diff --git a/bfd/ChangeLog b/bfd/ChangeLog
index e7c5c4cb2b..4408a8c289 100644
--- a/bfd/ChangeLog
+++ b/bfd/ChangeLog
@@ -1,3 +1,9 @@
+2001-08-03  Ben Harris <bjh21@netbsd.org>
+
+	* elf32-arm.h (elf32_arm_final_link_relocate): Include offset of
+	reloc from start of section when computing value for R_ARM_REL32
+	reloc.
+
 2001-08-03  Alan Modra  <amodra@bigpond.net.au>
 
 	From  H.J. Lu  <hjl@gnu.org>
diff --git a/bfd/elf32-arm.h b/bfd/elf32-arm.h
index 6fb163389a..f8f94d66b8 100644
--- a/bfd/elf32-arm.h
+++ b/bfd/elf32-arm.h
@@ -1295,7 +1295,7 @@ elf32_arm_final_link_relocate (howto, input_bfd, output_bfd,
 
 	case R_ARM_REL32:
 	  value -= (input_section->output_section->vma
-		    + input_section->output_offset);
+		    + input_section->output_offset + rel->r_offset);
 	  value += addend;
 	  break;
 	}