diff --git a/libgfortran/ChangeLog b/libgfortran/ChangeLog
index b1e2b049b4f8..7072e1822971 100644
--- a/libgfortran/ChangeLog
+++ b/libgfortran/ChangeLog
@@ -1,3 +1,10 @@
+2012-01-12  Janne Blomqvist  <jb@gcc.gnu.org>
+	    Tobias Burnus  <burnus@net-b.de>
+
+	PR libfortran/51803
+	* runtime/main.c (store_exe_path): Avoid malloc if getcwd fails or
+	is not available.
+
 2012-01-11  Tobias Burnus  <burnus@net-b.de>
 
 	* runtime/main.c (store_exe_path): Fix absolute path
@@ -5,6 +12,7 @@
 
 2012-01-11  Janne Blomqvist  <jb@gcc.gnu.org>
 	    Mike Stump  <mikestump@comcast.net>
+
 	PR libfortran/51803
 	* runtime/main.c (store_exe_path): Handle getcwd failure and lack
 	of the function better.
diff --git a/libgfortran/runtime/main.c b/libgfortran/runtime/main.c
index 9ee47022cc9b..79659e52bcd2 100644
--- a/libgfortran/runtime/main.c
+++ b/libgfortran/runtime/main.c
@@ -124,12 +124,17 @@ store_exe_path (const char * argv0)
 
 #ifdef HAVE_GETCWD
   cwd = getcwd (buf, sizeof (buf));
-  if (!cwd)
-    cwd = ".";
 #else
-  cwd = ".";
+  cwd = NULL;
 #endif
 
+  if (!cwd)
+    {
+      exe_path = argv0;
+      please_free_exe_path_when_done = 0;
+      return;
+    }
+
   /* exe_path will be cwd + "/" + argv[0] + "\0".  This will not work
      if the executable is not in the cwd, but at this point we're out
      of better ideas.  */