diff --git a/src/coreclr/jit/valuenum.cpp b/src/coreclr/jit/valuenum.cpp
index 947f774fbdac05..704cefdd27537b 100644
--- a/src/coreclr/jit/valuenum.cpp
+++ b/src/coreclr/jit/valuenum.cpp
@@ -10615,7 +10615,19 @@ void Compiler::fgValueNumberAddExceptionSetForIndirection(GenTree* tree, GenTree
     // The normal VN for base address is used to create the NullPtrExc
     ValueNumPair vnpBaseNorm = vnStore->VNPNormalPair(baseVNP);
 
-    ValueNumPair excChkSet = vnStore->VNPExcSetSingleton(vnStore->VNPairForFunc(TYP_REF, VNF_NullPtrExc, vnpBaseNorm));
+    ValueNumPair excChkSet = vnStore->VNPForEmptyExcSet();
+
+    if (!vnStore->IsKnownNonNull(vnpBaseNorm.GetLiberal()))
+    {
+        excChkSet.SetLiberal(
+            vnStore->VNExcSetSingleton(vnStore->VNForFunc(TYP_REF, VNF_NullPtrExc, vnpBaseNorm.GetLiberal())));
+    }
+
+    if (!vnStore->IsKnownNonNull(vnpBaseNorm.GetConservative()))
+    {
+        excChkSet.SetConservative(
+            vnStore->VNExcSetSingleton(vnStore->VNForFunc(TYP_REF, VNF_NullPtrExc, vnpBaseNorm.GetConservative())));
+    }
 
     // Add the NullPtrExc to "tree"'s value numbers.
     tree->gtVNPair = vnStore->VNPWithExc(tree->gtVNPair, excChkSet);