSLZWLJ[HKVYLULSTVTLU[VVWVY[\UV
KWWSPL]RQDWYFRPXQGLDHQHOURGDMHGHODVHULHDOOLDEDMRHOSUR[LPRH[LWRGHDQWHQD\SODQRSODQR
8QGtDHQHOURGDMHGHODVHULH
$OOt$EDMR
HOSUy[LPRp[LWRGH$QWHQD\3ODQRD3ODQR0L=RQD79
767<3(9,:
9,*0,5;,:
+LVWyULFRHUURUGH&DQDO
6XUHQ1RFKHYLHMD(PLWH
DQXQFLRVHQOXJDUGHODV
&DPSDQDGDV
LULYV JVTLU[HYPVZ
/DVUD]RQHVGHOHUURUGH
ODV&DPSDQDGDVGH
&DQDO6XU/DFDGHQDGD
H[SOLFDFLRQHV
LULYV JVTLU[HYPVZ
5HDFFLRQHVHQGLUHFWR
DQWHHOHUURUGHODV
&DPSDQDGDVGH&DQDO
6XU³0HFDJRHQVXV
PXHUWRV´
LULYV JVTLU[HYPVZ
(O\RXWXEHU$XURQ3OD\
FDUJDFRQWUDµ*+9,3
³(VEDVXUD´\HO
SURJUDPDUHVSRQGH
°
LULYV JVTLU[HYPVZ
¢9DFDFLRQHVLQGHILQLGDV
SDUDµ/DTXHVHDYHFLQD¶"
¢&XiQGRYROYHUiD
7HOHFLQFR"
@WVKLTVZKHYMLKLX\LHZxLZ!PUJS\ZV]PLUKV¸SH[YHTWH¹JmTHYHZS\JLZL[J
MLIYLYV UVWVKxHTVZL]P[HYYLxYZPUOHJLYY\PKVWVYZ\W\LZ[VK\YHU[LLSYVKHQLHWVJVZ
TL[YVZKLSVZHJ[VYLZ
JVTLU[HYPVZ
@SVTLQVYLZX\LPUJS\ZVHS]LYSHTPZTHLZJLUH]HYPHZ]LJLZZLN\xHOHJPLUKVNYHJPH
HZx X\L ZP LZ[H LZ SH ZLUZHJP}U X\L WYV]VJH LU YVKHQL LS YLZ\S[HKV HS ]LYSV LU
[LSL]PZP}U JVUVJPLUKV TmZ H SVZ WLYZVUHQLZ ` ]PLUKV SH LZJLUH KLU[YV KL Z\
3(:56;0*0(:769*(5(3,:
[YHTHZLYmZPUK\KHLZWLJ[HJ\SHY
¸,ZV LZ KPMxJPS WVYX\L UVYTHSTLU[L ZL YVTWL SH THNPH LU LS YVKHQL¹ UVZ KLJxH
4HYxH3L}UJ\HUKVSLJVTLU[mIHTVZX\LUVOHIxHTVZWVKPKVL]P[HYSHYPZHHS]LYSVZ
YVKHY!¸:P VZ N\Z[H ]PLUKV SH [YHTWH LZV LZ I\LUH ZL|HS¹ 5VZ JVUMPLZH HKLTmZ
X\L SV UV[HU LU LS LX\PWV [tJUPJV X\L ZL YxLU TPLU[YHZ LZ[mU NYHIHUKV PUJS\ZV
WHZHUKVMYxVJHSVYZLKP]PLY[LUHS]LYSHZ[YHTHZ
;>0;;,9
KWWSPL]RQDWYFRPXQGLDHQHOURGDMHGHODVHULHDOOLDEDMRHOSUR[LPRH[LWRGHDQWHQD\SODQRSODQR
8QGtDHQHOURGDMHGHODVHULH
$OOt$EDMR
HOSUy[LPRp[LWRGH$QWHQD\3ODQRD3ODQR0L=RQD79
;^LL[Z
:LN\PY
4PAVUH;=
'TPaVUH[]
T
