[Lotus]

It shouldn't come as a surprise that hormone levels in older genetic males are comparable to menopausal hormones levels, and for that matter, I list the studies regarding obesity:

Androgen generation in adipose tissue in women with simple obesity – a site-specific role for 17b-hydroxysteroid dehydrogenase type 5
http://joe.endocrinology-journals.org/content/183/2/331.full.pdf

Granted, aromatase is increased in belly fat in obese men, (especially in older overweight males). However, in older obese females, DHT is present in visceral fat, (something to consider). In other words, get rid of the belly, it could hamper breast growth.

In this next study it explains about progesterone being present in fat tissue. IMO, (and from experience) progesterone cream applied directly to breasts increases breast fat.

From the abstract:
"The results in this study suggest that progesterone may be one regulator in the local conversion of estrogen precursors into potent estradiol in normal breast tissue."

Increased extracellular local levels of estradiol in normal breast in vivo during the luteal phase of the menstrual cycle
http://joe.endocrinology-journals.org/content/187/1/103.full.pdf