diff --git a/Lib/test/test_code.py b/Lib/test/test_code.py
index 1bb138e7f3243b..d03457d16ad76f 100644
--- a/Lib/test/test_code.py
+++ b/Lib/test/test_code.py
@@ -376,13 +376,13 @@ def test_co_positions_artificial_instructions(self):
             ],
             [
                 ('RESUME', 0),
+                ("COPY", 3),
+                ("POP_EXCEPT", None),
+                ("RERAISE", 1),
                 ("PUSH_EXC_INFO", None),
                 ("LOAD_CONST", None), # artificial 'None'
                 ("STORE_NAME", "e"),  # XX: we know the location for this
                 ("DELETE_NAME", "e"),
-                ("RERAISE", 1),
-                ("COPY", 3),
-                ("POP_EXCEPT", None),
                 ("RERAISE", 1)
             ]
         )
diff --git a/Lib/test/test_dis.py b/Lib/test/test_dis.py
index af736d6fe96141..247ad2101efbfa 100644
--- a/Lib/test/test_dis.py
+++ b/Lib/test/test_dis.py
@@ -369,11 +369,14 @@ def bug42562():
 
 %3d        LOAD_FAST                1 (tb)
            RETURN_VALUE
+        >> COPY                     3
+           POP_EXCEPT
+           RERAISE                  1
         >> PUSH_EXC_INFO
 
 %3d        LOAD_GLOBAL              0 (Exception)
            CHECK_EXC_MATCH
-           POP_JUMP_FORWARD_IF_FALSE    18 (to 72)
+           POP_JUMP_FORWARD_IF_FALSE    18 (to 78)
            STORE_FAST               0 (e)
 
 %3d        LOAD_FAST                0 (e)
@@ -392,9 +395,6 @@ def bug42562():
            RERAISE                  1
 
