diff --git a/lld/COFF/Driver.cpp b/lld/COFF/Driver.cpp
--- a/lld/COFF/Driver.cpp
+++ b/lld/COFF/Driver.cpp
@@ -1203,10 +1203,10 @@
 // -exclude-all-symbols option, so that lld-link behaves like link.exe rather
 // than MinGW in the case that nothing is explicitly exported.
 void LinkerDriver::maybeExportMinGWSymbols(const opt::InputArgList &args) {
-  if (!config->dll)
-    return;
-
   if (!args.hasArg(OPT_export_all_symbols)) {
+    if (!config->dll)
+      return;
+
     if (!config->exports.empty())
       return;
     if (args.hasArg(OPT_exclude_all_symbols))
diff --git a/lld/test/COFF/export-all.s b/lld/test/COFF/export-all.s
--- a/lld/test/COFF/export-all.s
+++ b/lld/test/COFF/export-all.s
@@ -61,6 +61,10 @@
 # RUN: llvm-readobj --coff-exports %t.dll | FileCheck -check-prefix=CHECK2 %s
 # RUN: cat %t.def | FileCheck -check-prefix=CHECK2-DEF %s
 
+# RUN: lld-link -safeseh:no -out:%t.exe %t.obj -lldmingw -export-all-symbols -output-def:%t.def -entry:_DllMainCRTStartup
+# RUN: llvm-readobj --coff-exports %t.exe | FileCheck -check-prefix=CHECK2 %s
+# RUN: cat %t.def | FileCheck -check-prefix=CHECK2-DEF %s
+
 # Note, this will actually export _DllMainCRTStartup as well, since
 # it uses the standard spelling in this object file, not the MinGW one.