Investor Overview December 31, 2016 Douglas Emmett (DEI) Overview We own and operate approximately 17.7 million square feet of Class A office space and 3,300 apartment units in the premier coastal submarkets of Los Angeles and Honolulu Development in our Core L.A. Submarkets is severely constrained by restrictive zoning laws and powerful anti-development community groups High Barriers to Entry The Sherman Oaks Galleria Sherman Oaks / Encino Virtually no new Class A office has been delivered in our Core L.A. submarkets or Honolulu in over a decade, and nothing material has been approved for future development We control approx. 27% of the Class A office space in our submarkets, which Substantial Market Share Creates operating efficiencies and pricing power with tenants and vendors Affords greater access to potential tenants and real time leasing data 1901 Avenue of the Stars Century City Our unique, fully integrated management, leasing and construction platform Exceptional Operating Platform Consistently delivers above market occupancy while minimizing capital investment Efficiently services the numerous small, affluent tenants in our markets 8484 Wilshire Beverly Hillsour Keeps Landmark II Studio Plaza Brentwood Burbank G&A and leasing costs low, converting more of our NOI into cash flow compared to the average of other CBD REITs 9100 Wilshire Beverly Hills Rents in our Core L.A. Submarkets have demonstrated real long term growth over multiple business cycles, with less volatility than comparable U.S. port markets Internal and External Growth Annual contractual increases of 3% to 5% in our office leases protected our cash flows in the recession and accelerate our cash flow during expansions We have grown our office portfolio by 53% and our multifamily portfolio by 16% in the ten years since our IPO 1 www.douglasemmett.com DEI Portfolio Snapshot Total Annualized Rent Portfolio Overview (as of Q4 2016) Class A Office Multifamily Properties Square Feet 9 1,863,488 22.6% Brentwood 15 2,052,964 59.6% Century City 3 948,138 9.4% Olympic Corridor 5 1,139,057 33.4% Santa Monica 9 1,128,082 11.7% Sherman Oaks / Encino 12 3,471,575 56.2% Westwood 6 2,126,676 45.0% Subtotal: Core L.A. Submarkets 59 12,729,980 28.0% Burbank 1 420,949 6.1% Honolulu 4 1,716,716 33.7% Warner Center 3 2,822,807 39.1% Total - All DEI Markets 67 17,690,452 27.4% Submarket Beverly Hills 8484 Wilshire Beverly Hills Market Share Landmark II Brentwood Properties Units 5 950 2 820 7 1,770 3 1,550 10 3,320 Burbank 2% Honolulu 12% Warner Center 10% Studio Plaza Burbank Core LA Submarkets 76% The Shores Santa Monica 2 www.douglasemmett.com Our Submarkets Our Los Angeles Properties Our Honolulu Properties 3 www.douglasemmett.com Our Long Term Proven Strategy We command substantial market share in severely supply constrained markets dominated by small affluent tenants from diverse industries To maximize revenues while minimizing risk and costs, our seasoned executive team uses a focused business strategy we developed over the last four decades: First, we select submarkets that are supply constrained, with high barriers to entry, robust lifestyle amenities, proximity to high-end executive housing and a strong, diverse economic base Our submarkets are dominated by small, affluent tenants, whose rent is typically a very small portion of their revenues and not the paramount factor in their leasing decision Once we select a submarket, we follow a disciplined acquisition strategy of gaining substantial market share, resulting in lower tenant improvement costs as we match smaller tenants with a wide range of existing space options, stronger pricing power in lease and vendor negotiations, economies of scale in property management and an enhanced ability to identify and negotiate investment opportunities On average, our portfolio represents approximately 27% of the Class A office space in our Los Angeles submarkets and 34% of the Honolulu Central Business District Class A office space Finally, our fully integrated which includes in-house leasing, proactive asset and property management, 8484 Wilshireoperating platform, Landmark II Studio Plaza The Shores Beverly Hills Brentwood Burbank Santa Monica and internal design and construction services, provides the unsurpassed tenant service demanded in our submarkets 401 Wilshire Santa Monica 100 Wilshire Santa Monica The Trillium Warner Center 4 www.douglasemmett.com Our Markets: Limited New Supply and High Barriers to Entry/Competition Our submarkets continue to be some of the most supply constrained and highest barrier real estate markets in the