diff --git a/mingw32-binutils-2.21-pseudo_reloc_v1.patch b/mingw32-binutils-2.21-pseudo_reloc_v1.patch
new file mode 100644
index 0000000..116d9c7
--- /dev/null
+++ b/mingw32-binutils-2.21-pseudo_reloc_v1.patch
@@ -0,0 +1,12 @@
+diff -up binutils-2.21/ld/emultempl/pe.em.pseudo_reloc_v1 binutils-2.21/ld/emultempl/pe.em
+--- binutils-2.21/ld/emultempl/pe.em.pseudo_reloc_v1	2010-09-22 11:03:41.000000000 +0300
++++ binutils-2.21/ld/emultempl/pe.em	2011-03-17 13:53:13.000000000 +0200
+@@ -100,7 +100,7 @@ fragment <<EOF
+ #endif
+ 
+ #if defined(TARGET_IS_i386pe)
+-#define DEFAULT_PSEUDO_RELOC_VERSION 2
++#define DEFAULT_PSEUDO_RELOC_VERSION 1
+ #else
+ #define DEFAULT_PSEUDO_RELOC_VERSION 1
+ #endif
diff --git a/mingw32-binutils.spec b/mingw32-binutils.spec
index bba5ed9..80a49bd 100644
--- a/mingw32-binutils.spec
+++ b/mingw32-binutils.spec
@@ -7,6 +7,7 @@ License:        GPLv2+ and LGPLv2+ and GPLv3+ and LGPLv3+
 Group:          Development/Libraries
 URL:            http://www.gnu.org/software/binutils/
 Source0:        http://ftp.gnu.org/gnu/binutils/binutils-%{version}.tar.bz2
+Patch0:         mingw32-binutils-2.21-pseudo_reloc_v1.patch
 BuildRoot:      %{_tmppath}/%{name}-%{version}-%{release}-root-%(%{__id_u} -n)
 
 BuildRequires:  flex
@@ -25,6 +26,7 @@ understand Windows executables and DLLs.
 
 %prep
 %setup -q -n binutils-%{version}
+%patch0 -p1 -b .pseudo_reloc_v1
 
 
 %build
@@ -72,6 +74,8 @@ rm -rf $RPM_BUILD_ROOT
 %changelog
 * Thu Mar 17 2011 Kalev Lember <kalev@smartlink.ee> - 2.21-1
 - Update to 2.21
+- Added a patch to use runtime pseudo reloc v1 by default as the version of
+  mingw32-runtime we have does not support v2.
 
 * Tue Feb 08 2011 Fedora Release Engineering <rel-eng@lists.fedoraproject.org> - 2.20.51.0.10-2
 - Rebuilt for https://fedoraproject.org/wiki/Fedora_15_Mass_Rebuild