diff --git a/lib/SILOptimizer/Mandatory/OSLogOptimization.cpp b/lib/SILOptimizer/Mandatory/OSLogOptimization.cpp
index 4d2c1233b3a..5fb7057904c 100644
--- a/lib/SILOptimizer/Mandatory/OSLogOptimization.cpp
+++ b/lib/SILOptimizer/Mandatory/OSLogOptimization.cpp
@@ -631,12 +631,10 @@ static void replaceAllUsesAndFixLifetimes(SILValue foldedVal,
          "cannot constant fold a terminator instruction");
   assert(foldedInst && "constant value does not have a defining instruction");
 
-  // First, replace all uses of originalVal by foldedVal, and then adjust their
-  // lifetimes if necessary.
-  originalVal->replaceAllUsesWith(foldedVal);
-
   if (originalVal->getType().isTrivial(*fun)) {
     assert(foldedVal->getType().isTrivial(*fun));
+    // Just replace originalVal by foldedVal.
+    originalVal->replaceAllUsesWith(foldedVal);
     return;
   }
   assert(!foldedVal->getType().isTrivial(*fun));
@@ -644,12 +642,34 @@ static void replaceAllUsesAndFixLifetimes(SILValue foldedVal,
   if (!fun->hasOwnership()) {
     // In non-ownership SIL, handle only folding of struct_extract instruction,
     // which is the only important instruction that should be folded by this
-    // pass. Note that folding an arbitrary instruction in non-ownership SIL
-    // makes updating reference counts of the original value much harder and
-    // error prone.
+    // pass. The logic used here is not correct in general and overfits a
+    // specific form of SIL. This code should be removed once OSSA is enabled
+    // for this pass.
     // TODO: this code can be safely removed once ownership SIL becomes the
     // default SIL this pass works on.
-    assert(isa<StructExtractInst>(originalInst));
+    assert(isa<StructExtractInst>(originalInst) &&
+           !originalVal->getType().isAddress());
+
+    // First, replace all uses of originalVal by foldedVal, and then adjust
+    // their lifetimes if necessary.
+    originalVal->replaceAllUsesWith(foldedVal);
+
+    unsigned retainCount = 0;
+    unsigned consumeCount = 0;
+    for (Operand *use : foldedVal->getUses()) {
+      SILInstruction *user = use->getUser();
+      if (isa<ReleaseValueInst>(user) || isa<StoreInst>(user))
+        consumeCount++;
+      if (isa<RetainValueInst>(user))
+        retainCount++;
+      // Note that there could other consuming operations but they are not
+      // handled here as this code should be phased out soon.
+    }
+    if (consumeCount > retainCount) {
+      // The original value was at +1 and therefore consumed at the end. Since
+      // the foldedVal is also at +1 there is nothing to be done.
+      return;
+    }
     cleanupAtEndOfLifetime(foldedInst, [&](SILInstruction *lifetimeEndInst) {
       SILBuilderWithScope builder(lifetimeEndInst);
       builder.emitReleaseValue(lifetimeEndInst->getLoc(), foldedVal);
@@ -661,6 +681,7 @@ static void replaceAllUsesAndFixLifetimes(SILValue foldedVal,
          "constant value must have owned ownership kind");
 
   if (originalVal.getOwnershipKind() == ValueOwnershipKind::Owned) {
+    originalVal->replaceAllUsesWith(foldedVal);
     // Destroy originalVal, which is now unused, immediately after its
     // definition. Note that originalVal's destorys are now transferred to
     // foldedVal.
@@ -671,10 +692,20 @@ static void replaceAllUsesAndFixLifetimes(SILValue foldedVal,
     return;
   }
 
