Index: /trunk/source/lib/pathnames.lisp
===================================================================
--- /trunk/source/lib/pathnames.lisp	(revision 15347)
+++ /trunk/source/lib/pathnames.lisp	(revision 15348)
@@ -127,4 +127,5 @@
                            :if-does-not-exist if-does-not-exist
                            :element-type '(unsigned-byte 8))
+        (when (null out) (return-from copy-file nil)) ;; :if-exists nil
         (loop
           as n = (stream-read-vector in buffer 0 4096) until (eql n 0)