diff --git a/src/os_win32.c b/src/os_win32.c
index 53107d5..97595d6 100644
--- a/src/os_win32.c
+++ b/src/os_win32.c
@@ -2237,7 +2237,11 @@
 		retval = FALSE;
 		goto theend;
 	    }
-	    STRCPY(pathbuf, ".;");
+
+	    if (mch_getenv("NoDefaultCurrentDirectoryInExePath") == NULL)
+		STRCPY(pathbuf, ".;");
+	    else
+		*pathbuf = NUL;
 	    STRCAT(pathbuf, p);
 	}
     }
diff --git a/src/testdir/test_functions.vim b/src/testdir/test_functions.vim
index a1b9b3d..87b3844 100644
--- a/src/testdir/test_functions.vim
+++ b/src/testdir/test_functions.vim
@@ -2906,4 +2906,22 @@
   endif
 endfunc
 
+" Test for exepath()
+func Test_exepath()
+  if has('win32')
+    call assert_notequal(exepath('cmd'), '')
+
+    let oldNoDefaultCurrentDirectoryInExePath = $NoDefaultCurrentDirectoryInExePath
+    call writefile(['@echo off', 'echo Evil'], 'vim-test-evil.bat')
+    let $NoDefaultCurrentDirectoryInExePath = ''
+    call assert_notequal(exepath("vim-test-evil.bat"), '')
+    let $NoDefaultCurrentDirectoryInExePath = '1'
+    call assert_equal(exepath("vim-test-evil.bat"), '')
+    let $NoDefaultCurrentDirectoryInExePath = oldNoDefaultCurrentDirectoryInExePath
+    call delete('vim-test-evil.bat')
+  else
+    call assert_notequal(exepath('sh'), '')
+  endif
+endfunc
+
 " vim: shiftwidth=2 sts=2 expandtab
diff --git a/src/version.c b/src/version.c
index 5cbdf3f..c3ecb62 100644
--- a/src/version.c
+++ b/src/version.c
@@ -747,6 +747,8 @@
 static int included_patches[] =
 {   /* Add new patch number below this line */
 /**/
+    4860,
+/**/
     4859,
 /**/
     4858,