I don't think you can spot loose fat with exercise. From memory though I think they say that people who eat a high protein and low carb diet with the same calories as a high carb and low protein diet will have less fat around their stomachs.
So they might still gain weight but store it in different areas and actually fat around your stomach is associated with risk of heart disease more too i think.
I read this in the front of a high protein and low carb diet recepe book but it was released in Australia by the CSIRO which are a major government funded legitimately recognised scientific group.
Here's a link:
Total Wellbeing Diet
A higher proportion of protein in your diet might also curb cravings more anyway.