 %3d     >> RERAISE                  0
-        >> COPY                     3
-           POP_EXCEPT
-           RERAISE                  1
 ExceptionTable:
 """ % (TRACEBACK_CODE.co_firstlineno,
        TRACEBACK_CODE.co_firstlineno + 1,
@@ -1478,40 +1478,39 @@ def _prepare_test_cases():
   Instruction(opname='POP_EXCEPT', opcode=89, arg=None, argval=None, argrepr='', offset=322, starts_line=None, is_jump_target=False, positions=None),
   Instruction(opname='POP_TOP', opcode=1, arg=None, argval=None, argrepr='', offset=324, starts_line=None, is_jump_target=False, positions=None),
   Instruction(opname='POP_TOP', opcode=1, arg=None, argval=None, argrepr='', offset=326, starts_line=None, is_jump_target=False, positions=None),
-  Instruction(opname='JUMP_FORWARD', opcode=110, arg=31, argval=392, argrepr='to 392', offset=328, starts_line=None, is_jump_target=True, positions=None),
-  Instruction(opname='PUSH_EXC_INFO', opcode=35, arg=None, argval=None, argrepr='', offset=330, starts_line=None, is_jump_target=False, positions=None),
-  Instruction(opname='LOAD_GLOBAL', opcode=116, arg=4, argval='ZeroDivisionError', argrepr='ZeroDivisionError', offset=332, starts_line=22, is_jump_target=False, positions=None),
-  Instruction(opname='CHECK_EXC_MATCH', opcode=36, arg=None, argval=None, argrepr='', offset=344, starts_line=None, is_jump_target=False, positions=None),
-  Instruction(opname='POP_JUMP_FORWARD_IF_FALSE', opcode=114, arg=18, argval=384, argrepr='to 384', offset=346, starts_line=None, is_jump_target=False, positions=None),
-  Instruction(opname='POP_TOP', opcode=1, arg=None, argval=None, argrepr='', offset=348, starts_line=None, is_jump_target=False, positions=None),
-  Instruction(opname='LOAD_GLOBAL', opcode=116, arg=3, argval='print', argrepr='NULL + print', offset=350, starts_line=23, is_jump_target=False, positions=None),
-  Instruction(opname='LOAD_CONST', opcode=100, arg=9, argval='Here we go, here we go, here we go...', argrepr="'Here we go, here we go, here we go...'", offset=362, starts_line=None, is_jump_target=False, positions=None),
-  Instruction(opname='PRECALL', opcode=166, arg=1, argval=1, argrepr='', offset=364, starts_line=None, is_jump_target=False, positions=None),
-  Instruction(opname='CALL', opcode=171, arg=1, argval=1, argrepr='', offset=368, starts_line=None, is_jump_target=False, positions=None),
-  Instruction(opname='POP_TOP', opcode=1, arg=None, argval=None, argrepr='', offset=378, starts_line=None, is_jump_target=False, positions=None),
-  Instruction(opname='POP_EXCEPT', opcode=89, arg=None, argval=None, argrepr='', offset=380, starts_line=None, is_jump_target=False, positions=None),
-  Instruction(opname='JUMP_FORWARD', opcode=110, arg=4, argval=392, argrepr='to 392', offset=382, starts_line=None, is_jump_target=False, positions=None),
-  Instruction(opname='RERAISE', opcode=119, arg=0, argval=0, argrepr='', offset=384, starts_line=22, is_jump_target=True, positions=None),
-  Instruction(opname='COPY', opcode=120, arg=3, argval=3, argrepr='', offset=386, starts_line=None, is_jump_target=False, positions=None),
-  Instruction(opname='POP_EXCEPT', opcode=89, arg=None, argval=None, argrepr='', offset=388, starts_line=None, is_jump_target=False, positions=None),
-  Instruction(opname='RERAISE', opcode=119, arg=1, argval=1, argrepr='', offset=390, starts_line=None, is_jump_target=False, positions=None),
-  Instruction(opname='LOAD_GLOBAL', opcode=116, arg=3, argval='print', argrepr='NULL + print', offset=392, starts_line=28, is_jump_target=True, positions=None),
-  Instruction(opname='LOAD_CONST', opcode=100, arg=10, argval="OK, now we're done", argrepr='"OK, now we\'re done"', offset=404, starts_line=None, is_jump_target=False, positions=None),
-  Instruction(opname='PRECALL', opcode=166, arg=1, argval=1, argrepr='', offset=406, starts_line=None, is_jump_target=False, positions=None),
-  Instruction(opname='CALL', opcode=171, arg=1, argval=1, argrepr='', offset=410, starts_line=None, is_jump_target=False, positions=None),
+  Instruction(opname='LOAD_GLOBAL', opcode=116, arg=3, argval='print', argrepr='NULL + print', offset=328, starts_line=28, is_jump_target=True, positions=None),
+  Instruction(opname='LOAD_CONST', opcode=100, arg=10, argval="OK, now we're done", argrepr='"OK, now we\'re done"', offset=340, starts_line=None, is_jump_target=False, positions=None),
+  Instruction(opname='PRECALL', opcode=166, arg=1, argval=1, argrepr='', offset=342, starts_line=None, is_jump_target=False, positions=None),
+  Instruction(opname='CALL', opcode=171, arg=1, argval=1, argrepr='', offset=346, starts_line=None, is_jump_target=False, positions=None),
+  Instruction(opname='POP_TOP', opcode=1, arg=None, argval=None, argrepr='', offset=356, starts_line=None, is_jump_target=False, positions=None),
+  Instruction(opname='LOAD_CONST', opcode=100, arg=0, argval=None, argrepr='None', offset=358, starts_line=None, is_jump_target=False, positions=None),
+  Instruction(opname='RETURN_VALUE', opcode=83, arg=None, argval=None, argrepr='', offset=360, starts_line=None, is_jump_target=False, positions=None),
+  Instruction(opname='PUSH_EXC_INFO', opcode=35, arg=None, argval=None, argrepr='', offset=362, starts_line=None, is_jump_target=False, positions=None),
+  Instruction(opname='LOAD_GLOBAL', opcode=116, arg=3, argval='print', argrepr='NULL + print', offset=364, starts_line=None, is_jump_target=False, positions=None),
