1 Introduction 1.1. What is this Report About? 1.2. Definitions 1.3. Summary Methodology 1.4. SDI Terrorism Index 1.5. About Strategic Defence Intelligence 2 Market Attractiveness and Emerging Opportunities 2.1. Defense Market Size Historical and Forecast 2.1.1. Defense expenditure expected to cumulatively value US$23.5 billion over the forecast period 2.1.2. Perennial state of dispute with Armenia and military modernization are expected to be the key factors driving defense expenditure 2.1.3. Military expenditure growth is expected to be in tandem with economic growth 2.2. Analysis of Defense Budget Allocation 2.2.1. Capital expenditure is expected to grow at a CAGR of 8.72% over the forecast period 2.2.2. Per capita defense expenditure expected to increase over the forecast period 2.3. Homeland Security Market Size and Forecast 2.3.1. Protection of energy infrastructure and combating drug trafficking will be the key factors driving homeland security 2.3.2. Azerbaijan considered at 'some risk' of terrorist attack 2.4. Benchmarking with Key Global Markets 2.4.1. Azerbaijan to be among the fastest-growing defense spenders 2.4.2. Azerbaijan ranks among the top five leading military spenders in terms of defense expenditure as a percentage of GDP 2.4.3. Azerbaijan faces some risk of terror attacks 2.5. Market Opportunities: Key Trends and Drivers 2.5.1. Demand for Combat and Surveillance Helicopters to increase 2.5.2. Demand for armored vehicles to surge 2.5.3. Use of Helicopter Simulators and Training Helicopters is expected to rise 2.5.4. Communications and logistics systems to be enhanced to enable informed actions against attack 3 Appendix 3.1. About SDI 3.2. Disclaimer

Table 1: Azerbaijani Defense Expenditure (US$ Billion), 2011-2015 Table 2: Azerbaijani Defense Expenditure (US$ Billion), 2016-2020 Table 3: Azerbaijani Defense Expenditure (ANZ Billion), 2011-2015 Table 4: Azerbaijani Defense Expenditure (AZN Billion), 2016-2020 Table 5: Azerbaijani GDP Growth vs. Defense Expenditure Growth and Defense Expenditure as Percentage of GDP Growth, 2011-2015 Table 6: Azerbaijani GDP Growth vs. Defense Expenditure Growth and Defense Expenditure as Percentage of GDP Growth, 2016-2020 Table 7: Azerbaijani Defense Budget Split Between Capital and Revenue Expenditure (%), 2011-2015 Table 8: Azerbaijani Defense Budget Split Between Capital and Revenue Expenditure (%), 2016-2020 Table 9: Azerbaijani Per Capita Defense Expenditure (US$), 2011-2015 Table 10: Azerbaijani Per Capita Defense Expenditure (US$), 2016-2020 Table 11: Benchmarking with Key Markets - 2011-2015 vs. 2016-2020 Table 12: SDI Terrorism Index Figure 1: Azerbaijani Defense Expenditure (US$ Billion), 2011-2015 Figure 2: Azerbaijani Defense Expenditure (US$ Billion), 2016-2020 Figure 3: Azerbaijani Defense Expenditure (AZN Billion), 2011-2015 Figure 4: Azerbaijani Defense Expenditure (AZN Billion), 2016-2020 Figure 5: Azerbaijani GDP Growth vs. Defense Expenditure Growth and Defense Expenditures Percentage of GDP Growth, 2011-2015 Figure 6: Azerbaijani GDP Growth vs. Defense Expenditure Growth and Defense Expenditure as Percentage of GDP Growth, 2016-2020 Figure 7: Azerbaijani Defense Budget Split Between Capital and Revenue Expenditure (%), 2011-2015 Figure 8: Azerbaijani Defense Budget Split Between Capital and Revenue Expenditure (%), 2016-2020 Figure 9: Azerbaijani Per Capita Defense Expenditure (US$), 2011-2015 Figure 10: Azerbaijani Per Capita Defense Expenditure (US$), 2016-2020 Figure 11: SDI Terrorism Heat Map, 2015 Figure 12: SDI Terrorism Index, 2015 Figure 13: Benchmarking with Key Markets - 2011-2015 vs. 2016-2020 Figure 14: Benchmarking with World's Largest Defense Spenders (US$ Billion), 2015 and 2020 Figure 15: Benchmarking with Large Defense Spenders as % of GDP, 2015