I believe that I have discovered a compiler bug in the Intel Visual Fortran Compiler XE 220.127.116.118.
When the /fp:fast compiler option is active, the attached test program generates incorrect numerical results in the section of code within Example 1. The mere addition of a write statement in Example 2 appears to cause the correct numerical results to be generated. For this test program, this bug shows up in both the Win32 and x64 versions. It originally came to my attention in the x64 version of a program that I've been working on.
When /fp:fast is replaced by /fp:source, both Example 1 and Example 2 produce the same numerical answers.