+  Instruction(opname='LOAD_CONST', opcode=100, arg=10, argval="OK, now we're done", argrepr='"OK, now we\'re done"', offset=376, starts_line=None, is_jump_target=False, positions=None),
+  Instruction(opname='PRECALL', opcode=166, arg=1, argval=1, argrepr='', offset=378, starts_line=None, is_jump_target=False, positions=None),
+  Instruction(opname='CALL', opcode=171, arg=1, argval=1, argrepr='', offset=382, starts_line=None, is_jump_target=False, positions=None),
+  Instruction(opname='POP_TOP', opcode=1, arg=None, argval=None, argrepr='', offset=392, starts_line=None, is_jump_target=False, positions=None),
+  Instruction(opname='RERAISE', opcode=119, arg=0, argval=0, argrepr='', offset=394, starts_line=None, is_jump_target=False, positions=None),
+  Instruction(opname='COPY', opcode=120, arg=3, argval=3, argrepr='', offset=396, starts_line=None, is_jump_target=False, positions=None),
+  Instruction(opname='POP_EXCEPT', opcode=89, arg=None, argval=None, argrepr='', offset=398, starts_line=None, is_jump_target=False, positions=None),
+  Instruction(opname='RERAISE', opcode=119, arg=1, argval=1, argrepr='', offset=400, starts_line=None, is_jump_target=False, positions=None),
+  Instruction(opname='PUSH_EXC_INFO', opcode=35, arg=None, argval=None, argrepr='', offset=402, starts_line=None, is_jump_target=False, positions=None),
+  Instruction(opname='LOAD_GLOBAL', opcode=116, arg=4, argval='ZeroDivisionError', argrepr='ZeroDivisionError', offset=404, starts_line=22, is_jump_target=False, positions=None),
+  Instruction(opname='CHECK_EXC_MATCH', opcode=36, arg=None, argval=None, argrepr='', offset=416, starts_line=None, is_jump_target=False, positions=None),
+  Instruction(opname='POP_JUMP_FORWARD_IF_FALSE', opcode=114, arg=18, argval=456, argrepr='to 456', offset=418, starts_line=None, is_jump_target=False, positions=None),
   Instruction(opname='POP_TOP', opcode=1, arg=None, argval=None, argrepr='', offset=420, starts_line=None, is_jump_target=False, positions=None),
-  Instruction(opname='LOAD_CONST', opcode=100, arg=0, argval=None, argrepr='None', offset=422, starts_line=None, is_jump_target=False, positions=None),
-  Instruction(opname='RETURN_VALUE', opcode=83, arg=None, argval=None, argrepr='', offset=424, starts_line=None, is_jump_target=False, positions=None),
-  Instruction(opname='PUSH_EXC_INFO', opcode=35, arg=None, argval=None, argrepr='', offset=426, starts_line=None, is_jump_target=False, positions=None),
-  Instruction(opname='LOAD_GLOBAL', opcode=116, arg=3, argval='print', argrepr='NULL + print', offset=428, starts_line=None, is_jump_target=False, positions=None),
-  Instruction(opname='LOAD_CONST', opcode=100, arg=10, argval="OK, now we're done", argrepr='"OK, now we\'re done"', offset=440, starts_line=None, is_jump_target=False, positions=None),
-  Instruction(opname='PRECALL', opcode=166, arg=1, argval=1, argrepr='', offset=442, starts_line=None, is_jump_target=False, positions=None),
-  Instruction(opname='CALL', opcode=171, arg=1, argval=1, argrepr='', offset=446, starts_line=None, is_jump_target=False, positions=None),
-  Instruction(opname='POP_TOP', opcode=1, arg=None, argval=None, argrepr='', offset=456, starts_line=None, is_jump_target=False, positions=None),
-  Instruction(opname='RERAISE', opcode=119, arg=0, argval=0, argrepr='', offset=458, starts_line=None, is_jump_target=False, positions=None),
-  Instruction(opname='COPY', opcode=120, arg=3, argval=3, argrepr='', offset=460, starts_line=None, is_jump_target=False, positions=None),
-  Instruction(opname='POP_EXCEPT', opcode=89, arg=None, argval=None, argrepr='', offset=462, starts_line=None, is_jump_target=False, positions=None),
-  Instruction(opname='RERAISE', opcode=119, arg=1, argval=1, argrepr='', offset=464, starts_line=None, is_jump_target=False, positions=None),
+  Instruction(opname='LOAD_GLOBAL', opcode=116, arg=3, argval='print', argrepr='NULL + print', offset=422, starts_line=23, is_jump_target=False, positions=None),
+  Instruction(opname='LOAD_CONST', opcode=100, arg=9, argval='Here we go, here we go, here we go...', argrepr="'Here we go, here we go, here we go...'", offset=434, starts_line=None, is_jump_target=False, positions=None),
+  Instruction(opname='PRECALL', opcode=166, arg=1, argval=1, argrepr='', offset=436, starts_line=None, is_jump_target=False, positions=None),
+  Instruction(opname='CALL', opcode=171, arg=1, argval=1, argrepr='', offset=440, starts_line=None, is_jump_target=False, positions=None),
+  Instruction(opname='POP_TOP', opcode=1, arg=None, argval=None, argrepr='', offset=450, starts_line=None, is_jump_target=False, positions=None),
+  Instruction(opname='POP_EXCEPT', opcode=89, arg=None, argval=None, argrepr='', offset=452, starts_line=None, is_jump_target=False, positions=None),
+  Instruction(opname='JUMP_BACKWARD', opcode=140, arg=64, argval=328, argrepr='to 328', offset=454, starts_line=None, is_jump_target=False, positions=None),
+  Instruction(opname='RERAISE', opcode=119, arg=0, argval=0, argrepr='', offset=456, starts_line=22, is_jump_target=True, positions=None),
+  Instruction(opname='COPY', opcode=120, arg=3, argval=3, argrepr='', offset=458, starts_line=None, is_jump_target=False, positions=None),
+  Instruction(opname='POP_EXCEPT', opcode=89, arg=None, argval=None, argrepr='', offset=460, starts_line=None, is_jump_target=False, positions=None),
+  Instruction(opname='RERAISE', opcode=119, arg=1, argval=1, argrepr='', offset=462, starts_line=None, is_jump_target=False, positions=None),
 ]
 
