diff --git a/src/Bundle.js b/src/Bundle.js
index 86e5a77..eb61c75 100644
--- a/src/Bundle.js
+++ b/src/Bundle.js
@@ -394,8 +394,17 @@ export default class Bundle {
 
 			return `var ${module.replacements['*']} = {\n` +
 				exportKeys.map( key => {
-					let localName = module.exports[ key ].localName;
-					localName = module.replacements[ localName ] || localName;
+					let actualModule = module;
+					let exportDeclaration = module.exports[ key ];
+
+					// special case - `export { default as foo } from './foo'`
+					while ( exportDeclaration.linkedImport ) {
+						actualModule = exportDeclaration.linkedImport.module;
+						exportDeclaration = actualModule.exports[ exportDeclaration.linkedImport.name ];
+					}
+
+					let localName = exportDeclaration.localName;
+					localName = actualModule.replacements[ localName ] || localName;
 					return `${indentString}get ${key} () { return ${localName}; }`; // TODO...
 				}).join( ',\n' ) +
 			`\n};\n\n`;
diff --git a/src/Module.js b/src/Module.js
index bbaa219..fb74103 100644
--- a/src/Module.js
+++ b/src/Module.js
@@ -108,11 +108,6 @@ export default class Module {
 					const localName = specifier.local.name;
 					const exportedName = specifier.exported.name;
 
-					this.exports[ exportedName ] = {
-						localName,
-						exportedName
-					};
-
 					// export { foo } from './foo';
 					if ( source ) {
 						this.imports[ localName ] = {
@@ -121,6 +116,12 @@ export default class Module {
 							name: localName
 						};
 					}
+
+					this.exports[ exportedName ] = {
+						localName,
+						exportedName,
+						linkedImport: source ? this.imports[ localName ] : null
+					};
 				});
 			}
 
@@ -350,7 +351,7 @@ export default class Module {
 							this.bundle.internalNamespaceModules.push( module );
 						}
 
-						return module.markAllStatements();
+						return module.markAllExportStatements();
 					}
 
 					const exportDeclaration = module.exports[ importDeclaration.name ];
@@ -467,6 +468,14 @@ export default class Module {
 		});
 	}
 
+	markAllExportStatements () {
+		return sequence( this.statements, statement => {
+			return statement.isExportDeclaration ?
+				statement.mark() :
+				null;
+		});
+	}
+
 	// TODO rename this to parse, once https://github.com/rollup/rollup/issues/42 is fixed
 	_parse ( ast ) {
 		// The ast can be supplied programmatically (but usually won't be)