:VUPH4HY[xULaSHKPYLJ[VYHKLMPJJP}UKL
'H[YLZTLKPHJVT`HLZ[mLU;^P[[LY
§IPLU]LUPKH'THY[PULaY\PaH
WPJ[^P[[LYJVT^Z^X[I.T
4PAVUH;=
'TPaVUH[]
T
'3S\TIHYYLYH'RP[PTHU]LY`=PJR`7L|H
ZLPUJVYWVYHUHSYLWHY[VKL
:LPZ/LYTHUHZTPaVUH[]U(X^,0
'7YVK\J[VYHIHTI\
4VZ[YHYYLZ\TLU
;^P[[LHYH'TPaVUH[]
°
-(*,)662
)‚ZJHUVZLU-HJLIVVR
4PAVUH;=
4LN\Z[H
¸;PLUL I\LUVZ HJ[VYLZ [PLUL I\LU N\P}U [PLUL I\LUVZ JOPZ[LZ SH ZP[\HJP}U LZ
(WLYZVUHZSLZN\Z[H4PAVUH;=
KP]LY[PKH¯¹HZxKLMPLUKL4HYPHUV7L|HHSHZLYPL!¸;PLUL[VKVZSVZPUNYLKPLU[LZ¹
<UVZKLJVYHKVZT\`YLHSLZJVU\UJVSVYLZWLJPHS
,S7HSHJPVKL4VUZHS]LZLZLSS\NHYLSLNPKVWHYHYVKHYLZ[HZLYPL!LUZ\PU[LYPVYZL
YLJYLHSH*SxUPJH/PZWHSPZZ\IHYLSPU[LYPVYKLSH[HILYUHKLSUVY[LSHJHZHKL*HYTLU`
KL Z\Z ]LJPUHZ¯ ;VKV LZ[m KLU[YV KL LZ[L Tx[PJV LKPMPJPV X\L KH \U [VX\L KL
YLHSPZTV ` \UH S\a X\L OHJLU X\L SVZ WSHUVZ ZLHU T\JOV TmZ YLHSLZ X\L ZP ZL
YVKHYHLU\UWSH[}
3HZ ]LU[HUHZ ZVU ]LU[HUHZ KL ]LYKHK ` H [YH]tZ KL LSSHZ WVKLTVZ ]LY SVZ
LZWLJ[HJ\SHYLZ WH[PVZ X\L LZ[mU LU LS PU[LYPVY KLS LKPMPJPV 3HZ W\LY[HZ ZVU W\LY[HZ
7S\NPUZVJPHSKL-HJLIVVR
.66.3,
YLHSLZ [HTIPtU ` ZP HIYLZ \UH W\LY[H KL SH JSxUPJH KL[YmZ LUJ\LU[YHZ \UH
OHIP[HJP}UV\UKLZWHJOV,ULZ[HZLYPL[VKVLZT\`YLHS[HU[VX\LHSWHZLHYWVY
SVZWHZPSSVZKLSVZKLJVYHKVZ[LVS]PKHZKLX\LLZ\UHZLYPLWHYLJLX\LLZ[mZLU\UH
JSxUPJHV\UIHYKL]LYKHK
KWWSPL]RQDWYFRPXQGLDHQHOURGDMHGHODVHULHDOOLDEDMRHOSUR[LPRH[LWRGHDQWHQD\SODQRSODQR
8QGtDHQHOURGDMHGHODVHULH
$OOt$EDMR
HOSUy[LPRp[LWRGH$QWHQD\3ODQRD3ODQR0L=RQD79
1M>SRE8:
KSSKPIGSQQM^SREXZ
8SHEWPEWRSZIHEHIWHIXIPIZMWMÔREPMRWXERXI
7IKYMV
°
,S LX\PWV KL H[YLaaV UVZ JVTLU[HIH X\L TVU[HY \UH JSxUPJH LU \UVZ LZWHJPVZ
YLHSLZ ` HKLTmZ [HU HTWSPVZ OH ZPKV \U NYHU YL[V T\JOV TmZ JVTWSPJHKV X\L
