diff --git a/Include/internal/pycore_crossinterp.h b/Include/internal/pycore_crossinterp.h
index ce95979f8d343b..414e32b5155f62 100644
--- a/Include/internal/pycore_crossinterp.h
+++ b/Include/internal/pycore_crossinterp.h
@@ -188,6 +188,8 @@ typedef struct _excinfo {
         const char *module;
     } type;
     const char *msg;
+    const char *pickled;
+    Py_ssize_t pickled_len;
 } _PyXI_excinfo;
 
 
diff --git a/Lib/test/support/interpreters/__init__.py b/Lib/test/support/interpreters/__init__.py
index 9cd1c3de0274d2..d619bea3e32f5d 100644
--- a/Lib/test/support/interpreters/__init__.py
+++ b/Lib/test/support/interpreters/__init__.py
@@ -34,17 +34,36 @@ def __getattr__(name):
         raise AttributeError(name)
 
 
+_EXEC_FAILURE_STR = """
+{superstr}
+
+Uncaught in the interpreter:
+
+{formatted}
+""".strip()
+
 class ExecFailure(RuntimeError):
 
     def __init__(self, excinfo):
         msg = excinfo.formatted
         if not msg:
-            if excinfo.type and snapshot.msg:
-                msg = f'{snapshot.type.__name__}: {snapshot.msg}'
+            if excinfo.type and excinfo.msg:
+                msg = f'{excinfo.type.__name__}: {excinfo.msg}'
             else:
-                msg = snapshot.type.__name__ or snapshot.msg
+                msg = excinfo.type.__name__ or excinfo.msg
         super().__init__(msg)
-        self.snapshot = excinfo
+        self.excinfo = excinfo
+
+    def __str__(self):
+        try:
+            formatted = ''.join(self.excinfo.tbexc.format()).rstrip()
+        except Exception:
+            return super().__str__()
+        else:
+            return _EXEC_FAILURE_STR.format(
+                superstr=super().__str__(),
+                formatted=formatted,
+            )
 
 
 def create():
diff --git a/Lib/test/test_interpreters/test_api.py b/Lib/test/test_interpreters/test_api.py
index b702338c3de1ad..aefd326977095f 100644
--- a/Lib/test/test_interpreters/test_api.py
+++ b/Lib/test/test_interpreters/test_api.py
@@ -525,6 +525,54 @@ def test_failure(self):
         with self.assertRaises(interpreters.ExecFailure):
             interp.exec_sync('raise Exception')
 
+    def test_display_preserved_exception(self):
+        tempdir = self.temp_dir()
+        modfile = self.make_module('spam', tempdir, text="""
+            def ham():
+                raise RuntimeError('uh-oh!')
+
+            def eggs():
+                ham()
+            """)
+        scriptfile = self.make_script('script.py', tempdir, text="""
+            from test.support import interpreters
+
+            def script():
+                import spam
+                spam.eggs()
+
+            interp = interpreters.create()
+            interp.exec_sync(script)
+            """)
+
+        stdout, stderr = self.assert_python_failure(scriptfile)
+        self.maxDiff = None
+        interpmod_line, = (l for l in stderr.splitlines() if ' exec_sync' in l)
+        #      File "{interpreters.__file__}", line 179, in exec_sync
+        self.assertEqual(stderr, dedent(f"""\
+            Traceback (most recent call last):
+              File "{scriptfile}", line 9, in <module>
+                interp.exec_sync(script)
+                ~~~~~~~~~~~~~~~~^^^^^^^^
+              {interpmod_line.strip()}
+                raise ExecFailure(excinfo)
+            test.support.interpreters.ExecFailure: RuntimeError: uh-oh!
+
+            Uncaught in the interpreter:
+
+            Traceback (most recent call last):
+              File "{scriptfile}", line 6, in script
+                spam.eggs()
+                ~~~~~~~~~^^
+              File "{modfile}", line 6, in eggs
+                ham()
+                ~~~^^
+              File "{modfile}", line 3, in ham
+                raise RuntimeError('uh-oh!')
+            RuntimeError: uh-oh!
