diff --git a/pylib/gyp/MSVSUtil.py b/pylib/gyp/MSVSUtil.py
index 62e8d26..fbf3ed2 100644
--- a/pylib/gyp/MSVSUtil.py
+++ b/pylib/gyp/MSVSUtil.py
@@ -109,15 +109,16 @@
       new_target_dicts[t] = target_dicts[t]
   # Shard dependencies.
   for t in new_target_dicts:
-    dependencies = copy.copy(new_target_dicts[t].get('dependencies', []))
-    new_dependencies = []
-    for d in dependencies:
-      if d in targets_to_shard:
-        for i in range(targets_to_shard[d]):
-          new_dependencies.append(_ShardName(d, i))
-      else:
-        new_dependencies.append(d)
-    new_target_dicts[t]['dependencies'] = new_dependencies
+    for deptype in ('dependencies', 'dependencies_original'):
+      dependencies = copy.copy(new_target_dicts[t].get(deptype, []))
+      new_dependencies = []
+      for d in dependencies:
+        if d in targets_to_shard:
+          for i in range(targets_to_shard[d]):
+            new_dependencies.append(_ShardName(d, i))
+        else:
+          new_dependencies.append(d)
+      new_target_dicts[t][deptype] = new_dependencies
 
   return (new_target_list, new_target_dicts)
 
@@ -264,4 +265,4 @@
     # Update the original target to depend on the shim target.
     target_dict.setdefault('dependencies', []).append(full_shim_target_name)
 
-  return (target_list, target_dicts)
\ No newline at end of file
+  return (target_list, target_dicts)
diff --git a/test/win/gyptest-link-shard.py b/test/win/gyptest-link-shard.py
index fb9a3cd..9af9328 100644
--- a/test/win/gyptest-link-shard.py
+++ b/test/win/gyptest-link-shard.py
@@ -24,4 +24,7 @@
   test.built_file_must_exist('shard_2.lib', chdir=CHDIR)
   test.built_file_must_exist('shard_3.lib', chdir=CHDIR)
 
+  test.run_gyp('shard_ref.gyp', chdir=CHDIR)
+  test.build('shard_ref.gyp', test.ALL, chdir=CHDIR)
+
   test.pass_test()
diff --git a/test/win/shard/hello.cc b/test/win/shard/hello.cc
new file mode 100644
index 0000000..a9dce62
--- /dev/null
+++ b/test/win/shard/hello.cc
@@ -0,0 +1,7 @@
+// Copyright 2014 Google Inc. All rights reserved.
+// Use of this source code is governed by a BSD-style license that can be
+// found in the LICENSE file.
+
+int main() {
+  return 0;
+}
diff --git a/test/win/shard/shard.gyp b/test/win/shard/shard.gyp
index 0635a75..eac45fc 100644
--- a/test/win/shard/shard.gyp
+++ b/test/win/shard/shard.gyp
@@ -16,5 +16,16 @@
       ],
       'product_dir': '<(PRODUCT_DIR)',
     },
+    {
+      'target_name': 'refs_to_shard',
+      'type': 'executable',
+      'dependencies': [
+        # Make sure references are correctly updated.
+        'shard',
+      ],
+      'sources': [
+        'hello.cc',
+      ],
+    },
   ]
 }
diff --git a/test/win/shard/shard_ref.gyp b/test/win/shard/shard_ref.gyp
new file mode 100644
index 0000000..3ec8d76
--- /dev/null
+++ b/test/win/shard/shard_ref.gyp
@@ -0,0 +1,41 @@
+# Copyright 2014 Google Inc. All rights reserved.
+# Use of this source code is governed by a BSD-style license that can be
+# found in the LICENSE file.
+
+{
+ 'targets': [
+    {
+      'target_name': 'refs_to_shard_external_lib',
+      'type': 'static_library',
+      'dependencies': [
+        # Make sure references in other files are updated correctly.
+        'shard.gyp:shard',
+      ],
+      'sources': [
+        'hello.cc',
+      ],
+    },
+    {
+      'target_name': 'refs_to_shard_external_exe',
+      'type': 'executable',
+      'dependencies': [
+        # Make sure references in other files are updated correctly.
+        'shard.gyp:shard',
+      ],
+      'sources': [
+        'hello.cc',
+      ],
+    },
+    {
+      'target_name': 'refs_to_shard_external_dll',
+      'type': 'shared_library',
+      'dependencies': [
+        # Make sure references in other files are updated correctly.
+        'shard.gyp:shard',
+      ],
+      'sources': [
+        'hello.cc',
+      ],
+    },
+  ]
+}