diff --git a/erlang/apps/ld/src/ld.erl b/erlang/apps/ld/src/ld.erl
index c464e9a..47fc308 100644
--- a/erlang/apps/ld/src/ld.erl
+++ b/erlang/apps/ld/src/ld.erl
@@ -216,7 +216,8 @@ ld(Argv) ->
               %% TODO: receive ok | error
               {ok, Sections} = phase1(Options, Inputs),
               %% TODO: receive ok | error
-              {ok, Segments} = phase2(Options, Sections),
+              {ok, Segments0} = phase2(Options, Sections),
+              Segments = assign(Options, Segments0),
               output(Options, Segments);
             {error, _Reason} = Error -> Error
           end;
@@ -386,6 +387,10 @@ phase1(_Options, Inputs) -> {ok, ld_phase1:phase1(Inputs)}.
 
 phase2(_Options, Sections) -> {ok, ld_phase2:phase2(Sections)}.
 
+%% Assigning Addresses =========================================================
+
+assign(_Options, Segments) -> ld_assign:assign(Segments).
+
 %% Output Generation ===========================================================
 
 output(_Options, _Segments) -> ok. % FIXME
diff --git a/erlang/apps/ld/src/ld_assign.erl b/erlang/apps/ld/src/ld_assign.erl
new file mode 100644
index 0000000..3a74b23
--- /dev/null
+++ b/erlang/apps/ld/src/ld_assign.erl
@@ -0,0 +1,48 @@
+%%% -*- erlang-indent-level: 2 -*-
+%%%
+%%% Assigning addresses for pdp10-elf-ld
+%%% Copyright (C) 2020  Mikael Pettersson
+%%%
+%%% This file is part of pdp10-tools.
+%%%
+%%% pdp10-tools is free software: you can redistribute it and/or modify
+%%% it under the terms of the GNU General Public License as published by
+%%% the Free Software Foundation, either version 3 of the License, or
+%%% (at your option) any later version.
+%%%
+%%% pdp10-tools is distributed in the hope that it will be useful,
+%%% but WITHOUT ANY WARRANTY; without even the implied warranty of
+%%% MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE.  See the
+%%% GNU General Public License for more details.
+%%%
+%%% You should have received a copy of the GNU General Public License
+%%% along with pdp10-tools.  If not, see <http://www.gnu.org/licenses/>.
+
+-module(ld_assign).
+
+-export([ assign/1
+        ]).
+
+-include("ld_internal.hrl").
+
+%% Output ======================================================================
+
+-spec assign([#segment{}]) -> [#segment{}].
+assign(Segments) ->
+  %% TODO: assumes KL10B-compatible "small" code model output
+  VAddr = 8#00001001000 bsl 2, % section 1, page 1
+  PhNum = length(Segments),
+  true = PhNum < ?PN_XNUM, % assert; TODO: otherwise store PhNum in Shdr0.sh_info
+  Offset = ?ELF36_EHDR_SIZEOF + ?ELF36_PHDR_SIZEOF * PhNum,
+  assign(Segments, Offset, VAddr, []).
+
+assign(_Segments = [], _Offset, _VAddr, NewSegments) -> lists:reverse(NewSegments);
+assign([Segment | Segments], Offset, VAddr, NewSegments) ->
+  #segment{phdr = Phdr} = Segment,
+  #elf36_Phdr{p_filesz = FileSz, p_memsz = MemSz, p_align = Align} = Phdr,
+  SegAlign = max(4096, Align), % align to page boundary; TODO: target-specific
+  SegOffset = (Offset + (SegAlign - 1)) band bnot (SegAlign - 1),
+  SegVAddr = (VAddr + (SegAlign - 1)) band bnot (SegAlign - 1),
+  NewPhdr = Phdr#elf36_Phdr{p_offset = SegOffset, p_vaddr = SegVAddr, p_align = SegAlign},
+  NewSegment = Segment#segment{phdr = NewPhdr},
+  assign(Segments, SegOffset + FileSz, SegVAddr + MemSz, [NewSegment | NewSegments]).