diff --git a/CHANGES b/CHANGES
index 5c645435..ee8dd002 100644
--- a/CHANGES
+++ b/CHANGES
@@ -3,6 +3,11 @@ Flask Changelog
 
 Here you can see the full list of changes between each Flask release.
 
+Version 0.5
+-----------
+
+Release date to be announced
+
 Version 0.2
 -----------
 
diff --git a/setup.py b/setup.py
index 462cb6c7..ed922027 100644
--- a/setup.py
+++ b/setup.py
@@ -43,7 +43,7 @@ from setuptools import setup
 
 setup(
     name='Flask',
-    version='0.2',
+    version='0.5',
     url='http://github.com/mitsuhiko/flask/',
     license='BSD',
     author='Armin Ronacher',