diff --git a/CHANGES.md b/CHANGES.md
index 1e9c3cf953..25ceec8b48 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -1,3 +1,42 @@
+Synapse 0.99.5rc1 (2019-05-21)
+==============================
+
+Features
+--------
+
+- Add ability to blacklist IP ranges for the federation client. ([\#5043](https://github.com/matrix-org/synapse/issues/5043))
+- Ratelimiting configuration for clients sending messages and the federation server has been altered to match login ratelimiting. The old configuration names will continue working. Check the sample config for details of the new names. ([\#5181](https://github.com/matrix-org/synapse/issues/5181))
+- Drop support for the undocumented /_matrix/client/v2_alpha API prefix. ([\#5190](https://github.com/matrix-org/synapse/issues/5190))
+- Add an option to disable per-room profiles. ([\#5196](https://github.com/matrix-org/synapse/issues/5196))
+- Stick an expiration date to any registered user missing one at startup if account validity is enabled. ([\#5204](https://github.com/matrix-org/synapse/issues/5204))
+- Add experimental support for relations (aka reactions and edits). ([\#5209](https://github.com/matrix-org/synapse/issues/5209), [\#5211](https://github.com/matrix-org/synapse/issues/5211), [\#5203](https://github.com/matrix-org/synapse/issues/5203), [\#5212](https://github.com/matrix-org/synapse/issues/5212))
+- Add a room version 4 which uses a new event ID format, as per [MSC2002](https://github.com/matrix-org/matrix-doc/pull/2002). ([\#5210](https://github.com/matrix-org/synapse/issues/5210), [\#5217](https://github.com/matrix-org/synapse/issues/5217))
+
+
+Bugfixes
+--------
+
+- Fix image orientation when generating thumbnails (needs pillow>=4.3.0). Contributed by Pau Rodriguez-Estivill. ([\#5039](https://github.com/matrix-org/synapse/issues/5039))
+- Exclude soft-failed events from forward-extremity candidates: fixes "No forward extremities left!" error. ([\#5146](https://github.com/matrix-org/synapse/issues/5146))
+- Re-order stages in registration flows such that msisdn and email verification are done last. ([\#5174](https://github.com/matrix-org/synapse/issues/5174))
+- Fix 3pid guest invites. ([\#5177](https://github.com/matrix-org/synapse/issues/5177))
+- Fix a bug where the register endpoint would fail with M_THREEPID_IN_USE instead of returning an account previously registered in the same session. ([\#5187](https://github.com/matrix-org/synapse/issues/5187))
+- Prevent registration for user ids that are too long to fit into a state key. Contributed by Reid Anderson. ([\#5198](https://github.com/matrix-org/synapse/issues/5198))
+- Fix incompatibility between ACME support and Python 3.5.2. ([\#5218](https://github.com/matrix-org/synapse/issues/5218))
+- Fix error handling for rooms whose versions are unknown. ([\#5219](https://github.com/matrix-org/synapse/issues/5219))
+
+
+Internal Changes
+----------------
+
+- Make /sync attempt to return device updates for both joined and invited users. Note that this doesn't currently work correctly due to other bugs. ([\#3484](https://github.com/matrix-org/synapse/issues/3484))
+- Update tests to consistently be configured via the same code that is used when loading from configuration files. ([\#5171](https://github.com/matrix-org/synapse/issues/5171), [\#5185](https://github.com/matrix-org/synapse/issues/5185))
+- Allow client event serialization to be async. ([\#5183](https://github.com/matrix-org/synapse/issues/5183))
+- Expose DataStore._get_events as get_events_as_list. ([\#5184](https://github.com/matrix-org/synapse/issues/5184))
+- Make generating SQL bounds for pagination generic. ([\#5191](https://github.com/matrix-org/synapse/issues/5191))
+- Stop telling people to install the optional dependencies by default. ([\#5197](https://github.com/matrix-org/synapse/issues/5197))
+
+
 Synapse 0.99.4 (2019-05-15)
 ===========================
 
diff --git a/changelog.d/3484.misc b/changelog.d/3484.misc
deleted file mode 100644
index 3645849844..0000000000
--- a/changelog.d/3484.misc
+++ /dev/null
@@ -1 +0,0 @@
-Make /sync attempt to return device updates for both joined and invited users. Note that this doesn't currently work correctly due to other bugs.