OHJLYSV LU WSH[} WLYV W\LKLU LZ[HY ZH[PZMLJOVZ WVYX\L OHU JVUZLN\PKV SV X\L ZL
WYVWVUxHUJVUUV[HHKLTmZ
,ULSYVKHQLKLLZ[HUVLZULJLZHYPV\ZHYJOYVTHZ`HX\LLSYLHSPZTVLZL_[YLTV
;HUZVSVSVLUJVU[YHTVZLUSHZ]LU[HUHZKLSH[HILYUHKLSUVY[LWHYHWVKLY[YHZZ\Z
]LU[HUHZSVZWHPZHQLZSS\]PVZVZX\LZLOHUNYHIHKVLU:HU:LIHZ[PmU
,S ‚UPJV PUJVU]LUPLU[L X\L [PLUL LZ[L S\NHY KL NYHIHJP}U ZVU SHZ IHQHZ
[LTWLYH[\YHZ`SHO\TLKHKKLOLJOVSVZHJ[VYLZLUSVZLUZH`VZ]HUJVUHSIVYUVJLZ
` JHKH ]La X\L W\LKLU ZL HJLYJHU H SVZ JHSLMHJ[VYLZ JLYJHUVZ ,Z[L MYxV ZL HJLU[‚H
H‚UTmZLULSSVZ`HX\LLZ[mUNYHIHUKVJVTVZPLZ[\]PLYHULU]LYHUV!¸5VWLUZHIH
X\L M\LYH H [LULY TmZ MYxV NYHIHUKV LU :L]PSSH X\L LU SH :PLYYH KL 4HKYPK¹ UVZ
JVTLU[HIH4HYxH3L}U
KWWSPL]RQDWYFRPXQGLDHQHOURGDMHGHODVHULHDOOLDEDMRHOSUR[LPRH[LWRGHDQWHQD\SODQRSODQR
8QGtDHQHOURGDMHGHODVHULH
$OOt$EDMR
HOSUy[LPRp[LWRGH$QWHQD\3ODQRD3ODQR0L=RQD79
°
º(SSx (IHQV» ¦LS º6JOV HWLSSPKVZ ]HZJVZ» ]LYZP}U
ZLYPL&
+LZKL X\L ZL JVUVJP} LS KLZHYYVSSV KL LZ[L WYV`LJ[V OHU ZPKV T\JOHZ SHZ
JVTWHYHJPVULZ JVU SH L_P[VZH WLSxJ\SH º6JOV HWLSSPKVZ ]HZJVZ» WLYV H WLZHY KL
X\LJVTWHY[HULS\ZVKLSVZ[}WPJVZ`SHKPMLYLUJPHLU[YLSHJ\S[\YHHUKHS\aH`]HZJH
WHYHOHJLYO\TVYLZ[HJVTLKPH[LSL]PZP]H[PLULPKLU[PKHKWYVWPH
:\ OPZ[VYPH H\UX\L HWHYLU[LTLU[L W\LKH WHYLJLY ZPTPSHY ` L]PKLU[LTLU[L
YLJ\LYKLHLSSHLZIHZ[HU[LKPMLYLU[L`[PLULLSLTLU[VZX\LWYV]VJHYmUT\JOxZPTHZ
YPZHZLULSLZWLJ[HKVY
KWWSPL]RQDWYFRPXQGLDHQHOURGDMHGHODVHULHDOOLDEDMRHOSUR[LPRH[LWRGHDQWHQD\SODQRSODQR
8QGtDHQHOURGDMHGHODVHULH
$OOt$EDMR
HOSUy[LPRp[LWRGH$QWHQD\3ODQRD3ODQR0L=RQD79
°
,Z[VZ KL[HSSLZ SVZ PYLTVZ JVUVJPLUKV H SV SHYNV KL SH [LTWVYHKH WLYV OHIYmT\JOV
TmZX\L\UHZPTWSLOPZ[VYPHKLHTVYX\L[LUKYmHKLTmZ\UHL]VS\JP}UKPMLYLU[LH
