Index: Lib/traceback.py
===================================================================
--- Lib/traceback.py	(revision 66701)
+++ Lib/traceback.py	(working copy)
@@ -148,7 +148,7 @@
     """
     if file is None:
         file = sys.stderr
-    if chain:
+    if chain and value is not None:
         values = _iter_chain(value, tb)
     else:
         values = [(value, tb)]
@@ -160,9 +160,8 @@
             _print(file, 'Traceback (most recent call last):')
             print_tb(tb, limit, file)
         lines = format_exception_only(type(value), value)
-        for line in lines[:-1]:
-            _print(file, line, ' ')
-        _print(file, lines[-1], '')
+        for line in lines:
+            _print(file, line, '')
 
 def format_exception(etype, value, tb, limit=None, chain=True):
     """Format a stack trace and the exception information.
@@ -174,7 +173,7 @@
     printed as does print_exception().
     """
     list = []
-    if chain:
+    if chain and value is not None:
         values = _iter_chain(value, tb)
     else:
         values = [(value, tb)]
@@ -206,8 +205,8 @@
     """
     # Gracefully handle (the way Python 2.4 and earlier did) the case of
     # being called with (None, None).
-    if etype is None:
-        return [_format_final_exc_line(etype, value)]
+    if etype is None or etype is type(None):
+        return [_format_final_exc_line(None, value)]
 
     stype = etype.__name__
     smod = etype.__module__
@@ -227,7 +226,10 @@
     if badline is not None:
         lines.append('    %s\n' % badline.strip())
         if offset is not None:
-            caretspace = badline[:offset].lstrip()
+            # The offset counts utf-8 bytes positions
+            badline = badline.encode('utf-8')[:offset].decode('utf-8')
+            offset = len(badline)
+            caretspace = badline.lstrip()
             # non-space whitespace (likes tabs) must be kept for alignment
             caretspace = ((c.isspace() and c or ' ') for c in caretspace)
             # only three spaces to account for offset1 == pos 0
Index: Lib/test/test_traceback.py
===================================================================
--- Lib/test/test_traceback.py	(revision 66701)
+++ Lib/test/test_traceback.py	(working copy)
@@ -89,6 +89,12 @@
     def test_without_exception(self):
         err = traceback.format_exception_only(None, None)
         self.assertEqual(err, ['None\n'])
+        err = traceback.format_exception(None, None, None)
+        self.assertEqual(err, ['None\n'])
+        with captured_output("stderr") as sio:
+            traceback.print_exception(None, None, None)
+        err = sio.getvalue()
+        self.assertEqual(err, 'None\n')
 
 
 class TracebackFormatTests(unittest.TestCase):
@@ -197,8 +203,19 @@
         self.assert_('inner_raise() # Marker' in blocks[2])
         self.check_zero_div(blocks[2])
 
+    def test_caret_multibyte(self):
+        try:
+            compile("caf\xe9! = 3", "?", "exec")
+        except SyntaxError as e:
+            exc = e
+        err = self.get_report(exc).splitlines()
+        self.assertEqual(len(err), 7)
+        self.assertEqual(err[4].strip(), "caf\xe9! = 3")
+        self.assert_("^" in err[5])
 
+        self.assertEqual(err[4].find("!"), err[5].find("^"))
 
+
 class PyExcReportingTests(BaseExceptionReportingTests, unittest.TestCase):
     #
     # This checks reporting through the 'traceback' module, with both