diff --git a/project.py b/project.py
index 7ba1b38..6252bd6 100644
--- a/project.py
+++ b/project.py
@@ -1167,6 +1167,13 @@ class Project(object):
 
   def CheckoutBranch(self, name):
     """Checkout a local topic branch.
+
+        Args:
+          name: The name of the branch to checkout.
+
+        Returns:
+          True if the checkout succeeded; False if it didn't; None if the branch
+          didn't exist.
     """
     rev = R_HEADS + name
     head = self.work_git.GetHead()
@@ -1181,7 +1188,7 @@ class Project(object):
     except KeyError:
       # Branch does not exist in this project
       #
-      return False
+      return None
 
     if head.startswith(R_HEADS):
       try:
diff --git a/subcmds/checkout.py b/subcmds/checkout.py
index 4198acd..533d20e 100644
--- a/subcmds/checkout.py
+++ b/subcmds/checkout.py
@@ -38,21 +38,27 @@ The command is equivalent to:
 
     nb = args[0]
     err = []
+    success = []
     all = self.GetProjects(args[1:])
 
     pm = Progress('Checkout %s' % nb, len(all))
     for project in all:
       pm.update()
-      if not project.CheckoutBranch(nb):
-        err.append(project)
+
+      status = project.CheckoutBranch(nb)
+      if status is not None:
+        if status:
+          success.append(project)
+        else:
+          err.append(project)
     pm.end()
 
     if err:
-      if len(err) == len(all):
-        print >>sys.stderr, 'error: no project has branch %s' % nb
-      else:
-        for p in err:
-          print >>sys.stderr,\
-            "error: %s/: cannot checkout %s" \
-            % (p.relpath, nb)
+      for p in err:
+        print >>sys.stderr,\
+          "error: %s/: cannot checkout %s" \
+          % (p.relpath, nb)
+      sys.exit(1)
+    elif not success:
+      print >>sys.stderr, 'error: no project has branch %s' % nb
       sys.exit(1)