SH KL SH MHTVZH WLSxJ\SH! ¸,S HTVY UHJL ` JYLJL LU SH ZLYPL¹ UVZ JVU[HIH 4HYxH
3L}U
<UVZ WLYZVUHQLZ T\` KPMLYLU[LZ X\L UV [L KLQHYmU
PUKPMLYLU[L
1VU7SHaHVSHSSLNHHº(SSx(IHQV»JVTVWYV[HNVUPZ[HZ\WYPTLYNYHU[YHIHQVLULS
X\L]L\UHNYHUVWVY[\UPKHK! ¸4mZ X\L ULY]PVZV LZ[V` PS\ZPVUHKV LZ[V` JVTV \UH
U\IL¹:\WLYZVUHQLLZ0|HRP\U]HZJVX\LJVTPLUaHH]P]PYJ\HUKVSSLNHH:L]PSSHJHZP
WVY JHZ\HSPKHK KVUKL ZL LUJVU[YHYm JVU *HYTLU! ¸/HIYm HJ[VYLZ ` HJ[YPJLZ LU
,ZWH|H`HTxTLOH[VJHKVSHSV[LYxHJVU4HYxH!LZ\UHJOPJHLZ[\WLUKHLZSH
S\a¸KPJL1VUZVIYL4HYxH3L}U
*HYTLULSWLYZVUHQLKL4HYxH3L}UX\LZL]LYmLU]\LS[HLU[VKHZSHZ[YHTHZX\L
WVKHTVZPTHNPUHY`TmZ!¸,ZQV]LULZZVS[LYH]P]LZVSHLU;YPHUH¯*HYTLULZ\UH
JOPJHJVUT\JOHHSLNYxH`JVUT\JOHZNHUHZKL]P]PY¸
KWWSPL]RQDWYFRPXQGLDHQHOURGDMHGHODVHULHDOOLDEDMRHOSUR[LPRH[LWRGHDQWHQD\SODQRSODQR
8QGtDHQHOURGDMHGHODVHULH
$OOt$EDMR
HOSUy[LPRp[LWRGH$QWHQD\3ODQRD3ODQR0L=RQD79
°
@LZX\L*HYTLU[LUKYmX\LLZ[HYH[LU[HH[VKV!Z\OLYTHUV9HMP(SILY[V3}WLa`
Z\ J\|HKH 0ZHILS )LH[YPa *V[VIHS LZ[mU [YHZ SH IHYYH KLS IHY KL SH *SxUPJH /xZWHSPZ
KVUKL LSSH [YHIHQH ` Z\ UV]PV 9VILY (SMVUZV :mUJOLa JVU LS X\L LZ[m H[YH]LZHUKV
\UHJYPZPZZLU[PTLU[HSLZ[HTIPtU\UTtKPJVKLSHJSxUPJH
(KLTmZ KL LZ[V HSN\UVZ KL Z\Z WHJPLU[LZ UV ZL SV WVUKYmU MmJPS¯ +VU )LUP[V
)LQ\TLH4HYPHUV7L|HOHSSLNHKVHSHJSxUPJHWHYHX\LKHYZL`LZX\LtSWYLMPLYLLZ[HY
HOx!¸3SLNHWVY\UHVWLYHJP}UKLJHKLYHZ`KLZJ\IYLX\LZLZPLU[LTmZX\LYPKVHOx
X\LLUJHZH¸
4HYxH3L}UJVPUJPKPYm[HTIPtUJVU*HYTPUHZ\THKYLYLHSLULZ[HMPJJP}U ZLYm
\UH KL Z\Z ]LJPUHZ! ¸=HU H ZLY T\` KP]LY[PKHZ SHZ [YLZ ]LJPUHZ KL *HYTLU *HYTPUH
[PLULT\JOHZNHUHZKLWHZmYZLSVIPLU`LZ[LLZLSZP[PVWLYMLJ[V¹
(KLTmZ KL [VKVZ LZ[VZ WLYZVUHQLZ OH` T\JOVZ V[YVZ X\L JVUVJLYLTVZ ` X\L
