diff --git a/linux-user/elfload.c b/linux-user/elfload.c
index f2e2197..84123ba 100644
--- a/linux-user/elfload.c
+++ b/linux-user/elfload.c
@@ -1820,7 +1820,7 @@
     loaddr = -1, hiaddr = 0;
     for (i = 0; i < ehdr->e_phnum; ++i) {
         if (phdr[i].p_type == PT_LOAD) {
-            abi_ulong a = phdr[i].p_vaddr;
+            abi_ulong a = phdr[i].p_vaddr - phdr[i].p_offset;
             if (a < loaddr) {
                 loaddr = a;
             }