diff --git a/changelog.d/5039.bugfix b/changelog.d/5039.bugfix
deleted file mode 100644
index 212cff7ae8..0000000000
--- a/changelog.d/5039.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix image orientation when generating thumbnails (needs pillow>=4.3.0). Contributed by Pau Rodriguez-Estivill.
diff --git a/changelog.d/5043.feature b/changelog.d/5043.feature
deleted file mode 100644
index 0f1e0ee30e..0000000000
--- a/changelog.d/5043.feature
+++ /dev/null
@@ -1 +0,0 @@
-Add ability to blacklist IP ranges for the federation client.
diff --git a/changelog.d/5146.bugfix b/changelog.d/5146.bugfix
deleted file mode 100644
index a54abed92b..0000000000
--- a/changelog.d/5146.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Exclude soft-failed events from forward-extremity candidates: fixes "No forward extremities left!" error.
diff --git a/changelog.d/5171.misc b/changelog.d/5171.misc
deleted file mode 100644
index d148b03b51..0000000000
--- a/changelog.d/5171.misc
+++ /dev/null
@@ -1 +0,0 @@
-Update tests to consistently be configured via the same code that is used when loading from configuration files.
diff --git a/changelog.d/5174.bugfix b/changelog.d/5174.bugfix
deleted file mode 100644
index 0f26d46b2c..0000000000
--- a/changelog.d/5174.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Re-order stages in registration flows such that msisdn and email verification are done last.
diff --git a/changelog.d/5177.bugfix b/changelog.d/5177.bugfix
deleted file mode 100644
index c2f1644ae5..0000000000
--- a/changelog.d/5177.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix 3pid guest invites.
diff --git a/changelog.d/5181.feature b/changelog.d/5181.feature
deleted file mode 100644
index 5ce13aa2ea..0000000000
--- a/changelog.d/5181.feature
+++ /dev/null
@@ -1 +0,0 @@
-Ratelimiting configuration for clients sending messages and the federation server has been altered to match login ratelimiting. The old configuration names will continue working. Check the sample config for details of the new names.
diff --git a/changelog.d/5183.misc b/changelog.d/5183.misc
deleted file mode 100644
index a8970f29eb..0000000000
--- a/changelog.d/5183.misc
+++ /dev/null
@@ -1 +0,0 @@
-Allow client event serialization to be async.
diff --git a/changelog.d/5184.misc b/changelog.d/5184.misc
deleted file mode 100644
index 1588bdef6c..0000000000
--- a/changelog.d/5184.misc
+++ /dev/null
@@ -1 +0,0 @@
-Expose DataStore._get_events as get_events_as_list.
diff --git a/changelog.d/5185.misc b/changelog.d/5185.misc
deleted file mode 100644
index d148b03b51..0000000000
--- a/changelog.d/5185.misc
+++ /dev/null
@@ -1 +0,0 @@
-Update tests to consistently be configured via the same code that is used when loading from configuration files.
diff --git a/changelog.d/5187.bugfix b/changelog.d/5187.bugfix
deleted file mode 100644
index df176cf5b2..0000000000
--- a/changelog.d/5187.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix a bug where the register endpoint would fail with M_THREEPID_IN_USE instead of returning an account previously registered in the same session.
diff --git a/changelog.d/5190.feature b/changelog.d/5190.feature
deleted file mode 100644
index 34904aa7a8..0000000000
--- a/changelog.d/5190.feature
+++ /dev/null
@@ -1 +0,0 @@
-Drop support for the undocumented /_matrix/client/v2_alpha API prefix.
diff --git a/changelog.d/5191.misc b/changelog.d/5191.misc
deleted file mode 100644
index e0615fec9c..0000000000
--- a/changelog.d/5191.misc
+++ /dev/null
@@ -1 +0,0 @@
-Make generating SQL bounds for pagination generic.
