diff --git "a/win32ss/gdi/ntgdi/freetype.c" "b/win32ss/gdi/ntgdi/freetype.c"
index 80b95b9bb31..a38221d2d37 100644
--- "a/win32ss/gdi/ntgdi/freetype.c"
+++ "b/win32ss/gdi/ntgdi/freetype.c"
@@ -5225,6 +5225,9 @@ TextIntRealizeFont(HFONT FontHandle, PTEXTOBJ pTextObj)
     DPRINT("Font '%S,%u' is substituted by: ", pLogFont->lfFaceName, pLogFont->lfCharSet);
     SubstituteFontRecurse(&SubstitutedLogFont);
     DPRINT("'%S,%u'.\n", SubstitutedLogFont.lfFaceName, SubstitutedLogFont.lfCharSet);
+    /* Handle at least two levels of indirection in Font Substitutes. */
+    SubstituteFontRecurse(&SubstitutedLogFont);
+    DPRINT("'%S,%u'.\n", SubstitutedLogFont.lfFaceName, SubstitutedLogFont.lfCharSet);
 
     MatchPenalty = 0xFFFFFFFF;
     TextObj->Font = NULL;