Value from exception object

consider the following program:

#include <cstdlib>
#include <iostream>

using namespace std;

class Test
{
public:
Test();
Test(const Test &rhs);
inline int value() const;

private:
int x;
};

Test::Test()
{
        cout << "From Test default ctor" << endl;
        x = 100;
}

inline int Test::value() const
{
        return x;
}

Test::Test(const Test &rhs)
{
        cout << "From Test copy ctor" << endl;
}

void fn1()
{
        Test obj;
        throw obj;
}

int main()
{
        try
        {
                fn1();
        }
        catch (const Test &e)
        {
                cout << "Exception caught. Value = " << e.value() <<
endl;
        }

        return EXIT_SUCCESS;
}

I compiled this program x.cpp as
g++ -std=c++98 -pedantic -Wall -Wextra x.cpp

The following output is produced:

From Test default ctor
From Test copy ctor
Exception caught. Value = 0

Here why is the value is 0 and not 100 ?

However if I have the function fn1() as
void fn1()
{
        throw Test();
}

the following output is produced.

From Test default ctor
Exception caught. Value = 100

Now the value is printed as 100 and also the copy ctor message is not
present.
Why is this difference ?

Kindly clarify.
Thanks
V.Subramanian