diff --git a/include/boost/core/exchange.hpp b/include/boost/core/exchange.hpp
index 89d95fe..5c6469c 100644
--- a/include/boost/core/exchange.hpp
+++ b/include/boost/core/exchange.hpp
@@ -32,7 +32,8 @@ inline T exchange(T& t, const typename detail::exchange_type<T>::type& u)
     t = u;
     return v;
 }
-#elif BOOST_WORKAROUND(BOOST_MSVC, < 1800)
+#else
+#if BOOST_WORKAROUND(BOOST_MSVC, < 1800)
 template<class T>
 inline T exchange(T& t, const typename detail::exchange_type<T>::type& u)
 {
@@ -57,6 +58,7 @@ BOOST_CXX14_CONSTEXPR inline T exchange(T& t, U&& u)
     return v;
 }
 #endif
+#endif
 
 } /* boost */