diff --git a/drivers/net/bonding/bond_main.c b/drivers/net/bonding/bond_main.c
index 062fa7e3af4c267f68aa52cfeaa762994459cc41..407f4095a37a9d56a4615dac03c6e5efbd53ffb7 100644
--- a/drivers/net/bonding/bond_main.c
+++ b/drivers/net/bonding/bond_main.c
@@ -3122,13 +3122,18 @@ static int bond_slave_netdev_event(unsigned long event,
 	case NETDEV_CHANGE:
 		/* For 802.3ad mode only:
 		 * Getting invalid Speed/Duplex values here will put slave
-		 * in weird state. So mark it as link-fail for the time
-		 * being and let link-monitoring (miimon) set it right when
-		 * correct speeds/duplex are available.
+		 * in weird state. Mark it as link-fail if the link was
+		 * previously up or link-down if it hasn't yet come up, and
+		 * let link-monitoring (miimon) set it right when correct
+		 * speeds/duplex are available.
 		 */
 		if (bond_update_speed_duplex(slave) &&
-		    BOND_MODE(bond) == BOND_MODE_8023AD)
-			slave->link = BOND_LINK_FAIL;
+		    BOND_MODE(bond) == BOND_MODE_8023AD) {
+			if (slave->last_link_up)
+				slave->link = BOND_LINK_FAIL;
+			else
+				slave->link = BOND_LINK_DOWN;
+		}
 
 		if (BOND_MODE(bond) == BOND_MODE_8023AD)
 			bond_3ad_adapter_speed_duplex_changed(slave);