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https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3040039/
In summary, this 12-month, randomized, controlled trial testing a moderate- to vigorous-intensity exercise intervention resulted in significant increases in DHT and, to a lesser extent, SHBG among middle-aged and older men. Greater increases were found with greater improvements in cardiopulmonary fitness. Given the controversy surrounding exogenous androgen supplementation, modest enhancement of DHT levels in middle-aged and elderly obese men through exercise may offer a lower-risk approach for improved health.