Index: clang/lib/Driver/ToolChains/Clang.cpp
===================================================================
--- clang/lib/Driver/ToolChains/Clang.cpp
+++ clang/lib/Driver/ToolChains/Clang.cpp
@@ -4918,9 +4918,11 @@
     if (Triple.isX86() && Triple.isOSBinFormatELF()) {
       StringRef Val = A->getValue();
       if (Val != "all" && Val != "labels" && Val != "none" &&
-          !(Val.startswith("list=") && llvm::sys::fs::exists(Val.substr(5))))
+          !Val.startswith("list="))
         D.Diag(diag::err_drv_invalid_value)
             << A->getAsString(Args) << A->getValue();
+      else if (Val.startswith("list=") && !llvm::sys::fs::exists(Val.substr(5)))
+        D.Diag(diag::err_drv_no_such_file) << Val.substr(5);
       else
         A->render(Args, CmdArgs);
     } else {