+            """))
+        self.assertEqual(stdout, '')
+
     def test_in_thread(self):
         interp = interpreters.create()
         script, file = _captured_script('print("it worked!", end="")')
diff --git a/Lib/test/test_interpreters/utils.py b/Lib/test/test_interpreters/utils.py
index 11b6f126dff0f4..3a37ed09dd8943 100644
--- a/Lib/test/test_interpreters/utils.py
+++ b/Lib/test/test_interpreters/utils.py
@@ -1,9 +1,16 @@
 import contextlib
 import os
+import os.path
+import subprocess
+import sys
+import tempfile
 import threading
 from textwrap import dedent
 import unittest
 
+from test import support
+from test.support import os_helper
+
 from test.support import interpreters
 
 
@@ -71,5 +78,70 @@ def ensure_closed(fd):
         self.addCleanup(lambda: ensure_closed(w))
         return r, w
 
+    def temp_dir(self):
+        tempdir = tempfile.mkdtemp()
+        tempdir = os.path.realpath(tempdir)
+        self.addCleanup(lambda: os_helper.rmtree(tempdir))
+        return tempdir
+
+    def make_script(self, filename, dirname=None, text=None):
+        if text:
+            text = dedent(text)
+        if dirname is None:
+            dirname = self.temp_dir()
+        filename = os.path.join(dirname, filename)
+
+        os.makedirs(os.path.dirname(filename), exist_ok=True)
+        with open(filename, 'w', encoding='utf-8') as outfile:
+            outfile.write(text or '')
+        return filename
+
+    def make_module(self, name, pathentry=None, text=None):
+        if text:
+            text = dedent(text)
+        if pathentry is None:
+            pathentry = self.temp_dir()
+        else:
+            os.makedirs(pathentry, exist_ok=True)
+        *subnames, basename = name.split('.')
+
+        dirname = pathentry
+        for subname in subnames:
+            dirname = os.path.join(dirname, subname)
+            if os.path.isdir(dirname):
+                pass
+            elif os.path.exists(dirname):
+                raise Exception(dirname)
+            else:
+                os.mkdir(dirname)
+            initfile = os.path.join(dirname, '__init__.py')
+            if not os.path.exists(initfile):
+                with open(initfile, 'w'):
+                    pass
+        filename = os.path.join(dirname, basename + '.py')
+
+        with open(filename, 'w', encoding='utf-8') as outfile:
+            outfile.write(text or '')
+        return filename
+
+    @support.requires_subprocess()
+    def run_python(self, *argv):
+        proc = subprocess.run(
+            [sys.executable, *argv],
+            capture_output=True,
+            text=True,
+        )
+        return proc.returncode, proc.stdout, proc.stderr
+
+    def assert_python_ok(self, *argv):
+        exitcode, stdout, stderr = self.run_python(*argv)
+        self.assertNotEqual(exitcode, 1)
+        return stdout, stderr
+
+    def assert_python_failure(self, *argv):
+        exitcode, stdout, stderr = self.run_python(*argv)
+        self.assertNotEqual(exitcode, 0)
+        return stdout, stderr
+
     def tearDown(self):
         clean_up_interpreters()
diff --git a/Python/crossinterp.c b/Python/crossinterp.c
index a31b5ef4613dbd..edd61cf99f3f52 100644
--- a/Python/crossinterp.c
+++ b/Python/crossinterp.c
@@ -944,6 +944,26 @@ _xidregistry_fini(struct _xidregistry *registry)
 /* convenience utilities */
 /*************************/
 
+static const char *
+_copy_raw_string(const char *str, Py_ssize_t len)
+{
+    size_t size = len + 1;
+    if (len <= 0) {
+        size = strlen(str) + 1;
+    }
+    char *copied = PyMem_RawMalloc(size);
+    if (copied == NULL) {
+        return NULL;
+    }
+    if (len <= 0) {
+        strcpy(copied, str);
+    }
+    else {
+        memcpy(copied, str, size);
+    }
+    return copied;
+}
+
 static const char *
 _copy_string_obj_raw(PyObject *strobj)
 {
@@ -961,6 +981,80 @@ _copy_string_obj_raw(PyObject *strobj)
     return copied;
 }
 
+
