gistfile1.py

import sys
class TestContext(object):
    def __init__(self):
        self.entered = False
        self.exited = False

    def __enter__(self):
        self.entered = True
    def __exit__(self, exc_type, exc_value, tb):
        self.exited = True
        sys.exc_clear()
        print "In __exit__", sys.exc_info()

c = TestContext()
try:
    with c:
        raise Exception('dummy')
except:
    pass

# prints True
print c.entered
# prints True
print c.exited
print "At the end: ", sys.exc_info()

# Output:
# In __exit__ (None, None, None)
# True
# True
# At the end:  (<type 'exceptions.Exception'>, Exception('dummy',), <traceback object at 0x1c053b0>)