diff --git a/qemu/target/i386/translate.c b/qemu/target/i386/translate.c
index 9c30a637..ec585075 100644
--- a/qemu/target/i386/translate.c
+++ b/qemu/target/i386/translate.c
@@ -5194,9 +5194,9 @@ static target_ulong disas_insn(DisasContext *s, CPUState *cpu)
             if (!CODE64(s) && (vex2 & 0xc0) != 0xc0) {
                 /* 4.1.4.6: In 32-bit mode, bits [7:6] must be 11b,
                    otherwise the instruction is LES or LDS.  */
+                s->pc--; /* rewind the advance_pc() x86_ldub_code() did */
                 break;
             }
-            s->pc++;
 
             /* 4.1.1-4.1.3: No preceding lock, 66, f2, f3, or rex prefixes. */
             if (prefixes & (PREFIX_REPZ | PREFIX_REPNZ