I think there are two components to this (they might be related, though, I don't know). On the side, exercise does make you fitter, and consume some calories,

I think there are two components to this (they might be related, though, I don't know). On the side, exercise does make you fitter, and consume some calories, etc. But then, I find that it also has a non-negligible effect on the food I crave. I find it much, much easier to not eat tons of "junk food" when I exercise. And by that, I mean I practically don't feel like eating any, at all. I actually crave vegetables and meat. And those have a tendency to be "filling" and not have you want to eat again 2 hours later. So it's much easier for me to actually lower my calorie intake when exercising.