U.S. Severe Supply Limitations Core L.A. Submarkets Warner Center Long Commutes to Alternative Submarkets Honolulu 20% 120 Average Daily Round Trip Commute From Westside Residential Neighborhoods New Supply as % of Existing Stock 18% 98 100 16% 82 80 Minutes 14% 12% 10% 8% 60 40 20 16 6% 0 4% To Closest DEI Submarket To Hollywood To Downtown 2% 0% '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 Period of aggressive rent growth '15 '16 '17F '18F Source: REIS. New development in our Core Los Angeles submarkets is effectively capped: Urban, infill location, with high land and labor costs Limited entitled sites available for new development Restrictive zoning laws and Proposition U (density limits) Significant entitlement requirements, including traffic mitigation and environmental approvals Commute times calculated using Waze average commute at 8:30 am and 5:30 pm in July 2016 from residential neighborhoods in Pacific Palisades, Santa Monica, Brentwood, Bel Air and Beverly Hills to the indicated office submarkets. Heavy Los Angeles traffic reduces effective competition from other key office markets. Compared to driving to Downtown or Hollywood, the average Westside commuter saves: 75 minutes of time in traffic each day when traveling to their closest Westside office submarket About 1 hour of time in traffic each day traveling to the average Westside market Potent community “NIMBY” anti-growth sentiment 5 www.douglasemmett.com Our Markets: Long Term Rent Growth and Lower Volatility Reflecting severe supply constraints, rents in our Core Los Angeles Submarkets have grown rapidly in expansions while declining only modestly in contractions Average "Class A" Asking Rent per Year in Douglas Emmett Core L.A. Submarkets $60 2008 peak $51.61 35% above 2000 peak $55 $50 3 year growth +56% +16% CAGR $45 $40 $35 5 year growth +58% +10% CAGR 2010 trough $42.37 29% above 2004 trough 12% above 2000 peak $30 $25 $20 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 In our Core Los Angeles Submarkets, including West LA and Sherman Oaks/Encino, rents have more than doubled over the last 20 years, growing by over 55% in each expansion and declining by an average of only 16% in the following contraction As a result, rents throughout the business cycle have been significantly higher than in the prior cycle: The peak rents in 2008 were 35% higher than the prior peak in 2000 Rents at the low point in 2010 were not only 29% higher than the prior trough in 2004, but were still 12% above the 2000 peak 6 Source: CoStar/CBRE. 1995 data estimated. www.douglasemmett.com Our Markets: Long Term Rent Growth and Lower Volatility Relative to other U.S. gateway markets, our Core Los Angeles Submarkets have demonstrated long term growth and less volatility over the last two cycles, and face less new supply headwinds going forward Until passage of Prop U in 1986, our Core Los Angeles Submarkets had limited legal restrictions on office development, with average rents significantly less than Midtown Manhattan, Boston CBD and San Francisco CBD After completion of grandfathered projects in the 1990’s, our Core Los Angeles Submarkets have been more supply constrained than those other gateway markets Over the last 20 years, our Core Los Angeles Submarkets Have shown long term, non cyclical growth across the last two business cycles Have been significantly less volatile than those other gateway markets Long Term Rent Growth and Lower Volatility Relative to Other Gateway Markets (1997-2016) Gateway Market Cumulative Rent Growth Minimal New Supply Headwinds Volatility (1) 8% West Los Angeles (2) 107% Midtown NYC 112% -26% 4% 93% -3% 2% Washington DC CBD -17% Current Construction as Percent of Existing Stock 7.1% 6% 4.9% 2.0% 0.5% San Francisco CBD Boston CBD (3) 87% 76% -45% 0% -30% West L.A. (2) 0.0% Boston CBD D.C. Midtown San Manhattan Francisco CBD Source: Co-Star. (1) Volatility is measured as the average difference between peak and trough rent over the past two cycles (2) West LA data includes DEI submarkets Beverly Hills, Brentwood, Century City, Olympic Corridor, Santa Monica and Westwood (3) Boston growth measured from 1998, the first year available in Costar 7 www.douglasemmett.com Our Markets: Diverse Industries / Small Tenants We target smaller, more affluent tenants supported by a diverse mix of industries to reduce risk and limit our exposure to any one tenant or industry Diverse Tenant Industry Mix Small Affluent Tenants (% of Annualized Office Rent) Our mix of industries minimizes our dependence on any one sector Smaller leases minimize our exposure to any single