KHYmUT\JOVQ\LNVJVTV;YPUP5VLTx9\PaSHKPYLJ[VYHKLSHJSxUPJH\UVKLSVZ
WLYZVUHQLZ TmZ ZLYPVZ ` YLJ[VZ 0YLUL 9VJxV .HYJxH 4VSPUH \UH QV]LU LUMLYTLYH
YLJPtU PUJVYWVYHKH +VSVYLZ 4HYP 7Ha :H`HNV SH YLJLWJPVUPZ[H JV[PSSH X\L KHYm
NYHUKLZTVTLU[HaVZJVU*HYTLULU[YLT\JOVZV[YVZ
,SLX\PWVKLSHZLYPL!\UHNYHUMHTPSPHX\L]HHWVY
[VKHZ
;HU[V LS LX\PWV [tJUPJV JVTV SVZ HJ[VYLZ KLT\LZ[YHU \UH NYHU JVTWSPJPKHK LU
JHKH LZJLUH X\L NYHIHU ` LU JHKH TPYHKH V ZHS\KV WVY SVZ WHZPSSVZ! ZVU \UH NYHU
MHTPSPH ` LZV ZL UV[H [HU[V ]PLUKV LS YVKHQL JVTV LU SVZ TVTLU[VZ KL YLSH_ LU[YL
KWWSPL]RQDWYFRPXQGLDHQHOURGDMHGHODVHULHDOOLDEDMRHOSUR[LPRH[LWRGHDQWHQD\SODQRSODQR
8QGtDHQHOURGDMHGHODVHULH
$OOt$EDMR
HOSUy[LPRp[LWRGH$QWHQD\3ODQRD3ODQR0L=RQD79
[VTH ` [VTH ,U \UH JVTLKPH SH JVTWSPJPKHK LU[YL SVZ TPLTIYVZ KLS LX\PWV LZ
PTWYLZJPUKPISL
,SLX\PWV[tJUPJV[PLULHZ\ZLZWHSKHZZLYPLZJVTVº(J\ZHKVZ»Vº;PLYYHKLSVIVZ»
HKLTmZKLT\JOHZV[YHZWYVK\JJPVULZWVYSVX\LUVLZSHWYPTLYH]LaX\LJVPUJPKLU
H\UX\L LZ[H ]La OH` HSNV KPMLYLU[L! ZL OHU [LUPKV X\L [YHZSHKHY H SH JHWP[HS
HUKHS\aH
°
*\YPVZHTLU[L +H]PK 1HYL|V LS KPYLJ[VY KL WYVK\JJP}U KL º(SSx (IHQV» LZ[\]V
[HTIPtULU:L]PSSHJVUSHTx[PJHZLYPLº1\UJHS»WYV[HNVUPaHKHWVY-YHUJPZJV9HIHS
º1\UJHS»M\LSHWYPTLYHZLYPLYVKHKHLULZ[HJP\KHK`º(SSx(IHQV»LZSHZLN\UKH`HX\L
H\UX\L HSN\UHZ WLSxJ\SHZ ` TPUPZLYPLZ ZL OHU LUHTVYHKV KL LZL JVSVY LZWLJPHS X\L
KLZWYLUKL OHZ[H HOVYH SHZ ZLYPLZ ZL LZ[HIHU YLZPZ[PLUKV H SSLNHY WHYH X\LKHYZL `
NYHIHYJHZPxU[LNYHTLU[LZ\ZJHWx[\SVZ
1VOUU`@LIYHLSKPYLJ[VYKLMV[VNYHMxH[HTIPtU[PLUL\UHSHYNH[YH`LJ[VYPHHZ\Z
LZWHSKHZ `H X\L OH WHY[PJPWHKV HKLTmZ KL LU º(J\ZHKVZ» ` º;PLYYH KL SVIVZ» LU
V[YHZZLYPLZJVTVº/LYTHUVZ»º*OPYPUN\P[VKL7LWL»`SHZTPUPZLYPLZº9HWOHLS»Vº:V`
