A woman did a quarter million leg raises in a year, and there was no change, not a scintilla. There was no spot reduction of fat deposits from her amply marbled hips. Well, that is just one person, and a sample size of one has no statistical power. Maybe a larger sample size and more accuracy (MRI assessments) would produce a result of statistically significant spot reduction of fat from the area targeted with exercise.
Maybe not, from this article, Targeted Fat Loss: Myth or Reality?, this quote from a study: