On September 13, 2018, the Management Board, with the approval of the Supervisory Board, resolved to exercise this authorization and increase the company's share capital at a ratio of 3:1. Up to 338,000 new, no-par value bearer shares are to be issued at a price of EUR 28.50 per share.

The 338,000 new shares will be offered to shareholders by way of subscription rights. The subscription ratio will be 3:1, i.e., three existing shares will entitle the holder to subscribe for one new share at the issue price of EUR 28.50. In addition, existing shareholders can order additional shares, which will only be allocated if existing shareholders do not exercise their subscription rights and thus free shares are available for distribution.

Subject to the approval of the necessary securities prospectus by the Federal Financial Supervisory Authority, the subscription period for shareholders will run from October 1, 2018, to October 15, 2018 (both dates inclusive).

Existing shareholders will be informed of the capital increase in a timely manner by their custodian banks. They can then place an order with their bank to purchase the new Nebelhornbahn shares at a price of EUR 28.50.

Interested parties who wish to purchase Nebelhornbahn AG shares and who are not already shareholders of the company can also order them through their bank at a price of EUR 28.50. However, unlike existing shareholders, they will not be automatically informed by their bank about the possibility of subscribing to shares and will not receive preferential subscription rights. This means they can only receive shares if existing shareholders do not exercise their subscription rights and thus free shares are available for distribution.

The publication of the securities prospectus and the subscription offer for the new shares is planned for the end of September and will then be available from Nebelhornbahn-AG, Oberstdorf, or on the company's website at "www.ok-bergbahnen.com/unternehmen/aktionaersinfo-nebelhornbahn-ag": https://www.ok-bergbahnen.com/unternehmen/aktionaersinfo-nebelhornbahn-ag/.

Important Notice:
This publication constitutes neither an offer to sell nor a solicitation of an offer to buy the securities mentioned in this publication. The offering is being made exclusively by means of and on the basis of a securities prospectus to be published. An investment decision regarding the publicly offered securities of Nebelhornbahn-Aktiengesellschaft should be made solely on the basis of the securities prospectus. The securities prospectus will be published immediately after approval by the Federal Financial Supervisory Authority (BaFin) and will then be available free of charge from Nebelhornbahn-Aktiengesellschaft, Nebelhornstraße 67, D-87561 Oberstdorf, Germany, or on the Nebelhornbahn-Aktiengesellschaft website.