diff --git a/src/coreclr/jit/valuenum.cpp b/src/coreclr/jit/valuenum.cpp
index e82d187d5e889..a5639e536a7e4 100644
--- a/src/coreclr/jit/valuenum.cpp
+++ b/src/coreclr/jit/valuenum.cpp
@@ -8846,20 +8846,31 @@ void Compiler::fgValueNumberTree(GenTree* tree)
                 // If this is a (full or partial) def we skip; it will be handled as part of the assignment.
                 if ((lclFld->gtFlags & GTF_VAR_DEF) == 0)
                 {
-                    unsigned lclNum = lclFld->GetLclNum();
+                    unsigned   lclNum = lclFld->GetLclNum();
+                    LclVarDsc* varDsc = lvaGetDesc(lclNum);
 
-                    if (!lclFld->HasSsaName())
+                    if (lclFld->HasSsaName())
                     {
-                        lclFld->gtVNPair.SetBoth(vnStore->VNForExpr(compCurBB, lclFld->TypeGet()));
-                    }
-                    else
-                    {
-                        LclVarDsc*   varDsc      = lvaGetDesc(lclNum);
                         ValueNumPair lclVarValue = varDsc->GetPerSsaData(lclFld->GetSsaNum())->m_vnPair;
                         lclFld->gtVNPair =
                             vnStore->VNPairForLoad(lclVarValue, lvaLclExactSize(lclNum), lclFld->TypeGet(),
                                                    lclFld->GetLclOffs(), lclFld->GetSize());
                     }
+                    else if (varDsc->IsAddressExposed())
+                    {
+                        // Address-exposed locals are part of ByrefExposed.
+                        ValueNum addrVN = vnStore->VNForFunc(TYP_BYREF, VNF_PtrToLoc, vnStore->VNForIntCon(lclNum),
+                                                             vnStore->VNForIntPtrCon(lclFld->GetLclOffs()));
+                        ValueNum loadVN = fgValueNumberByrefExposedLoad(lclFld->TypeGet(), addrVN);
+
+                        lclFld->gtVNPair.SetLiberal(loadVN);
+                        lclFld->gtVNPair.SetConservative(vnStore->VNForExpr(compCurBB, lclFld->TypeGet()));
+                    }
+                    else
+                    {
+                        // An untracked local, and other odd cases.
+                        lclFld->gtVNPair.SetBoth(vnStore->VNForExpr(compCurBB, lclFld->TypeGet()));
+                    }
                 }
                 else
                 {