diff --git a/CHANGELOG.md b/CHANGELOG.md
index 80cae05c..6fe86ccc 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,10 @@
+0.5.0
+=====
+- Add a new "local" hook type for running hooks without remote configuration.
+- Complain loudly when .pre-commit-config.yaml is unstaged.
+- Better support for multiple language versions when running hooks.
+- Allow exclude to be defaulted in repository configuration.
+
 0.4.4
 =====
 - Use sys.executable when executing virtualenv
diff --git a/setup.py b/setup.py
index 007a0784..46661ecf 100644
--- a/setup.py
+++ b/setup.py
@@ -9,7 +9,7 @@ setup(
         'hooks.'
     ),
     url='https://github.com/pre-commit/pre-commit',
-    version='0.4.4',
+    version='0.5.0',
 
     author='Anthony Sottile',
     author_email='asottile@umich.edu',