tenant 3,000 Other 6.4% 2,500 Legal 18.0% 75% Retail 6.2% Financial Services 14.2% Health Services Entertainment 8.9% 12.9% Accounting & Consulting Real Estate 9.8% 10.3% Number of Leases 2,000 Technology 5.7% 100% 2,718 66.0% 1,500 50% 1,000 25% 17.1% 500 10.9% 98 6.0% 29 5 0 0% Under 20,000 SF 20,001 to 40,001 40,000 SF to100,000 SF Square Footage of Lease Over 100,000 SF The tenant decision maker typically works in our suite and lives nearby, so the significant personal impact makes moving less likely Smaller tenants are generally less rate sensitive and willing to pay premium for proximity between home and office Our targeted smaller tenants require lower average tenant improvement costs 8 www.douglasemmett.com % of Rent Educational Services 2.9% Insurance 4.7% Our Markets: Shorter Lease Terms / Consistent Rent Roll Shorter lease terms, high annual rent escalations and consistent annual roll reduce risks from inflation and renewals Shorter Average Lease Term Average Lease Term (years) Consistent Lease Expiration Schedule 50% At December 31, 2016 10 8.3 40% Comparable curve based on average of prior three years (1) 8 30% 6 4.7 20% 4 10% 2 0 DEI Peer Avg. Trailing 8 quarters as of 9/30/16. Peers include BXP, HPP, KRC, PGRE, SLG, VNO Our average lease term is about 5 years, which More quickly captures the benefits of increases in rents Better matches our debt maturities to hedge against interest rate increases and inflation Means that most leases from the last rent peak have already rolled 0% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027+ (1) Average of the percentage of leases at December 31, 2013, 2014, and 2015 with the same remaining duration as the leases for the labeled year had at December 31,2016. Acquisitions are included in the prior year average commencing in the quarter after the acquisition. Consistent annual lease expirations of between 11% and 15% limits our exposure in any single year Almost all of our office leases contain contractual annual rent increases of 3% to 5%, which: Protected our cash flow during the recession Can accelerate expansions cash flow growth during 9 www.douglasemmett.com Our Efficient Integrated Operating Platform Our integrated operating platform enables us to provide the service demanded Our business model enables us to provide the service demanded by and G&A G&A by our our high high end end tenants, tenants, while while minimizing minimizing Tenant tenant Improvements, improvements, Capex capex and Our unsurpassed tenant service is a key advantage in handling a very large number of small, affluent tenants Our in-house leasing agents and lawyers average about 3 office leases and 6 residential leases each business day Our efficient operating platform moves our average tenant into occupancy less than four months after initially identifying the prospect Our internal tenant improvement, design and construction team compresses vacancy time, resulting in lower costs and easier transitions for tenants inexperienced in office build-outs Our office leased percentage generally exceeds those in our submarkets by between 200 and 500 basis points Efficient Management and Overhead Efficient Operating Model G&A Expense as Percent of NOI (1) Recurring TI, LC and Capex as Percent of NOI (1) 25% 12% 10% 20% G&A savings allow us to convert an extra 4% of NOI to cash flow 8% 15% Capex savings allow us to convert an extra 10.9% of NOI to cash flow 6% 10% 4% 5% 2% 7.2% 11.2% 0% 11.7% 22.6% DEI Peers 0% DEI Peers (1) Trailing twelve months as of 9/30/16. Peers include BXP, HPP, KRC, PGRE, SLG, and VNO. By keeping our G&A, recurring TI’s, leasing commissions and capex low, we convert an extra 14.9% of our NOI into cash flow 10 www.douglasemmett.com Our Efficient Integrated Operating Platform In both expansions and contractions, our unique platform has consistently delivered above-market office occupancy in the best L.A. Submarkets 2007 Bull Market 2011 Recovery 2008 - 2010 Financial Recession 100% DEI L.A.