+static int
+_pickle_object(PyObject *obj, const char **p_pickled, Py_ssize_t *p_len)
+{
+    assert(!PyErr_Occurred());
+    PyObject *picklemod = PyImport_ImportModule("_pickle");
+    if (picklemod == NULL) {
+        PyErr_Clear();
+        picklemod = PyImport_ImportModule("pickle");
+        if (picklemod == NULL) {
+            return -1;
+        }
+    }
+    PyObject *dumps = PyObject_GetAttrString(picklemod, "dumps");
+    Py_DECREF(picklemod);
+    if (dumps == NULL) {
+        return -1;
+    }
+    PyObject *pickledobj = PyObject_CallOneArg(dumps, obj);
+    Py_DECREF(dumps);
+    if (pickledobj == NULL) {
+        return -1;
+    }
+
+    char *pickled = NULL;
+    Py_ssize_t len = 0;
+    if (PyBytes_AsStringAndSize(pickledobj, &pickled, &len) < 0) {
+        Py_DECREF(pickledobj);
+        return -1;
+    }
+    const char *copied = _copy_raw_string(pickled, len);
+    Py_DECREF(pickledobj);
+    if (copied == NULL) {
+        return -1;
+    }
+
+    *p_pickled = copied;
+    *p_len = len;
+    return 0;
+}
+
+static int
+_unpickle_object(const char *pickled, Py_ssize_t size, PyObject **p_obj)
+{
+    assert(!PyErr_Occurred());
+    PyObject *picklemod = PyImport_ImportModule("_pickle");
+    if (picklemod == NULL) {
+        PyErr_Clear();
+        picklemod = PyImport_ImportModule("pickle");
+        if (picklemod == NULL) {
+            return -1;
+        }
+    }
+    PyObject *loads = PyObject_GetAttrString(picklemod, "loads");
+    Py_DECREF(picklemod);
+    if (loads == NULL) {
+        return -1;
+    }
+    PyObject *pickledobj = PyBytes_FromStringAndSize(pickled, size);
+    if (pickledobj == NULL) {
+        Py_DECREF(loads);
+        return -1;
+    }
+    PyObject *obj = PyObject_CallOneArg(loads, pickledobj);
+    Py_DECREF(loads);
+    Py_DECREF(pickledobj);
+    if (obj == NULL) {
+        return -1;
+    }
+    *p_obj = obj;
+    return 0;
+}
+
+
 static int
 _release_xid_data(_PyCrossInterpreterData *data, int rawfree)
 {
@@ -1094,6 +1188,9 @@ _PyXI_excinfo_Clear(_PyXI_excinfo *info)
     if (info->msg != NULL) {
         PyMem_RawFree((void *)info->msg);
     }
+    if (info->pickled != NULL) {
+        PyMem_RawFree((void *)info->pickled);
+    }
     *info = (_PyXI_excinfo){{NULL}};
 }
 
@@ -1129,6 +1226,63 @@ _PyXI_excinfo_format(_PyXI_excinfo *info)
     }
 }
 
+static int
+_convert_exc_to_TracebackException(PyObject *exc, PyObject **p_tbexc)
+{
+    PyObject *args = NULL;
+    PyObject *kwargs = NULL;
+    PyObject *create = NULL;
+
+    // This is inspired by _PyErr_Display().
+    PyObject *tbmod = PyImport_ImportModule("traceback");
+    if (tbmod == NULL) {
+        return -1;
+    }
+    PyObject *tbexc_type = PyObject_GetAttrString(tbmod, "TracebackException");
+    Py_DECREF(tbmod);
+    if (tbexc_type == NULL) {
+        return -1;
+    }
+    create = PyObject_GetAttrString(tbexc_type, "from_exception");
+    Py_DECREF(tbexc_type);
+    if (create == NULL) {
+        return -1;
+    }
+
+    args = PyTuple_Pack(1, exc);
+    if (args == NULL) {
+        goto error;
+    }
+
+    kwargs = PyDict_New();
+    if (kwargs == NULL) {
+        goto error;
+    }
+    if (PyDict_SetItemString(kwargs, "save_exc_type", Py_False) < 0) {
+        goto error;
+    }
+    if (PyDict_SetItemString(kwargs, "lookup_lines", Py_False) < 0) {
+        goto error;
+    }
+
+    PyObject *tbexc = PyObject_Call(create, args, kwargs);
+    Py_DECREF(args);
+    Py_DECREF(kwargs);
+    Py_DECREF(create);
+    if (tbexc == NULL) {
+        goto error;
+    }
+
+    *p_tbexc = tbexc;
+    return 0;
+
+error:
+    Py_XDECREF(args);
+    Py_XDECREF(kwargs);
+    Py_XDECREF(create);
+    return -1;
+}
+
 static const char *
 _PyXI_excinfo_InitFromException(_PyXI_excinfo *info, PyObject *exc)
 {
@@ -1158,6 +1312,24 @@ _PyXI_excinfo_InitFromException(_PyXI_excinfo *info, PyObject *exc)
         goto error;
     }
 
+    // Pickle a traceback.TracebackException.
