What happens when the monitored process dies before handle_call is complete?

I have a question about timing of monitored/linked process dying, and I can't think of how to test it in practice. Here is the scenario I am worried about.

Let's say I have a process called master and slave.

1. master sets trap_exit to true.
2. master does {ok, Pid} = slave:start_link() thus linking the two.
3. master does the equivalent of gen_server:call(Pid, Msg).
4. Before the message arrives at Pid that process crashes.

Question:

1. Will master receive an EXIT message first? or
2. Will master fail with {noproc,{gen_server.. exception since Pid is already dead?