I think it is 100% diet, 0% exercise. Exercise reduces your chances of diseases. But the calories in one piece of bread are equivalent to the calories burned during something like an hour on the treadmill. It is a Lot easier to eat less than to burn the equivalent number of calories with exercise.
You are correct Holly. I have always had difficulty managing my weight. I have gone from 248lbs and feel much better at 207. Exercise is important too. I walk around 1hr a day and use an elliptical machine 30mins 3 times a week. No amount of exercise will make you lose weight if your daily calorie intake is too high.
with only exercise i maintain my weight, with just diet i can lose weight if i eat only one meal a day but with both exercise and diet (most importantly no beer), thats when i really lose weight in a healthy way.
Since cutting my exercise in half and focusing heavily on my diet I have lost 6 kilos.