Exceptions vs error codes

exception:
void f1()
{
  try {
    ...
    f2();
    ...
  } catch (some_exception e) {
    ...code that handles the error...
  }
}

void f2() { ...; f3(); ...; }
void f3() { ...; f4(); ...; }
void f4() { ...; f5(); ...; }
void f5() { ...; f6(); ...; }
void f6() { ...; f7(); ...; }
void f7() { ...; f8(); ...; }
void f8() { ...; f9(); ...; }
void f9() { ...; f10(); ...; }

void f10()
{
  ...
  if (...some error condition...)
    throw some_exception();
  ...
}

error code:
int f1()
{
  ...
  int rc = f2();
  if (rc == 0) {
    ...
  } else {
    ...code that handles the error...
  }
}

int f2()
{
  ...
  int rc = f3();
  if (rc != 0)
    return rc;
  ...
  return 0;
}

int f3()
{
  ...
  int rc = f4();
  if (rc != 0)
    return rc;
  ...
  return 0;
}

int f4()
{
  ...
  int rc = f5();
  if (rc != 0)
    return rc;
  ...
  return 0;
}

int f5()
{
  ...
  int rc = f6();
  if (rc != 0)
    return rc;
  ...
  return 0;
}

int f6()
{
  ...
  int rc = f7();
  if (rc != 0)
    return rc;
  ...
  return 0;
}

int f7()
{
  ...
  int rc = f8();
  if (rc != 0)
    return rc;
  ...
  return 0;
}

int f8()
{
  ...
  int rc = f9();
  if (rc != 0)
    return rc;
  ...
  return 0;
}

int f9()
{
  ...
  int rc = f10();
  if (rc != 0)
    return rc;
  ...
  return 0;
}

int f10()
{
  ...
  if (...some error condition...)
    return some_nonzero_error_code;
  ...
  return 0;
}