* Our L.A. Submarkets* Los Angeles County Leased Rate 95% 92.3% 72 bps 91.6% 90% 448 bps 87.1% 85% 80% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Our strategy, coupled with value created through: Efficient operations Modest recurring capex and tenant improvements, and Disciplined capital market transactions Can mean stronger and more stable cash flows and asset values 11 Source: Costar, CBRE, Company filings * Excludes Burbank. www.douglasemmett.com Understanding our Submarkets We divide our submarkets into three groups Beverly Hills Santa Monica World class neighborhoods that fully embody our strategic vision: severely limited supply, small tenants, diverse growth industries Core Los Angeles Submarkets Brentwood Sherman Oaks/Encino Century City Westwood Olympic Corridor We own roughly 28% of the 45 million SF of Class A office in these markets Represents 76% of our combined office and multifamily annualized rent Regarded as the downtown of the San Fernando Valley Strong Demand Drivers Warner Center Excellent Demographics We own roughly 39% of the 7.2 million SF Warner Center Class A office market Represents less than 10% of our annualized rent We own roughly 34% of the 5.1 million SF of Class A office in the Honolulu CBD Island Market Superior Cash Flows CBD, which has the same desirable characteristics (limited supply, small tenants) as our Core Los Angeles submarkets Represents 12% of our total office and multifamily annualized rent We also own 1,550 apartment units in three communities and have another 475 new units in development 12 www.douglasemmett.com Understanding our Submarkets West Los Angeles and Sherman Oaks Encino: Our Core Los Angeles Submarkets Severe Barriers to Entry. Virtually no Class A office space was delivered in any of these submarkets at any point in two business cycles over the last 15 years, and nothing material has been approved for future construction Strong Diverse Economic Base. Our diverse tenant base represents some of the United States’ most competitive industries, including entertainment, technology, tourism, education, healthcare services, international trade and manufacturing. These submarkets possess the nation’s best City Human Capital Index, reflecting average resident education (source: UCLA Anderson Forecasting) Premier Los Angeles Residential Markets Our Office Submarkets Small Affluent Tenants. With a median lease size of only 2,225 square feet, rent is small fraction of operating expenses for most of our tenants Next to Executive Housing. Our Core Los Angeles Submarkets are immediately adjacent to some of the top residential neighborhoods in the world, including Beverly Hills, Bel Air, Santa Monica, Brentwood and Pacific Palisades. Short commute times even in Los Angeles’ congested traffic make these office submarkets the strongest in Los Angeles, saving the average commuter from the Westside an average of between 3 and 6 hours of time in traffic per week compared to driving to Downtown or Hollywood* Robust Amenities. From exceptional weather and ocean views to retail shopping on Rodeo Drive, these submarkets offer an array of high-end amenities for our affluent tenants Stronger Fundamentals. With supply constraints and strong demand drivers, these submarkets command higher occupancy and 15-20% higher rents than the Los Angeles County average 13 Red dots are our office properties; blue are residential * Traffic times based on average Waze estimate in June 2015 from Pacific Palisades, Santa Monica, Brentwood, Bel Air and Beverly Hills www.douglasemmett.com Understanding our Submarkets Warner Center: strong demand drivers and excellent demographics Strong Net Absorption. Of all of our submarkets, Warner Center has seen the most square feet of net absorption over the last 15 years Tenant Size Small and Decreasing. Our median tenant size in Warner Center Warner Center has declined to less than 3,100 square feet, and we expect the transition to small tenants to continue Affordability. While the median income in Warner Center is higher than in Santa Monica or Beverly Hills, the average home price is only half, and the public schools are some of the best in Los Angeles New Westfield Mega-Mall Newest Residential Construction Amenities. Westfield recently completed a new $350 million mall expansion creating an integrated 2.7 million square foot mega-mall within walking distance from our properties Strong Housing Growth. Over 6,000 apartments have been added in Warner Center over the past 10 years, a 33% increase. DEI Properties Apartment occupancy is currently a robust 98% No New Office Supply in Pipeline. New supply faces significant economic and regulatory constraints, although Warner Center is the only one of our submarkets where significant new office supply was added during the last 15 years. Occupancy must continue to grow before increased rents could support future efforts to add new office supply 14 www.douglasemmett.com Understanding our Submarkets Honolulu Central Business District: island market with superior cash flows Harbor Court Honolulu Small Tenants from Diversified Industries. The median tenant size in our Honolulu portfolio is less than 2,000 square feet. Our tenants represent the full range