diff --git a/opcodes/ChangeLog b/opcodes/ChangeLog
index a1b2bfe5b3d..5b703589a89 100644
--- a/opcodes/ChangeLog
+++ b/opcodes/ChangeLog
@@ -1,3 +1,8 @@
+2012-09-14  Anthony Green  <green@moxielogic.com>
+
+	* moxie-dis.c (print_insn_moxie): Branch targets are relative to
+	the address after the branch instruction.
+
 2012-09-13  Anthony Green  <green@moxielogic.com>
 
 	* moxie-dis.c (print_insn_moxie): Handle bi-endian encodings.
diff --git a/opcodes/moxie-dis.c b/opcodes/moxie-dis.c
index 77821bba780..38429de1ae5 100644
--- a/opcodes/moxie-dis.c
+++ b/opcodes/moxie-dis.c
@@ -205,7 +205,7 @@ print_insn_moxie (bfd_vma addr, struct disassemble_info * info)
 	{
 	case MOXIE_F3_PCREL:
 	  fpr (stream, "%s\t", opcode->name);
-	  info->print_address_func ((bfd_vma) (addr + INST2OFFSET(iword)), 
+	  info->print_address_func ((bfd_vma) (addr + INST2OFFSET(iword) + 2), 
 				    info);
 	  break;
 	default: