diff --git a/include/boost/python/errors.hpp b/include/boost/python/errors.hpp
index a1cdbbb0..66f15587 100644
--- a/include/boost/python/errors.hpp
+++ b/include/boost/python/errors.hpp
@@ -9,13 +9,50 @@
 #ifndef ERRORS_DWA052500_H_
 # define ERRORS_DWA052500_H_
 
+# include <boost/python/detail/wrap_python.hpp>
+
 namespace boost { namespace python {
 
 struct error_already_set {};
 struct argument_error : error_already_set {};
 
+struct object_functor_base
+{
+    typedef PyObject* result_type;
+    virtual PyObject* operator()() const = 0;
+ private:
+    static void* operator new(std::size_t); // don't allow dynamic allocation
+    void operator delete(void*); 
+    void operator delete(void*, size_t); 
+};
+
+template <class T>
+struct object_functor : object_functor_base
+{
+    object_functor(T const& f)
+        : m_f(f)
+    {
+    }
+    
+    PyObject* operator()() const
+    {
+        return m_f();
+    }
+ private:
+    T const& m_f;
+};
+
+
 // Handles exceptions caught just before returning to Python code.
-void handle_exception();
+PyObject* handle_exception_impl(object_functor_base const& f);
+
+template <class T>
+PyObject* handle_exception(T const& f)
+{
+    return handle_exception_impl(object_functor<T>(f));
+}
+
+void handle_exception(void (*)());
 
 template <class T>
 T* expect_non_null(T* x)
diff --git a/src/extension_class.cpp b/src/extension_class.cpp
index f71976b9..3815a19c 100644
--- a/src/extension_class.cpp
+++ b/src/extension_class.cpp
@@ -10,8 +10,9 @@
 // 04 Mar 01  Use PyObject_INIT() instead of trying to hand-initialize (David Abrahams)
 
 #include <boost/python/detail/extension_class.hpp>
-#include <cstring>
 #include <boost/utility.hpp>
+#include <boost/bind.hpp>
+#include <cstring>
 
 namespace boost { namespace python {
 namespace detail {
@@ -484,16 +485,19 @@ void operator_dispatcher_dealloc(PyObject* self)
 int operator_dispatcher_coerce(PyObject** l, PyObject** r)
 {
     Py_INCREF(*l);
-    try
+    PyObject* new_r = handle_exception(
+        bind(operator_dispatcher::create,
+                    ref(*r, ref::increment_count),
+                    ref()));
+    if (new_r)
     {
-        *r = operator_dispatcher::create(ref(*r, ref::increment_count), ref());
+        *r = new_r;
+        return 0;
     }
-    catch(...)
+    else
     {
-        handle_exception();
         return -1;
     }
-    return 0;
 }