,S :VSP[HYPV» LU[YL T\JOVZ V[YVZ WYV`LJ[VZ 4LYJLKLZ *HUHSLZ ` (U[VUPV ,Z[YHKH
ZVUSVZKPYLJ[VYLZKLHY[L
*tZHY )LUx[La ` (P[VY .HIPSVUKV YLZWVUZHISLZ KL ZLYPLZ [HU L_P[VZHZ JVTV º,S
7YxUJPWL» WVULU Z\ ZLSSV KL JHSPKHK LU º(SSx (IHQV» ZPLUKV SVZ WYVK\J[VYLZ
LQLJ\[P]VZÔZJHY;LYVS4HY[H:mUJOLa`6SH[a(YYV`VZLLUJHYNHUKLLZJYPIPYSVZ
N\PVULZ+LOLJOVÔZJHY;LYVSHKLTmZKLN\PVUPZ[HLZHJ[VY`KH]PKHH\UVKLSVZ
WLYZVUHQLZKLSUVY[L\UVKLSVZHTPNVZKLSHJ\HKYPSSHKL0|HRP
KWWSPL]RQDWYFRPXQGLDHQHOURGDMHGHODVHULHDOOLDEDMRHOSUR[LPRH[LWRGHDQWHQD\SODQRSODQR
8QGtDHQHOURGDMHGHODVHULH
$OOt$EDMR
HOSUy[LPRp[LWRGH$QWHQD\3ODQRD3ODQR0L=RQD79
3H KPYLJJP}U KL SH ZLYPL JVYYL H JHYNV KL 0|HRP 4LYJLYV º,S 7YxUJPWL» º,S [PLTWV
LU[YL JVZ[\YHZ» º3VZ 7YV[LNPKVZ»¯ 1VHX\xU 4Ha}U º*VU LS J\SV HS HPYL» º+VJ[VY
4H[LV»¯`1HJVIV4HY[VZº(xKH»º]PKHZ»º(X\xUVOH`X\PLU]P]H»¯
,USHZLZJLUHZX\LZLNYHIHYVULSKxHX\LHZPZ[PTVZHSYVKHQLWLY[LULJPLU[LZHS[LYJLY
`J\HY[VJHWx[\SVLYH1VHX\xU4Ha}ULSLUJHYNHKVKLKPYPNPYHSLX\PWVZPLTWYLH[LU[V
H JHKH KL[HSSL KHUKV JVUZLQVZ L PUKPJHJPVULZ H SVZ HJ[VYLZ WHYH X\L [VKV X\LKHYH
WLYMLJ[V
°
(WYV]LJOHTVZLZ[LHY[xJ\SVWHYHHNYHKLJLYH;6+6LSLX\PWVSHI\LUHHJVNPKH
WVYOHJLYUVZZLU[PYJVTVLUJHZH`WVYSHJVUMPHUaH!;PLULU\UI\LUWYVK\J[VLU[YL
THUVZ LSSVZ SV ZHILU ` HOVYH UVZV[YVZ SV ZHILTVZ [HTIPtU (NYHKLJPTPLU[VZ
LZWLJPHSLZH+H]PK4PN\LS1VYNL`9\ItU
6Z YLJVTLUKHTVZ LZ[HY T\` H[LU[VZ H º(SSx (IHQV» WVYX\L LZ \UH ZLYPL X\L
WYVTL[LZLYLSNYHU[YP\UMVLULSWYPTL[PTLKL(U[LUH
/HaJSPJHX\xWHYH]LY[VKHZSHZMV[VZ
4LN\Z[H
;^P[[LHY
*VTWHY[PY
'SQTEVXMV
:xN\LUVZ ` LU[tYH[L KL
[VKVSVX\L[LPU[LYLZH
KWWSPL]RQDWYFRPXQGLDHQHOURGDMHGHODVHULHDOOLDEDMRHOSUR[LPRH[LWRGHDQWHQD\SODQRSODQR
Descargar

Noemi Ruiz - Allí Abajo - Mi Zona TV - feb 2015