diff --git a/CHANGES.rst b/CHANGES.rst
index 477bf135..dfe8a531 100644
--- a/CHANGES.rst
+++ b/CHANGES.rst
@@ -1,3 +1,23 @@
+pywb 0.5.0 changelist
+~~~~~~~~~~~~~~~~~~~~~
+
+* Fixes to memento timemap/timegate to work with framed replay mode.
+
+* Support for a fallback handler which will be called from a replay handler instead of a 404 response. The handler, specified via the ``fallback`` option
+can be the name of any other replay handler. Typically, it can be used with a live rewrite handler to fetch missing content from live instead of showing a 404.
+
+* Live Rewrite can now be included as a 'collection type' in a pywb deployment by setting index path to ``$liveweb``
+
+* ``live-rewrite-server`` has optional ``--proxy host:port`` param to specify a loading live web data through an HTTP/S proxy, such as for use with a
+recording proxy.
+
+* wombat: add document.cookie -> document.WB_wombat_cookie rewriting to check and rewrite Path= to archival url
+
+* Better parent relative '../' path rewriting, resolved to correct absolute urls when rewritten. Additional testing for parent relative urls.
+
+* Improved support for proxy mode, allow different collections to be selected via proxy auth
+
+
 pywb 0.4.7 changelist
 ~~~~~~~~~~~~~~~~~~~~~
 
diff --git a/README.rst b/README.rst
index c7d7cbc7..7a02fd3c 100644
--- a/README.rst
+++ b/README.rst
@@ -1,4 +1,4 @@
-PyWb 0.4.8
+PyWb 0.5.0
 ==========
 
 .. image:: https://travis-ci.org/ikreymer/pywb.png?branch=develop
diff --git a/setup.py b/setup.py
index 8f788bb2..305a432c 100755
--- a/setup.py
+++ b/setup.py
@@ -34,7 +34,7 @@ class PyTest(TestCommand):
 
 setup(
     name='pywb',
-    version='0.4.8',
+    version='0.5.0',
     url='https://github.com/ikreymer/pywb',
     author='Ilya Kreymer',
     author_email='ikreymer@gmail.com',