diff --git a/ChangeLog.relocators b/ChangeLog.relocators
index c402ac2db..d64ef24f8 100644
--- a/ChangeLog.relocators
+++ b/ChangeLog.relocators
@@ -1,3 +1,9 @@
+2009-12-13  Robert Millan  <rmh.grub@aybabtu.com>
+
+	* loader/i386/multiboot_elfxx.c
+	(CONCAT(grub_multiboot_load_elf, XX)): Fix `grub_multiboot_payload_eip'
+	initialization.
+
 2009-11-28  Vladimir Serbinenko  <phcoder@gmail.com>
 
 	Relocator framework
diff --git a/loader/i386/multiboot_elfxx.c b/loader/i386/multiboot_elfxx.c
index 0b9820dcc..80db25144 100644
--- a/loader/i386/multiboot_elfxx.c
+++ b/loader/i386/multiboot_elfxx.c
@@ -138,7 +138,8 @@ CONCAT(grub_multiboot_load_elf, XX) (grub_file_t file, void *buffer)
     if (phdr(i)->p_vaddr <= ehdr->e_entry
 	&& phdr(i)->p_vaddr + phdr(i)->p_memsz > ehdr->e_entry)
       {
-	grub_multiboot_payload_eip = ehdr->e_entry;
+	grub_multiboot_payload_eip = grub_multiboot_payload_dest
+	  + (ehdr->e_entry - phdr(i)->p_vaddr) + (phdr(i)->p_paddr  - phdr(lowest_segment)->p_paddr);
 	break;
       }