of the industries in Hawaii, including legal, accounting, financial services, tourism, real estate, construction, health care, insurance, advertising and government Strong Demand Drivers. The Islands’ major industries, including tourism, construction and the military, are all on the upswing, with current unemployment in Honolulu less than 3%. Honolulu also boasts strong economic and cultural ties to Asia Bishop Square Honolulu Severe Development Constraints. No new office supply has been added in Honolulu since 1996 Superior Stable Cash Flows. Recent recessions had little impact on office occupancy and rents in Honolulu, yet the properties return higher operating cash flows on investment 15 www.douglasemmett.com Our Multifamily Portfolio Our premium multifamily assets outperform in revenue and operating margins We own 10 multifamily properties with 3,320 total units in the high-barrier Brentwood, Santa Monica and Honolulu submarkets Our apartment communities command premium rents and produce above average operating margins compared to other multifamily REITs With recent rent growth and rent control restrictions, our in-place rents are approximately 20% below market rents, representing $20.5 million of annual embedded rent growth Premium Properties Efficient Management and Overhead Multifamily Revenue per Unit Multifamily Operating Margin $2,418 $2,500 $2,000 Pacific Plaza Santa Monica 75% 76% 74% $1,910 72% 70% $1,500 68% 68% $1,000 66% 64% $500 62% $0 16 Peers DEI 60% Peers DEI Peer data based on average of 2015 reported same store data from: AIV, AVB, CPT, EQR, ESS, PPS and UDR. Rent growth represents our average asking rents, excluding property acquired during the period. www.douglasemmett.com Residential Development Projects Unique development opportunities on existing sites Will add 475 units (net of existing units removed) in our Moanalua apartment community in a prime Honolulu neighborhood near downtown and major military bases Addresses critical Honolulu need for workforce housing Moanalua Hillside Apartments (Honolulu) Development will also include a new community center and pool to serve both new and existing units Anticipated completion of phase 1 (238 units) in late 2017 and Phase 2 (237 units) in late 2018. Rendering of new buildings at Moanalua Hillside Apartments, with lower rise existing buildings in middle The project includes 376 apartment units in a 34 story tower with ocean views, luxury amenities, and a new one-acre park Unique opportunity to develop the first luxury high rise residential project in Brentwood in more than 40 years Existing owned site with underground parking will significantly The Landmark (Brentwood) reduce construction costs Anticipated construction start in late 2017 The development process in Los Angeles often results in significant changes in development plans and/or unanticipated delays Rendering of proposed Landmark project (center), new park in foreground and our existing Barrington Plaza apartments (left) and Landmark II office building (right) 17 www.douglasemmett.com Strong Cash Flows We have strong operating cash flows, a high dividend yield, and excellent dividend coverage By keeping our G&A, recurring capex, and straight-line rent low, we convert a higher percentage of FFO into AFFO Even after paying significant dividends to our stockholders, we retain meaningful cash to use for operations and additional dividend growth Strong Operating Cash Flows 100% % FFO Converted to AFFO 82% 75% 54% 50% 25% 0% Peer Avg. DEI 9/30/16 Trailing 12 mo. Peers include BXP, HPP, KRC, PGRE, SLG, VNO 18 www.douglasemmett.com Disciplined Low Risk Leverage Strategy Non Recourse Debt with Call Protection, Best Pricing from Lenders, and Refinancing Flexibility We only use property level, non-recourse debt without financial or rating agency covenants that could force early refinancing at inopportune times We set leverage at levels that merit best pricing from banks and insurance companies In 42 years (32 years private, 10 years public) we have never defaulted on a loan or had litigation with a lender We were one of only a few REITs which was not forced to issue dilutive equity in the last recession We retain flexibility in choosing when to refinance by negotiating 18 to 24 month cost free refinancing windows Our next significant debt maturity is not until August 2018 Limited Upcoming Debt Maturities $2,500 ($ in millions) as of 12/31/16 $2,000 $1,500 $920 $1,000 $609 $500 $0 $754 $734 $517 $351 $0 2017 $0 2018 2019 2020 2021 2022 2023 2024+ 19 www.douglasemmett.com Strong Financial Performance Since our IPO In the 