diff --git a/Misc/NEWS.d/next/Windows/2018-09-03-01-23-52.bpo-34532.N1HEbE.rst b/Misc/NEWS.d/next/Windows/2018-09-03-01-23-52.bpo-34532.N1HEbE.rst
new file mode 100644
index 00000000000..812b47497c2
--- /dev/null
+++ b/Misc/NEWS.d/next/Windows/2018-09-03-01-23-52.bpo-34532.N1HEbE.rst
@@ -0,0 +1 @@
+Fixes exit code of list version arguments for py.exe.
diff --git a/PC/launcher.c b/PC/launcher.c
index 75a06c2310c..2c2da76f614 100644
--- a/PC/launcher.c
+++ b/PC/launcher.c
@@ -1454,7 +1454,7 @@ show_python_list(wchar_t ** argv)
         fwprintf(stderr, L"\n\nCan't find a Default Python.\n\n");
     else
         fwprintf(stderr, L"\n\n"); /* End with a blank line */
-    return(FALSE); /* If this has been called we cannot continue */
+    return FALSE; /* If this has been called we cannot continue */
 }
 
 static int
@@ -1601,11 +1601,12 @@ process(int argc, wchar_t ** argv)
     else {
         p = argv[1];
         plen = wcslen(p);
-        if ((argc == 2) && 
-            (!wcsncmp(p, L"-0", wcslen(L"-0")) || /* Starts with -0 or --list */
+        if ((argc == 2) && // list version args
+            (!wcsncmp(p, L"-0", wcslen(L"-0")) ||
             !wcsncmp(p, L"--list", wcslen(L"--list"))))
         {
-            valid = show_python_list(argv); /* Check for -0 or --list FIRST */
+            show_python_list(argv);
+            return rc;
         }
         valid = valid && (*p == L'-') && validate_version(&p[1]);
         if (valid) {