Index: Python/pythonrun.c
===================================================================
--- Python/pythonrun.c	(revision 86303)
+++ Python/pythonrun.c	(working copy)
@@ -2044,9 +2044,22 @@
         errtext = Py_None;
         Py_INCREF(Py_None);
     } else {
+        PyObject *s;
         errtext = PyUnicode_DecodeUTF8(err->text, strlen(err->text),
                                        "replace");
+        /* Fix offset */
+        s = PyUnicode_DecodeUTF8(err->text, err->offset, "replace");
+        if (s == NULL) {
+            PyErr_Clear();
+            /* XXX: We can probably do better than that. */
+            err->offset = 0;
+        }
+        else {
+            err->offset = PyUnicode_GET_SIZE(s);
+            Py_DECREF(s);
+        }
     }
+
     if (err->filename != NULL)
         filename = PyUnicode_DecodeFSDefault(err->filename);
     else {