+    PyObject *tbexc = NULL;
+    if (_convert_exc_to_TracebackException(exc, &tbexc) < 0) {
+#ifdef Py_DEBUG
+        PyErr_FormatUnraisable("Exception ignored while creating TracebackException");
+#endif
+        PyErr_Clear();
+    }
+    else {
+        if (_pickle_object(tbexc, &info->pickled, &info->pickled_len) < 0) {
+#ifdef Py_DEBUG
+            PyErr_FormatUnraisable("Exception ignored while pickling TracebackException");
+#endif
+            PyErr_Clear();
+        }
+        Py_DECREF(tbexc);
+    }
+
     return NULL;
 
 error:
@@ -1169,9 +1341,28 @@ _PyXI_excinfo_InitFromException(_PyXI_excinfo *info, PyObject *exc)
 static void
 _PyXI_excinfo_Apply(_PyXI_excinfo *info, PyObject *exctype)
 {
+    PyObject *tbexc = NULL;
+    if (info->pickled != NULL) {
+        if (_unpickle_object(info->pickled, info->pickled_len, &tbexc) < 0) {
+            PyErr_Clear();
+        }
+    }
+
     PyObject *formatted = _PyXI_excinfo_format(info);
     PyErr_SetObject(exctype, formatted);
     Py_DECREF(formatted);
+
+    if (tbexc != NULL) {
+        PyObject *exc = PyErr_GetRaisedException();
+        if (PyObject_SetAttrString(exc, "_tbexc", tbexc) < 0) {
+#ifdef Py_DEBUG
+            PyErr_FormatUnraisable("Exception ignored when setting _tbexc");
+#endif
+            PyErr_Clear();
+        }
+        Py_DECREF(tbexc);
+        PyErr_SetRaisedException(exc);
+    }
 }
 
 static PyObject *
@@ -1277,6 +1468,20 @@ _PyXI_excinfo_AsObject(_PyXI_excinfo *info)
         goto error;
     }
 
+    if (info->pickled != NULL) {
+        PyObject *tbexc = NULL;
+        if (_unpickle_object(info->pickled, info->pickled_len, &tbexc) < 0) {
+            PyErr_Clear();
+        }
+        else {
+            res = PyObject_SetAttrString(ns, "tbexc", tbexc);
+            Py_DECREF(tbexc);
+            if (res < 0) {
+                goto error;
+            }
+        }
+    }
+
     return ns;
 
 error:
@@ -1983,6 +2188,7 @@ _capture_current_exception(_PyXI_session *session)
     }
     else {
         failure = _PyXI_InitError(err, excval, _PyXI_ERR_UNCAUGHT_EXCEPTION);
+        Py_DECREF(excval);
         if (failure == NULL && override != NULL) {
             err->code = errcode;
         }
@@ -1997,18 +2203,6 @@ _capture_current_exception(_PyXI_session *session)
         err = NULL;
     }
 
-    // a temporary hack  (famous last words)
-    if (excval != NULL) {
-        // XXX Store the traceback info (or rendered traceback) on
-        // _PyXI_excinfo, attach it to the exception when applied,
-        // and teach PyErr_Display() to print it.
-#ifdef Py_DEBUG
-        // XXX Drop this once _Py_excinfo picks up the slack.
-        PyErr_Display(NULL, excval, NULL);
-#endif
-        Py_DECREF(excval);
-    }
-
     // Finished!
     assert(!PyErr_Occurred());
     session->error  = err;