diff --git a/tsdb/exemplar.go b/tsdb/exemplar.go
index b58976c911..71589cf21e 100644
--- a/tsdb/exemplar.go
+++ b/tsdb/exemplar.go
@@ -327,7 +327,8 @@ func (ce *CircularExemplarStorage) grow(l int64) int {
 		{from: ce.nextIndex, to: oldSize},
 		{from: 0, to: ce.nextIndex},
 	}
-	ce.nextIndex = copyExemplarRanges(ce.index, newSlice, ce.exemplars, ranges)
+	totalCopied, _ := copyExemplarRanges(ce.index, newSlice, ce.exemplars, ranges)
+	ce.nextIndex = totalCopied
 	ce.exemplars = newSlice
 	return oldSize
 }
@@ -353,6 +354,7 @@ func (ce *CircularExemplarStorage) shrink(l int64) (migrated int) {
 
 	newSlice := make([]circularBufferEntry, int(l))
 
+	var totalCopied int
 	switch {
 	case deleteStart == deleteEnd:
 		// The entire buffer was cleared (shrink to zero). Note that we don't have to
@@ -363,18 +365,18 @@ func (ce *CircularExemplarStorage) shrink(l int64) (migrated int) {
 		return 0
 	case deleteStart < deleteEnd:
 		// We delete an "inner" section of the circular buffer.
-		migrated = copyExemplarRanges(ce.index, newSlice, ce.exemplars, []intRange{
+		totalCopied, migrated = copyExemplarRanges(ce.index, newSlice, ce.exemplars, []intRange{
 			{from: deleteEnd, to: oldSize},
 			{from: 0, to: deleteStart},
 		})
 	case deleteStart > deleteEnd:
 		// We keep an "inner" section of the circular buffer.
-		migrated = copyExemplarRanges(ce.index, newSlice, ce.exemplars, []intRange{
+		totalCopied, migrated = copyExemplarRanges(ce.index, newSlice, ce.exemplars, []intRange{
 			{from: deleteEnd, to: deleteStart},
 		})
 	}
 
-	ce.nextIndex = migrated % int(l)
+	ce.nextIndex = totalCopied % int(l)
 	ce.exemplars = newSlice
 	return migrated
 }
@@ -582,20 +584,21 @@ func (e intRange) contains(i int) bool {
 }
 
 // copyExemplarRanges copies non-overlapping ranges from src into dest and
-// adjusts list pointers in dest and index accordingly. Returns the number of
-// copied items.
+// adjusts list pointers in dest and index accordingly. Returns the total
+// number of slots copied (for nextIndex) and the number of non-empty entries
+// migrated.
 func copyExemplarRanges(
 	index map[string]*indexEntry,
 	dest, src []circularBufferEntry,
 	ranges []intRange,
-) int {
+) (totalCopied, migratedEntries int) {
 	offsets := make([]int, len(ranges))
 	n := 0
 	for i, rng := range ranges {
 		offsets[i] = n - rng.from
 		n += copy(dest[n:], src[rng.from:rng.to])
 	}
-	migratedEntries := n
+	migratedEntries = n
 	for di := range n {
 		e := &dest[di]
 		if e.ref == nil {
@@ -631,5 +634,5 @@ func copyExemplarRanges(
 			}
 		}
 	}
-	return migratedEntries
+	return n, migratedEntries
 }
diff --git a/tsdb/exemplar_test.go b/tsdb/exemplar_test.go
index 01ffeb9541..6ecba25489 100644
--- a/tsdb/exemplar_test.go
+++ b/tsdb/exemplar_test.go
@@ -390,7 +390,7 @@ func TestCircularExemplarStorage_Resize(t *testing.T) {
 				{Labels: series1, Value: 0.1, Ts: 1},
 				{Labels: series1, Value: 0.2, Ts: 2},
 			},
-			wantNextIndex: 2,
+			wantNextIndex: 3,
 		},
 		{
 			name: "in-order, shrink",
@@ -431,7 +431,7 @@ func TestCircularExemplarStorage_Resize(t *testing.T) {
 				{Labels: series1, Value: 0.2, Ts: 2},
 				{Labels: series1, Value: 0.3, Ts: 3},
 			},
-			wantNextIndex: 2,
+			wantNextIndex: 3,
 		},
 		{
 			name: "duplicate timestamps",
@@ -452,7 +452,7 @@ func TestCircularExemplarStorage_Resize(t *testing.T) {
 			exemplars:     []exemplar.Exemplar{},
 			resize:        10,
 			wantExemplars: []exemplar.Exemplar{},
-			wantNextIndex: 0,
+			wantNextIndex: 3,
 		},
 		{
 			name:          "empty input, shrink",
@@ -507,7 +507,7 @@ func TestCircularExemplarStorage_Resize(t *testing.T) {
 			wantExemplars: []exemplar.Exemplar{
 				{Labels: series1, Value: 0.1, Ts: 1},
 			},
-			wantNextIndex: 1,
+			wantNextIndex: 0,
 		},
 	}
 
@@ -660,6 +660,47 @@ func TestCircularExemplarStorage_Resize(t *testing.T) {
 				{Labels: series1, Value: 0.6, Ts: 6},
 			},
 		},
+		{
+			name: "grow non-full buffer then add entries",
+			addExemplars1: []exemplar.Exemplar{
+				{Labels: series1, Value: 0.1, Ts: 1},
+				{Labels: series1, Value: 0.2, Ts: 2},
+			},
+			resize1: 10,
+			wantExemplars1: []exemplar.Exemplar{
+				{Labels: series1, Value: 0.1, Ts: 1},
+				{Labels: series1, Value: 0.2, Ts: 2},
+			},
+			resize2: 10,
+			addExemplars2: []exemplar.Exemplar{
+				{Labels: series1, Value: 0.3, Ts: 3},
+				{Labels: series1, Value: 0.4, Ts: 4},
+			},
+			wantExemplars2: []exemplar.Exemplar{
+				{Labels: series1, Value: 0.1, Ts: 1},
+				{Labels: series1, Value: 0.2, Ts: 2},
+				{Labels: series1, Value: 0.3, Ts: 3},
+				{Labels: series1, Value: 0.4, Ts: 4},
+			},
+		},
+		{
+			name: "shrink non-full buffer then add entries",
+			addExemplars1: []exemplar.Exemplar{
+				{Labels: series1, Value: 0.1, Ts: 1},
+			},
+			resize1: 2,
+			wantExemplars1: []exemplar.Exemplar{
+				{Labels: series1, Value: 0.1, Ts: 1},
+			},
+			resize2: 2,
+			addExemplars2: []exemplar.Exemplar{
+				{Labels: series1, Value: 0.2, Ts: 2},
+			},
+			wantExemplars2: []exemplar.Exemplar{
+				{Labels: series1, Value: 0.1, Ts: 1},
+				{Labels: series1, Value: 0.2, Ts: 2},
+			},
+		},
 	}
 
 	for _, tc := range resizeTwiceCases {