Index: /trunk/src/VBox/VMM/VMMAll/VMXAllTemplate.cpp.h
===================================================================
--- /trunk/src/VBox/VMM/VMMAll/VMXAllTemplate.cpp.h	(revision 92497)
+++ /trunk/src/VBox/VMM/VMMAll/VMXAllTemplate.cpp.h	(revision 92498)
@@ -13081,8 +13081,5 @@
     VBOXSTRICTRC rcStrict;
     if (!pExitRec)
-    {
         rcStrict = IEMExecOne(pVCpu);
-        ASMAtomicUoOrU64(&VCPU_2_VMXSTATE(pVCpu).fCtxChanged, HM_CHANGED_ALL_GUEST);
-    }
     else
     {
@@ -13093,4 +13090,6 @@
               VBOXSTRICTRC_VAL(rcStrict), pVCpu->cpum.GstCtx.cs.Sel, pVCpu->cpum.GstCtx.rip));
     }
+
+    ASMAtomicUoOrU64(&VCPU_2_VMXSTATE(pVCpu).fCtxChanged, HM_CHANGED_ALL_GUEST);
 #endif