Index: /trunk/src/VBox/VMM/VMMR0/HMSVMR0.cpp
===================================================================
--- /trunk/src/VBox/VMM/VMMR0/HMSVMR0.cpp	(revision 68407)
+++ /trunk/src/VBox/VMM/VMMR0/HMSVMR0.cpp	(revision 68408)
@@ -2111,4 +2111,13 @@
     STAM_PROFILE_ADV_START(&pVCpu->hm.s.StatLoadGuestState, x);
 
+    /*
+     * Load guest intercepts first into the guest VMCB as later we may merge
+     * them into the nested-guest VMCB further below.
+     */
+    {
+        PSVMVMCB pVmcb = pVCpu->hm.s.svm.pVmcb;
+        hmR0SvmLoadGuestXcptIntercepts(pVCpu, pVmcb);
+    }
+
     PSVMVMCB pVmcbNstGst = pCtx->hwvirt.svm.CTX_SUFF(pVmcb);
     Assert(pVmcbNstGst);
@@ -2131,5 +2140,4 @@
 
     hmR0SvmLoadGuestApicStateNested(pVCpu, pVmcbNstGst);
-    hmR0SvmLoadGuestXcptIntercepts(pVCpu, pVmcbNstGst);
 
     int rc = hmR0SvmSetupVMRunHandler(pVCpu);