Brian, I disagree. The companies statements do say no conversion to estrogen but dht is a different story. From Ergopharm's website:

No Aromatization

1-testosterone differs from testosterone in another way as well. Being a 5alpha-reduced androgen (a DHT derivative) it simply cannot aromatize to estrogens.

Notice it says it is a dht derivative, which means it has already converted to a DHT just like winny which is one of the most harmful drugs to the hair if you are susceptible to Male Pattern Baldness. Since in its raw form it is already past the conversion point from Test to DHT then drugs like proscar/propecia/avodart are not effective in stopping the associated hairloss. My own personal experience using 1AD for (4) 8 week cycles of 600mg daily, is that I notices increase thinning of my hair.