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Contents
II

Financial Highlights
III

70 Years of Borusan
3

Chairman`s Message
7

Review of 2014 Operations
13

Borusan World
18

Borusan Kocabiyik Foundation
19

Borusan Group
26

Steel / Pipe
28

Steel / Flat Steel
34

Distributorship / Auto
40

Distributorship / Earth Moving Equipment and Power Systems
56

Logistics
64

Energy
70

Independent Auditor`s Report
74