How to trace PECompact2 packed exe?

[SofTROOP]

Hi all,

I tried to manually unpack the exe packed with PECompact2, but this thing seems like a beast to me, it setup a SEH, then raise an exception to execute the SEH handler code, and in the SEH handler code, it raises another SEH, and this process repeats times, does anyone know how to trace such programs ?

Thank you.

[ADDED] I've uploaded the PECompact v2 onto FTP for anyone who's interested in checking it.