diff --git a/changelog.d/5196.feature b/changelog.d/5196.feature
deleted file mode 100644
index 1ffb928f62..0000000000
--- a/changelog.d/5196.feature
+++ /dev/null
@@ -1 +0,0 @@
-Add an option to disable per-room profiles.
diff --git a/changelog.d/5197.misc b/changelog.d/5197.misc
deleted file mode 100644
index fca1d86b2e..0000000000
--- a/changelog.d/5197.misc
+++ /dev/null
@@ -1 +0,0 @@
-Stop telling people to install the optional dependencies by default.
diff --git a/changelog.d/5198.bugfix b/changelog.d/5198.bugfix
deleted file mode 100644
index c6b156f17d..0000000000
--- a/changelog.d/5198.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Prevent registration for user ids that are to long to fit into a state key. Contributed by Reid Anderson.
\ No newline at end of file
diff --git a/changelog.d/5203.feature b/changelog.d/5203.feature
deleted file mode 100644
index 747098c166..0000000000
--- a/changelog.d/5203.feature
+++ /dev/null
@@ -1 +0,0 @@
-Add experimental support for relations (aka reactions and edits).
diff --git a/changelog.d/5204.feature b/changelog.d/5204.feature
deleted file mode 100644
index 2a7212ca18..0000000000
--- a/changelog.d/5204.feature
+++ /dev/null
@@ -1 +0,0 @@
-Stick an expiration date to any registered user missing one at startup if account validity is enabled.
diff --git a/changelog.d/5209.feature b/changelog.d/5209.feature
deleted file mode 100644
index 747098c166..0000000000
--- a/changelog.d/5209.feature
+++ /dev/null
@@ -1 +0,0 @@
-Add experimental support for relations (aka reactions and edits).
diff --git a/changelog.d/5210.feature b/changelog.d/5210.feature
deleted file mode 100644
index c78325a6ac..0000000000
--- a/changelog.d/5210.feature
+++ /dev/null
@@ -1 +0,0 @@
-Add a room version 4 which uses a new event ID format, as per [MSC2002](https://github.com/matrix-org/matrix-doc/pull/2002).
diff --git a/changelog.d/5211.feature b/changelog.d/5211.feature
deleted file mode 100644
index 747098c166..0000000000
--- a/changelog.d/5211.feature
+++ /dev/null
@@ -1 +0,0 @@
-Add experimental support for relations (aka reactions and edits).
diff --git a/changelog.d/5212.feature b/changelog.d/5212.feature
deleted file mode 100644
index 747098c166..0000000000
--- a/changelog.d/5212.feature
+++ /dev/null
@@ -1 +0,0 @@
-Add experimental support for relations (aka reactions and edits).
diff --git a/changelog.d/5217.feature b/changelog.d/5217.feature
deleted file mode 100644
index c78325a6ac..0000000000
--- a/changelog.d/5217.feature
+++ /dev/null
@@ -1 +0,0 @@
-Add a room version 4 which uses a new event ID format, as per [MSC2002](https://github.com/matrix-org/matrix-doc/pull/2002).
diff --git a/changelog.d/5218.bugfix b/changelog.d/5218.bugfix
deleted file mode 100644
index cd624ecfd0..0000000000
--- a/changelog.d/5218.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix incompatibility between ACME support and Python 3.5.2.
diff --git a/changelog.d/5219.bugfix b/changelog.d/5219.bugfix
deleted file mode 100644
index c1e17adc5d..0000000000
--- a/changelog.d/5219.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix error handling for rooms whose versions are unknown.
diff --git a/synapse/__init__.py b/synapse/__init__.py
index bf9e810da6..42af03b53d 100644
--- a/synapse/__init__.py
+++ b/synapse/__init__.py
@@ -27,4 +27,4 @@ try:
 except ImportError:
     pass
 
-__version__ = "0.99.4"
+__version__ = "0.99.5rc1"