diff --git a/CHANGES.rst b/CHANGES.rst
index 477a40472..2c57a57a0 100644
--- a/CHANGES.rst
+++ b/CHANGES.rst
@@ -1,3 +1,11 @@
+Changes in synapse 0.5.4 (2014-12-03)
+=====================================
+
+ * Fix presence bug where some rooms did not display presence updates for
+   remote users.
+ * Do not log SQL timing log lines when started with "-v"
+ * Fix potential memory leak.
+
 Changes in synapse 0.5.3c (2014-12-02)
 ======================================
 
diff --git a/VERSION b/VERSION
index b6f145ad1..7d8568351 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-0.5.3c
+0.5.4
diff --git a/synapse/__init__.py b/synapse/__init__.py
index 0b4393230..723e15d50 100644
--- a/synapse/__init__.py
+++ b/synapse/__init__.py
@@ -16,4 +16,4 @@
 """ This is a reference implementation of a synapse home server.
 """
 
-__version__ = "0.5.3c"
+__version__ = "0.5.4"