diff --git a/clang/lib/CodeGen/CodeGenModule.cpp b/clang/lib/CodeGen/CodeGenModule.cpp
index e4774a587707a..4327eeb92bfbf 100644
--- a/clang/lib/CodeGen/CodeGenModule.cpp
+++ b/clang/lib/CodeGen/CodeGenModule.cpp
@@ -4554,9 +4554,12 @@ llvm::Constant *CodeGenModule::GetOrCreateLLVMFunction(
         Entry->setLinkage(llvm::Function::ExternalLinkage);
     }
 
-    // Handle dropped DLL attributes.
-    if (D && !D->hasAttr<DLLImportAttr>() && !D->hasAttr<DLLExportAttr>() &&
-        !shouldMapVisibilityToDLLExport(cast_or_null<NamedDecl>(D))) {
+    // Handle dropped dllimport.
+    if (D &&
+        (Entry->getDLLStorageClass() ==
+         llvm::GlobalVariable::DLLImportStorageClass) &&
+        !D->hasAttr<DLLImportAttr>() &&
+        !shouldMapVisibilityToDLLExport(cast<NamedDecl>(D))) {
       Entry->setDLLStorageClass(llvm::GlobalValue::DefaultStorageClass);
       setDSOLocal(Entry);
     }
@@ -4849,9 +4852,11 @@ CodeGenModule::GetOrCreateLLVMGlobal(StringRef MangledName, llvm::Type *Ty,
         Entry->setLinkage(llvm::Function::ExternalLinkage);
     }
 
-    // Handle dropped DLL attributes.
-    if (D && !D->hasAttr<DLLImportAttr>() && !D->hasAttr<DLLExportAttr>() &&
-        !shouldMapVisibilityToDLLExport(D))
+    // Handle dropped dllimport.
+    if (D &&
+        (Entry->getDLLStorageClass() ==
+         llvm::GlobalVariable::DLLImportStorageClass) &&
+        !D->hasAttr<DLLImportAttr>() && !shouldMapVisibilityToDLLExport(D))
       Entry->setDLLStorageClass(llvm::GlobalValue::DefaultStorageClass);
 
     if (LangOpts.OpenMP && !LangOpts.OpenMPSimd && D)
diff --git a/clang/test/CodeGenCXX/windows-instantiate-dllexport-template-specialization.cpp b/clang/test/CodeGenCXX/windows-instantiate-dllexport-template-specialization.cpp
new file mode 100644
index 0000000000000..97f341ba1f909
--- /dev/null
+++ b/clang/test/CodeGenCXX/windows-instantiate-dllexport-template-specialization.cpp
@@ -0,0 +1,18 @@
+// RUN: %clang_cc1 -triple i686-windows         -fdeclspec -emit-llvm %s -o - | FileCheck %s -check-prefix CHECK-MS
+// RUN: %clang_cc1 -triple i686-windows-itanium -fdeclspec -emit-llvm %s -o - | FileCheck %s
+// RUN: %clang_cc1 -triple x86_64-scei-ps4      -fdeclspec -emit-llvm %s -o - | FileCheck %s
+// RUN: %clang_cc1 -triple x86_64-sie-ps5       -fdeclspec -emit-llvm %s -o - | FileCheck %s
+
+struct s {
+  template <bool b = true> static bool f();
+};
+
+template <typename T> bool template_using_f(T) { return s::f(); }
+
+bool use_template_using_f() { return template_using_f(0); }
+
+template<>
+bool __declspec(dllexport) s::f<true>() { return true; }
+
+// CHECK-MS: dllexport {{.*}} @"??$f@$00@s@@SA_NXZ"
+// CHECK: dllexport {{.*}} @_ZN1s1fILb1EEEbv