Index: cPickle.c
===================================================================
--- cPickle.c	(revision 47122)
+++ cPickle.c	(working copy)
@@ -3631,6 +3631,10 @@
 		PyObject *tp, *v, *tb;
 
 		PyErr_Fetch(&tp, &v, &tb);
+                if (v == NULL) {
+			v = Py_None;
+			Py_INCREF(v);
+                }
 		if ((r=PyTuple_Pack(3,v,cls,args))) {
 			Py_XDECREF(v);
 			v=r;