diff --git a/CHANGES.md b/CHANGES.md
index 1e9c3cf953319686d0378c310003174e1fb5e9e1..d23166caa8ce05280ebbb49c6ba07d85ec5c65e3 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))
+- 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 to 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 36458498440dd48c5e6b2c760d8350520ca7c53d..0000000000000000000000000000000000000000
--- 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 212cff7ae87bc1e05cbc1a7380a095dc24580a8e..0000000000000000000000000000000000000000
--- 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 0f1e0ee30e401bc5962a779254f01c44fd5735dd..0000000000000000000000000000000000000000
--- 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 a54abed92b0a946665ca6a8497491ccc09feb750..0000000000000000000000000000000000000000
--- 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 d148b03b515f4e4998da63e1bcc786e95eabe80f..0000000000000000000000000000000000000000
--- 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 0f26d46b2c61a398ae776857ce4966d51997be40..0000000000000000000000000000000000000000
--- 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 c2f1644ae5fad397e6bb1d033f1b7eb72c037b5a..0000000000000000000000000000000000000000
--- 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 5ce13aa2ea512bd300d216e2c42959c7980a1c7d..0000000000000000000000000000000000000000
--- 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 a8970f29eba1acc93201c8c2f8488398d3955cfb..0000000000000000000000000000000000000000
--- 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 1588bdef6c268c35274bfcf0ae8ec526bdfa7684..0000000000000000000000000000000000000000
--- 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 d148b03b515f4e4998da63e1bcc786e95eabe80f..0000000000000000000000000000000000000000
--- 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 df176cf5b20b3549b10676d70bb5f0eb2ce8fc22..0000000000000000000000000000000000000000
--- 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 34904aa7a8cbe25a3b7e3b22657a3441a526fe69..0000000000000000000000000000000000000000
--- 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 e0615fec9cf9d5ec4c23249d7c731c7196271645..0000000000000000000000000000000000000000
--- 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 1ffb928f62bb8c55d0c4599494a4851b3dcc8df2..0000000000000000000000000000000000000000
--- 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 fca1d86b2e7c2386d2f8888f224f7f83fd71459b..0000000000000000000000000000000000000000
--- 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 c6b156f17dffb84b5b2f7f61e6791ee9a38753a9..0000000000000000000000000000000000000000
--- 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/5204.feature b/changelog.d/5204.feature
deleted file mode 100644
index 2a7212ca183cc7b52fbed59bc86fa94c248992a4..0000000000000000000000000000000000000000
--- 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 747098c16624dc964611156c6e0d01f77cccdaee..0000000000000000000000000000000000000000
--- 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 c78325a6acbb57416a7a32651db40e5e09ec5368..0000000000000000000000000000000000000000
--- 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 747098c16624dc964611156c6e0d01f77cccdaee..0000000000000000000000000000000000000000
--- a/changelog.d/5211.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 c78325a6acbb57416a7a32651db40e5e09ec5368..0000000000000000000000000000000000000000
--- 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 cd624ecfd09a2341adafc0194d4c23df1a595b6a..0000000000000000000000000000000000000000
--- 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 c1e17adc5d95a76866daaf20971d376aa1f91ae3..0000000000000000000000000000000000000000
--- 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 bf9e810da6a674ee48fbb82fe519b915c1a59ee4..42af03b53dd9d787f60ecd3c35b4bb13e061c634 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"