 # One last piece of inspect fodder to check the default line number handling
diff --git a/Python/compile.c b/Python/compile.c
index 45944ae85e383e..0c1d10d17376d3 100644
--- a/Python/compile.c
+++ b/Python/compile.c
@@ -262,6 +262,8 @@ typedef struct basicblock_ {
     unsigned b_exit : 1;
     /* b_return is true if a RETURN_VALUE opcode is inserted. */
     unsigned b_return : 1;
+    /* b_cold is true if this block is not perf critical (like an exception handler) */
+    unsigned b_cold : 1;
 } basicblock;
 
 /* fblockinfo tracks the current frame block.
@@ -334,6 +336,8 @@ struct compiler_unit {
 
     /* true if we need to create an implicit basicblock before the next instr */
     int u_need_new_implicit_block;
+    /* >0 if we are generating cold code */
+    int u_cold;
 };
 
 /* This struct captures the global state of a compilation.
@@ -828,6 +832,7 @@ static basicblock *
 compiler_use_next_block(struct compiler *c, basicblock *block)
 {
     assert(block != NULL);
+    block->b_cold = c->u->u_cold > 0;
     c->u->u_curblock->b_next = block;
     c->u->u_curblock = block;
     c->u->u_need_new_implicit_block = 0;
@@ -903,6 +908,10 @@ compiler_next_instr(basicblock *b)
     return b->b_iused++;
 }
 
+#define COLD_VALUE(c) (c)->u->u_cold
+#define ENTER_COLD(c) (c)->u->u_cold++;
+#define EXIT_COLD(c)  (c)->u->u_cold--; assert((c)->u->u_cold >= 0);
+
 /* Set the line number and column offset for the following instructions.
 
    The line number is reset in the following cases:
@@ -3467,6 +3476,7 @@ compiler_try_except(struct compiler *c, stmt_ty s)
     }
     ADDOP_JUMP_NOLINE(c, JUMP, end);
     n = asdl_seq_LEN(s->v.Try.handlers);
+    ENTER_COLD(c);
     compiler_use_next_block(c, except);
 
     UNSET_LOC(c);
@@ -3569,6 +3579,7 @@ compiler_try_except(struct compiler *c, stmt_ty s)
     ADDOP_I(c, RERAISE, 0);
     compiler_use_next_block(c, cleanup);
     POP_EXCEPT_AND_RERAISE(c);
+    EXIT_COLD(c);
     compiler_use_next_block(c, end);
     return 1;
 }
@@ -7359,6 +7370,36 @@ label_exception_targets(basicblock *entry) {
     return -1;
 }
 
+static void
+push_cold_blocks_to_end(basicblock *entry) {
+    if (entry->b_next == NULL) {
+        /* single basicblock, no need to reorder */
+        return;
+    }
+    assert(!entry->b_cold);  /* First block can't be cold */
+    basicblock *tail = entry;
+    while (tail->b_next) {
+        assert(tail->b_nofallthrough || (tail->b_cold == tail->b_next->b_cold));
+        tail = tail->b_next;
+    }
+    basicblock *origtail = tail;
+    basicblock *b = entry;
+    while(b) {
+        basicblock *next = b->b_next;
+        if (next == NULL || next == origtail) {
+            break;
+        }
+        if (next->b_cold) {
+            b->b_next = next->b_next;
+            next->b_next = NULL;
+            tail->b_next = next;
+            tail = next;
+        } else {
+            b = next;
+        }
+    }
+    return;
+}
 
