diff --git a/CHANGELOG.md b/CHANGELOG.md
index 0760cfc1c68..056e1941464 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,10 +1,21 @@
 Change Log
 ===
 
+v5.4.1
+---
+
+## :hammer_and_wrench: Bugfixes
+
+- [bugfix] Fixed regression in `--exclude` CLI option when using `--project` (#2852)
+
 v5.4.0
 ---
 
-## New rules, options, and fixers
+## :star: Non-breaking API changes
+
+- `--type-check` only checks for errors before linting is no longer required to enable rules that use the type checker. You only need to supply `--project` now.
+
+## :tada: New rules, options, and fixers
 
 - [new-rule] [`switch-final-break`](https://palantir.github.io/tslint/rules/switch-final-break/) (#2804)
 - [new-rule] [`use-default-type-parameter`](https://palantir.github.io/tslint/rules/use-default-type-parameter/) (#2253)
@@ -16,7 +27,7 @@ v5.4.0
 - [new-rule-option] [`strict-boolean-expressions`](https://palantir.github.io/tslint/rules/strict-boolean-expressions/) adds `allow-boolean-or-undefined` (#2820)
 - [new-fixer] [`object-literal-shorthand`](https://palantir.github.io/tslint/rules/object-literal-shorthand/) can fix longhand methods (#2558)
 
-## Bugfixes & enhancements
+## :hammer_and_wrench: Bugfixes & enhancements
 
 - [bugfix] [`prefer-object-spread`](https://palantir.github.io/tslint/rules/prefer-object-spread/) allows constructor, function and method calls and more as first argument to `Object.assign` (#2828)
 - [bugfix] [`no-unbound-method`](https://palantir.github.io/tslint/rules/no-unbound-method/) walker skips past the parent if it is a cast or parenthesized expression (#2838)
diff --git a/package.json b/package.json
index b8871aac121..bed647da737 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
   "name": "tslint",
-  "version": "5.4.0",
+  "version": "5.4.1",
   "description": "An extensible static analysis linter for the TypeScript language",
   "bin": {
     "tslint": "./bin/tslint"
diff --git a/src/linter.ts b/src/linter.ts
index 15dc8fd4336..67c26b27384 100644
--- a/src/linter.ts
+++ b/src/linter.ts
@@ -43,7 +43,7 @@ import { arrayify, dedent, flatMap } from "./utils";
  * Linter that can lint multiple files in consecutive runs.
  */
 class Linter {
-    public static VERSION = "5.4.0";
+    public static VERSION = "5.4.1";
 
     public static findConfiguration = findConfiguration;
     public static findConfigurationPath = findConfigurationPath;