-  // Here, originalVal is not owned. Hence, destroy foldedVal at the end of its
+  // Here, originalVal is not owned. Hence, borrow form foldedVal and use the
+  // borrow in place of originalVal. Also, destroy foldedVal at the end of its
   // lifetime.
-  cleanupAtEndOfLifetime(foldedInst, [&](SILInstruction *lifetimeEndInst) {
+  assert(originalVal.getOwnershipKind() == ValueOwnershipKind::Guaranteed);
+
+  SILBuilderWithScope builder(&*std::next(foldedInst->getIterator()));
+  BeginBorrowInst *borrow =
+      builder.createBeginBorrow(foldedInst->getLoc(), foldedVal);
+
+  originalVal->replaceAllUsesWith(borrow);
+
+  cleanupAtEndOfLifetime(borrow, [&](SILInstruction *lifetimeEndInst) {
     SILBuilderWithScope builder(lifetimeEndInst);
+    builder.createEndBorrow(lifetimeEndInst->getLoc(), borrow);
     builder.emitDestroyValueOperation(lifetimeEndInst->getLoc(), foldedVal);
   });
   return;
diff --git a/test/SILOptimizer/OSLogPrototypeCompileTest.sil b/test/SILOptimizer/OSLogPrototypeCompileTest.sil
index cce273c92e1..f15550f479a 100644
--- a/test/SILOptimizer/OSLogPrototypeCompileTest.sil
+++ b/test/SILOptimizer/OSLogPrototypeCompileTest.sil
@@ -59,7 +59,8 @@ bb0:
   return %13 : $()
     // CHECK-NOT: {{%.*}} = struct_extract {{%.*}} : $OSLogInterpolationStub, #OSLogInterpolationStub.formatString
     // CHECK-DAG: [[STRINGUSE:%[0-9]+]] = function_ref @useFormatString
-    // CHECK-DAG: {{%.*}} = apply [[STRINGUSE]]([[STRINGCONST:%[0-9]+]])
+    // CHECK-DAG: {{%.*}} = apply [[STRINGUSE]]([[BORROW:%[0-9]+]])
+    // CHECK-DAG: [[BORROW]] = begin_borrow [[STRINGCONST:%[0-9]+]]
     // CHECK-DAG: [[STRINGCONST]] = apply [[STRINGINIT:%[0-9]+]]([[LIT:%[0-9]+]], {{%.*}}, {{%.*}}, {{%.*}})
     // CHECK-DAG: [[STRINGINIT]] = function_ref @$sSS21_builtinStringLiteral17utf8CodeUnitCount7isASCIISSBp_BwBi1_tcfC
     // CHECK-DAG: [[LIT]] = string_literal utf8 "test message: %lld"
@@ -175,7 +176,8 @@ bb0:
     // CHECK-DAG: [[STRINGUSE:%[0-9]+]] = function_ref @useFormatString
     // CHECK-DAG: {{%.*}} = apply [[STRINGUSE]]([[BORROW:%[0-9]+]])
     // CHECK-DAG: [[BORROW]] = begin_borrow [[COPYVAL:%[0-9]+]]
-    // CHECK-DAG: [[COPYVAL]] = copy_value [[STRINGCONST:%[0-9]+]]
+    // CHECK-DAG: [[COPYVAL]] = copy_value [[BORROW2:%[0-9]+]]
+    // CHECK-DAG: [[BORROW2]] = begin_borrow [[STRINGCONST:%[0-9]+]]
     // CHECK-DAG: [[STRINGCONST]] = apply [[STRINGINIT:%[0-9]+]]([[LIT:%[0-9]+]], {{%.*}}, {{%.*}}, {{%.*}})
     // CHECK-DAG: [[STRINGINIT]] = function_ref @$sSS21_builtinStringLiteral17utf8CodeUnitCount7isASCIISSBp_BwBi1_tcfC
     // CHECK-DAG: [[LIT]] = string_literal utf8 "test message: %lld"
@@ -278,7 +280,7 @@ bb1:
   cond_br %2, bb2, bb3
     // Check release of the folded value of %15.
     // CHECK-LABEL: bb1:
-    // CHECK-NEXT: destroy_value [[STRINGCONST1:%[0-9]+]] : $String
+    // CHECK: destroy_value [[STRINGCONST1:%[0-9]+]] : $String
 
 bb2:
   %12 = apply %9(%11) : $@convention(thin) (@guaranteed String) -> ()
@@ -396,10 +398,10 @@ bb0:
   return %17 : $()
     // CHECK-DAG: [[STRINGUSE:%[0-9]+]] = function_ref @useFormatString
     // CHECK-DAG: {{%.*}} = apply [[STRINGUSE]]([[CONSTCOPY:%[0-9]+]])
-    // CHECK-DAG: [[CONSTCOPY]] = copy_value [[STRINGCONST:%[0-9]+]]
+    // CHECK-DAG: [[CONSTCOPY]] = copy_value [[BORROW:%[0-9]+]]
+    // CHECK-DAG: [[BORROW]] = begin_borrow [[STRINGCONST:%[0-9]+]]
     // CHECK-DAG: [[STRINGCONST]] = apply [[STRINGINIT:%[0-9]+]]([[LIT:%[0-9]+]], {{%.*}}, {{%.*}}, {{%.*}})
     // CHECK-DAG: [[STRINGINIT]] = function_ref @$sSS21_builtinStringLiteral17utf8CodeUnitCount7isASCIISSBp_BwBi1_tcfC
     // CHECK-DAG: [[LIT]] = string_literal utf8 "test message: %lld"
     // CHECK-DAG: destroy_value [[STRINGCONST]] : $String
 }
-