diff --git a/clang/lib/CodeGen/CodeGenModule.cpp b/clang/lib/CodeGen/CodeGenModule.cpp
--- a/clang/lib/CodeGen/CodeGenModule.cpp
+++ b/clang/lib/CodeGen/CodeGenModule.cpp
@@ -5725,6 +5725,9 @@
       /*InsertBefore=*/nullptr, llvm::GlobalVariable::NotThreadLocal, TargetAS);
   if (emitter) emitter->finalize(GV);
   setGVProperties(GV, VD);
+  if (GV->getDLLStorageClass() == llvm::GlobalVariable::DLLExportStorageClass)
+    // The reference temporary should never be dllexport.
+    GV->setDLLStorageClass(llvm::GlobalVariable::DefaultStorageClass);
   GV->setAlignment(Align.getAsAlign());
   if (supportsCOMDAT() && GV->isWeakForLinker())
     GV->setComdat(TheModule.getOrInsertComdat(GV->getName()));
diff --git a/clang/test/CodeGenCXX/reference-temporary-ms.cpp b/clang/test/CodeGenCXX/reference-temporary-ms.cpp
new file mode 100644
--- /dev/null
+++ b/clang/test/CodeGenCXX/reference-temporary-ms.cpp
@@ -0,0 +1,8 @@
+// RUN: %clang_cc1 -emit-llvm %s -o - -triple=i386-pc-win32 -fms-extensions | FileCheck %s
+
+const int __declspec(dllexport) &Exported = 42;
+
+// The reference temporary shouldn't be dllexport, even if the reference is.
+// CHECK: @"?$RT1@Exported@@3ABHB" = internal constant i32 42
+
+// CHECK: @"?Exported@@3ABHB" = dso_local dllexport constant i32* @"?$RT1@Exported@@3ABHB"