diff --git a/xen/arch/x86/boot/mkelf32.c b/xen/arch/x86/boot/mkelf32.c
index 469d1ba0af..044bbcb0c1 100644
--- a/xen/arch/x86/boot/mkelf32.c
+++ b/xen/arch/x86/boot/mkelf32.c
@@ -360,7 +360,7 @@ int main(int argc, char **argv)
         (void)lseek(infd, offset, SEEK_SET);
 
         note_sz = in64_phdr.p_memsz;
-        note_base = in64_phdr.p_vaddr - note_base;
+        note_base = in64_phdr.p_vaddr - note_base + loadbase;
 
         if ( in64_phdr.p_offset < offset ||
              in64_phdr.p_offset + in64_phdr.p_filesz > offset + dat_siz )