diff --git a/django/db/models/expressions.py b/django/db/models/expressions.py
index 58e945dd44..5e3c7cab82 100644
--- a/django/db/models/expressions.py
+++ b/django/db/models/expressions.py
@@ -1501,6 +1501,14 @@ class Exists(Subquery):
         clone.negated = not self.negated
         return clone
 
+    def get_group_by_cols(self, alias=None):
+        # self.query only gets limited to a single row in the .exists() call
+        # from self.as_sql() so deferring to Query.get_group_by_cols() is
+        # inappropriate.
+        if alias is None:
+            return [self]
+        return super().get_group_by_cols(alias)
+
     def as_sql(self, compiler, connection, template=None, **extra_context):
         query = self.query.exists(using=connection.alias)
         try:
diff --git a/django/db/models/sql/compiler.py b/django/db/models/sql/compiler.py
index 96d10b9eda..27310e5d9f 100644
--- a/django/db/models/sql/compiler.py
+++ b/django/db/models/sql/compiler.py
@@ -160,7 +160,10 @@ class SQLCompiler:
         expressions = self.collapse_group_by(expressions, having_group_by)
 
         for expr in expressions:
-            sql, params = self.compile(expr)
+            try:
+                sql, params = self.compile(expr)
+            except EmptyResultSet:
+                continue
             sql, params = expr.select_format(self, sql, params)
             params_hash = make_hashable(params)
             if (sql, params_hash) not in seen:
diff --git a/docs/releases/4.1.2.txt b/docs/releases/4.1.2.txt
index 4659558f3d..96c2fefcdc 100644
--- a/docs/releases/4.1.2.txt
+++ b/docs/releases/4.1.2.txt
@@ -11,3 +11,7 @@ Bugfixes
 
 * Fixed a regression in Django 4.1 that caused a migration crash on PostgreSQL
   when adding a model with ``ExclusionConstraint`` (:ticket:`33982`).
+
+* Fixed a regression in Django 4.1 that caused aggregation over a queryset that
+  contained an ``Exists`` annotation to crash due to too many selected columns
+  (:ticket:`33992`).
diff --git a/tests/aggregation/tests.py b/tests/aggregation/tests.py
index 75a4e0d022..5ec12ccd64 100644
--- a/tests/aggregation/tests.py
+++ b/tests/aggregation/tests.py
@@ -1663,6 +1663,17 @@ class AggregateTestCase(TestCase):
         ).values_list("publisher_count", flat=True)
         self.assertSequenceEqual(books_breakdown, [1] * 6)
 
+    def test_aggregation_exists_multivalued_outeref(self):
+        self.assertCountEqual(
+            Publisher.objects.annotate(
+                books_exists=Exists(
+                    Book.objects.filter(publisher=OuterRef("book__publisher"))
+                ),
+                books_count=Count("book"),
+            ),
+            Publisher.objects.all(),
+        )
+
     def test_filter_in_subquery_or_aggregation(self):
         """
         Filtering against an aggregate requires the usage of the HAVING clause.