10 full years since our IPO, we have grown FFO by 71% and our AFFO by 125%, with our Total Shareholder Return outpacing the RMS by 68 percentage points FFO up 71% AFFO up 125% Funds From Operations Adjusted Funds From Operations (in millions) (in millions) $350 $275 $325 $250 $300 $225 $275 $200 $250 $175 $225 $150 $200 $125 $175 $100 2007 2008 2009 2010 2011 2012 2013 2014 2015 2007 2016 2008 2009 2010 2011 2012 2013 2014 2015 2016 As of 12/31/16 our Total Shareholder Return beat the RMS by 68% 150% Douglas Emmett 136.61% MSCI REIT INDEX (RMS) 68.80% 75% 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 -75% 2016 20 www.douglasemmett.com Douglas Emmett by the Numbers Executive Tower Olympic Corridor Founded 45 years ago in 1971 Approximately 27% average market share of office space in our submarkets One of the largest office landlords in Los Angeles County and in Honolulu Approximately 2,850 offices leases in our total portfolio, with a median size of approximately 2,600 square feet Total capitalization of approximately $10.7 billion Annual revenues exceed $700 million Approximately 600 employees Annualized 2017 dividend of $0.92 per share and dividend yield of approximately 2.5% Los Angeles County Economic Highlights Ranks 21st among the world’s economies, with 2015 GDP of approximately $664 billion, more than 44 states Population of approximately 10,000,000, more than 43 states One Westwood Westwood World entertainment capital, with more than 200,000 employed in motion pictures and television Largest U.S. tech center, with over 350,000 jobs, more than Silicon Valley Largest U.S. manufacturing center, with more than 365,000 workers Largest U.S. Port, LA/Long Beach handles 44% of all containerized US imports World’s largest higher education system, with more than 112 colleges and research universities, which produce more Ph.D.s and graduate degrees than any other county in America Tourist magnet, with a record 47 million visitors in 2016 Diverse vibrant industries, such as international trade, entertainment, tourism, technology, education, healthcare services and manufacturing 21 www.douglasemmett.com Highly Experienced Leadership Team Executive Management Officer Position Tenure with DEI Dan A. Emmett Executive Chairman 45 years Jordan L. Kaplan President & CEO 29 years Kenneth M. Panzer Chief Operating Officer 31 years Mona M. Gisler Chief Financial Officer 2 years Kevin A. Crummy Chief Investment Officer 2 years Board of Directors Dan A. Emmett Chairman of the Board – Douglas Emmett, Inc. Jordan L. Kaplan Chief Executive Officer and President – Douglas Emmett, Inc. Kenneth M. Panzer Chief Operating Officer – Douglas Emmett, Inc. Christopher H. Anderson Retired Real Estate Executive and Investor Leslie E. Bider Chief Executive Officer, PinnacleCare Dr. David T. Feinberg President and Chief Executive Officer, Geisinger Health System Virginia A. McFerran President and Chief Executive Officer, Optum Analytics Thomas E. O’Hern Senior Executive Vice President, Chief Financial Officer and Treasurer, Macerich Company William E. Simon Jr. Co-chairman, William E. Simon & Sons, LLC 22 www.douglasemmett.com Additional Information Please contact Stuart McElhinney, Vice President-Investor Relations at (310) 255-7751 or via email at [email protected] Updates, financial information and additional property information can be obtained at www.douglasemmett.com. 23 This profile is not intended to be a complete statement of all of the material facts concerning our company or to solicit purchase of, or to be used to evaluate, any securities. Unless otherwise indicated, all data about us is as of the date on the front cover. This Profile should be read in conjunction with the detailed financial information contained in our quarterly earning packages and in our filings with the Securities and Exchange Commission, all of which are available on www.douglasemmett.com or www.sec.gov Except for the historical facts, the statements are forward-looking statements based on the beliefs of, assumptions made by and information currently available to us. Some will inevitably prove to be incorrect. Potential investors should read and carefully consider all of the information in our filings with the Securities and Exchange Commission. For a discussion of some risks and uncertainties that could cause actual results to differ from those contained in any forward-looking statements, see “Risk Factors” in our Annual Report on Form 10-K. Copies can also be viewed at www.douglasemmett.com or www.sec.gov. www.douglasemmett.com
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