Searching the file for "raise" is sort of pointless, since exec() takes a string which might have come from anywhere, and there might be any number of exec() calls in the module. See: http://codepad.org/7EBMhb0O

There are at least two reasonable answers:

<string>:1: DeprecationWarning: raising a string exception is deprecated
  raise 'two'

or:

t.py:7: DeprecationWarning: raising a string exception is deprecated
  exec(x)

Either one would be fine, but randomly choosing the first line of the module where exec() is called is just nonsense.

If you want one that applies to Python 3.x, here you go: http://codepad.org/Mq1eZyoE