diff --git a/NEWS b/NEWS
index 110945a..234d822 100644
--- a/NEWS
+++ b/NEWS
@@ -1,3 +1,15 @@
+New in version 0.5.0:
+* pull operations
+* fixed CIMIndicationListener port value, when multiple bind retries are allowed
+* fixed multithreading races
+* verbose exceptions (more informative exception message)
+  - CIMError, ConnectionError can include intrinsic call names
+    and their parameters
+  - configurable via lmiwbem.EXCEPTION_VERBOSITY
+* CIMIndicationListener.add_handler() can take tuple of handlers
+* doc: switched to rtd theme
+* various fixes and improvements
+
 New in version 0.4.0:
 * introduce WBEMConnection::setCredentials()
 * introduce WBEMConnection::setRequestAcceptLanguages()
diff --git a/configure.ac b/configure.ac
index 2d70ef7..3e865dd 100644
--- a/configure.ac
+++ b/configure.ac
@@ -2,8 +2,8 @@ AC_PREREQ([2.60])
 
 dnl lmiwbem version number
 m4_define(lmiwbem_version_major, 0)
-m4_define(lmiwbem_version_minor, 4)
-m4_define(lmiwbem_version_patch, 1-pre)
+m4_define(lmiwbem_version_minor, 5)
+m4_define(lmiwbem_version_patch, 0)
 m4_define(lmiwbem_version, lmiwbem_version_major.lmiwbem_version_minor.lmiwbem_version_patch)
 
 AC_INIT([lmiwbem], [lmiwbem_version], [phatina@redhat.com])
diff --git a/lmiwbem.spec b/lmiwbem.spec
index 6d47b78..482247e 100644
--- a/lmiwbem.spec
+++ b/lmiwbem.spec
@@ -1,8 +1,8 @@
 %global with_doc 0
 
 Name:           lmiwbem
-Version:        0.4.0
-Release:        2%{?dist}
+Version:        0.5.0
+Release:        1%{?dist}
 Summary:        Python WBEM Client
 License:        LGPLv2+
 URL:            https://github.com/phatina/lmiwbem
@@ -64,6 +64,9 @@ find %{buildroot} -name '*.la' | xargs rm -f
 %endif
 
 %changelog
+* Wed Nov  3 2014 Peter Hatina <phatina@redhat.com> - 0.5.0-1
+- upgrade to 0.5.0
+
 * Wed Oct 29 2014 Peter Hatina <phatina@redhat.com> - 0.4.0-2
 - doc: switch to rtd theme