diff --git a/CHANGELOG.md b/CHANGELOG.md
index b327029e7..ee7799441 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,10 @@
+## 0.5.0 (February 24, 2021)
+
+IMPROVEMENTS:
+
+* Add InService option for AWS [#39](https://github.com/nginxinc/nginx-asg-sync/pull/39)
+* Update log format [#42](https://github.com/nginxinc/nginx-asg-sync/pull/42)
+
 ## 0.4-1 (November 22, 2019)
 
 IMPROVEMENTS:
diff --git a/build/package/debian/changelog b/build/package/debian/changelog
index 16213fef5..5363c3b70 100644
--- a/build/package/debian/changelog
+++ b/build/package/debian/changelog
@@ -1,3 +1,10 @@
+nginx-asg-sync (0.5.0) unstable; urgency=low
+
+  * Add InService option for AWS
+  * Update log format
+
+ -- Luca Comellini <luca@nginx.com>  Wed, 24 Feb 2021 07:55:53 -0800
+
 nginx-asg-sync (0.4-1) unstable; urgency=low
 
   * 0.4-1
diff --git a/build/package/rpm/SPECS/nginx-asg-sync.spec b/build/package/rpm/SPECS/nginx-asg-sync.spec
index 639770af5..541c16426 100644
--- a/build/package/rpm/SPECS/nginx-asg-sync.spec
+++ b/build/package/rpm/SPECS/nginx-asg-sync.spec
@@ -110,26 +110,25 @@ if [ $1 -ge 1 ]; then
 fi
 
 %changelog
-* Fri Nov 22 2019 Raul Marrero <raul.marrero@nginx.com>
-- 0.4-1
+* Wed Feb 24 2021 Luca Comellini <luca@nginx.com> - 0.5.0
+- Add InService option for AWS
+- Update log format
+
+* Fri Nov 22 2019 Raul Marrero <raul.marrero@nginx.com> - 0.4-1
 - Add support to set upstream server parameters (max_conns, max_fails, fail_timeout and slow_start)
 - Add support to use wildcards in AWS autoscaling groups
 - Allow to use the same AWS region as the instance where the nginx-asg-sync is running
 
-* Wed Sep 4 2019 Raul Marrero <raul.marrero@nginx.com>
-- 0.3-1
+* Wed Sep 4 2019 Raul Marrero <raul.marrero@nginx.com> - 0.3-1
 - Add support for Azure Virtual Machine Scale Sets
 
-* Fri Jul 27 2018 Peter Kelly <peter.kelly@nginx.com>
-- 0.2-1
+* Fri Jul 27 2018 Peter Kelly <peter.kelly@nginx.com> - 0.2-1
 - Add supporting guides for contributing and changelog
 - Update package layout
 - Use new NGINX Plus API
 
-* Wed Aug 30 2017 Michael Pleshakov <michael@nginx.com>
-- 0.1-2
+* Wed Aug 30 2017 Michael Pleshakov <michael@nginx.com> - 0.1-2
 - Make sure nginx-asg-sync works with NGINX Plus R13
 
-* Fri Mar 03 2017 Michael Pleshakov <michael@nginx.com>
-- 0.1-1
+* Fri Mar 03 2017 Michael Pleshakov <michael@nginx.com> - 0.1-1
 - First release
diff --git a/cmd/sync/main.go b/cmd/sync/main.go
index 1b5869a28..7281b6646 100644
--- a/cmd/sync/main.go
+++ b/cmd/sync/main.go
@@ -18,7 +18,7 @@ import (
 var (
 	configFile = flag.String("config_path", "/etc/nginx/config.yaml", "Path to the config file")
 	logFile    = flag.String("log_path", "", "Path to the log file. If the file doesn't exist, it will be created")
-	version    = "0.4-1"
+	version    = "0.5.0"
 )
 
 const connTimeoutInSecs = 10