 static void
 convert_exception_handlers_to_nops(basicblock *entry) {
@@ -8030,8 +8071,8 @@ static void
 dump_basicblock(const basicblock *b)
 {
     const char *b_return = b->b_return ? "return " : "";
-    fprintf(stderr, "used: %d, depth: %d, offset: %d %s\n",
-        b->b_iused, b->b_startdepth, b->b_offset, b_return);
+    fprintf(stderr, "[%d %p] used: %d, depth: %d, offset: %d %s\n",
+        b->b_cold, b, b->b_iused, b->b_startdepth, b->b_offset, b_return);
     if (b->b_instr) {
         int i;
         for (i = 0; i < b->b_iused; i++) {
@@ -8277,6 +8318,38 @@ fix_cell_offsets(struct compiler *c, basicblock *entryblock, int *fixedmap)
 static void
 propagate_line_numbers(struct assembler *a);
 
+static void
+eliminate_empty_basic_blocks(basicblock *entry);
+
+
+static void
+remove_redundant_jumps(basicblock *entry) {
+    /* If a non-empty block ends with a jump instruction, check if the next
+     * non-empty block reached through normal flow control is the target
+     * of that jump. If it is, then the jump instruction is redundant and
+     * can be deleted.
+     */
+    int removed = 0;
+    for (basicblock *b = entry; b != NULL; b = b->b_next) {
+        if (b->b_iused > 0) {
+            struct instr *b_last_instr = &b->b_instr[b->b_iused - 1];
+            assert(!IS_ASSEMBLER_OPCODE(b_last_instr->i_opcode));
+            if (b_last_instr->i_opcode == JUMP ||
+                b_last_instr->i_opcode == JUMP_NO_INTERRUPT) {
+                if (b_last_instr->i_target == b->b_next) {
+                    assert(b->b_next->b_iused);
+                    b->b_nofallthrough = 0;
+                    b_last_instr->i_opcode = NOP;
+                    removed++;
+                }
+            }
+        }
+    }
+    if (removed) {
+        eliminate_empty_basic_blocks(entry);
+    }
+}
+
 static PyCodeObject *
 assemble(struct compiler *c, int addNone)
 {
@@ -8286,6 +8359,9 @@ assemble(struct compiler *c, int addNone)
     PyCodeObject *co = NULL;
     PyObject *consts = NULL;
 
+    /* Check that ENTER_COLD/EXIT_COLD calls are balanced */
+    assert(COLD_VALUE(c) == 0);
+
     /* Make sure every block that falls off the end returns None. */
     if (!c->u->u_curblock->b_return) {
         UNSET_LOC(c);
@@ -8387,6 +8463,11 @@ assemble(struct compiler *c, int addNone)
         goto error;
     }
     convert_exception_handlers_to_nops(entryblock);
+
+    push_cold_blocks_to_end(entryblock);
+
+    remove_redundant_jumps(entryblock);
+
     for (basicblock *b = a.a_entry; b != NULL; b = b->b_next) {
         clean_basic_block(b);
     }
@@ -9223,30 +9304,8 @@ optimize_cfg(struct compiler *c, struct assembler *a, PyObject *consts)
     for (basicblock *b = a->a_entry; b != NULL; b = b->b_next) {
         clean_basic_block(b);
     }
-    /* Delete jump instructions made redundant by previous step. If a non-empty
-       block ends with a jump instruction, check if the next non-empty block
-       reached through normal flow control is the target of that jump. If it
-       is, then the jump instruction is redundant and can be deleted.
-    */
-    int maybe_empty_blocks = 0;
-    for (basicblock *b = a->a_entry; b != NULL; b = b->b_next) {
-        if (b->b_iused > 0) {
-            struct instr *b_last_instr = &b->b_instr[b->b_iused - 1];
-            assert(!IS_ASSEMBLER_OPCODE(b_last_instr->i_opcode));
-            if (b_last_instr->i_opcode == JUMP ||
-                b_last_instr->i_opcode == JUMP_NO_INTERRUPT) {
-                if (b_last_instr->i_target == b->b_next) {
-                    assert(b->b_next->b_iused);
-                    b->b_nofallthrough = 0;
-                    b_last_instr->i_opcode = NOP;
-                    maybe_empty_blocks = 1;
-                }
-            }
-        }
-    }
-    if (maybe_empty_blocks) {
-        eliminate_empty_basic_blocks(a->a_entry);
-    }
+    /* Delete jump instructions made redundant by previous step. */
+    remove_redundant_jumps(a->a_entry);
     return 0;
 }