diff --git a/arch/x86/kvm/vmx.c b/arch/x86/kvm/vmx.c
index 20ce794584a3..c7e4dacca4cd 100644
--- a/arch/x86/kvm/vmx.c
+++ b/arch/x86/kvm/vmx.c
@@ -13276,14 +13276,6 @@ static void prepare_vmcs12(struct kvm_vcpu *vcpu, struct vmcs12 *vmcs12,
 		 */
 		vmcs12_save_pending_event(vcpu, vmcs12);
 	}
-
-	/*
-	 * Drop what we picked up for L2 via vmx_complete_interrupts. It is
-	 * preserved above and would only end up incorrectly in L1.
-	 */
-	vcpu->arch.nmi_injected = false;
-	kvm_clear_exception_queue(vcpu);
-	kvm_clear_interrupt_queue(vcpu);
 }
 
 /*
@@ -13617,6 +13609,17 @@ static void nested_vmx_vmexit(struct kvm_vcpu *vcpu, u32 exit_reason,
 			nested_vmx_abort(vcpu, VMX_ABORT_SAVE_GUEST_MSR_FAIL);
 	}
 
+	/*
+	 * Drop events/exceptions that were queued for re-injection to L2
+	 * (picked up via vmx_complete_interrupts()), as well as exceptions
+	 * that were pending for L2.  Note, this must NOT be hoisted above
+	 * prepare_vmcs12(), events/exceptions queued for re-injection need to
+	 * be captured in vmcs12 (see vmcs12_save_pending_event()).
+	 */
+	vcpu->arch.nmi_injected = false;
+	kvm_clear_exception_queue(vcpu);
+	kvm_clear_interrupt_queue(vcpu);
+
 	vmx_switch_vmcs(vcpu, &vmx->vmcs01);
 	vm_entry_controls_reset_shadow(vmx);
 	vm_exit_controls_reset_shadow(vmx);