Incorrect. Recent studies have demonstrated it is possible to spot reduce fat with exercise, mainly due to increased circulation to the area being exercised.
BUT...and it's a huge BUT...
We are talking huge volumes of repetitive movements over quite a considerable period of time, so don't be relying on it to make a noteworthy difference.
Diet is the big impact factor and tadpoles advice about portion control is most excellent. I'd add to that avoid alcohol, as apart from the calories, it suppresses certain chemical functions within your body for up to 4 days after drinking, so everything from metabolism to hormone production gets messed up.