Which of the following statements is incorrect about the effects and regulation of female sex hormones? (1) Ovarian and uterine cycles are under the regulation of Gonadotropin releasing hormone. (2) FSH stimulates the secretion of estrogen from Graafian follicles. (3) Ovarian follicles secrete estrogen under influence of FSH and LH. (4) Estrogen from ovarian follicles is converted into progesterone.