diff --git a/CHANGELOG.md b/CHANGELOG.md
new file mode 100644
index 00000000..399c67d9
--- /dev/null
+++ b/CHANGELOG.md
@@ -0,0 +1,34 @@
+# Changelog
+ 
+## [v0.5.0](https://github.com/lf-lang/epoch/tree/v0.5.0) (2023-09-01)
+
+**Highlights**
+
+This release comes with an updated Lingua Franca compiler, and several updated dependencies.
+
+**🚀 New Features**
+
+- Uclid5-based LF Verifier [\#26](https://github.com/lf-lang/epoch/pull/26) ([@a-sr](https://github.com/a-sr))
+
+**✨ Enhancements**
+
+- Support for M1 Silicon on Mac [\#1](https://github.com/lf-lang/epoch/pull/1) ([@a-sr](https://github.com/a-sr))
+- Formatting configured for two-space indentation [\#21](https://github.com/lf-lang/epoch/pull/21) ([@a-sr](https://github.com/a-sr))
+- ELK debug features added to Epoch product [\#28](https://github.com/lf-lang/epoch/pull/28) ([@a-sr](https://github.com/a-sr))
+
+**🚧 Maintenance and Refactoring**
+
+- Build infrastructure adjusted to new LF repository structure [\#17](https://github.com/lf-lang/epoch/pull/17) ([@a-sr](https://github.com/a-sr))
+- Updated LF submodule and restored compatibility [\#20](https://github.com/lf-lang/epoch/pull/20) ([@a-sr](https://github.com/a-sr))
+- Stream for the Oomph setup to install KlighD and ELK [\#25](https://github.com/lf-lang/epoch/pull/25) ([@soerendomroes](https://github.com/soerendomroes))
+- ELK + KlighD Oomph setup [\#29](https://github.com/lf-lang/epoch/pull/29) ([@soerendomroes](https://github.com/soerendomroes))
+
+**⬆️ Updated Dependencies**
+
+- All dependencies bumped to latest releases [\#22](https://github.com/lf-lang/epoch/pull/22) ([@a-sr](https://github.com/a-sr))
+
+**🏷️ Miscellaneous**
+
+- Workaround to allow building this project in Eclipse [\#14](https://github.com/lf-lang/epoch/pull/14) ([@lhstrh](https://github.com/lhstrh))
+
+
diff --git a/org.lflang.product/META-INF/MANIFEST.MF b/org.lflang.product/META-INF/MANIFEST.MF
index 8709a824..870c0cca 100644
--- a/org.lflang.product/META-INF/MANIFEST.MF
+++ b/org.lflang.product/META-INF/MANIFEST.MF
@@ -2,7 +2,7 @@ Manifest-Version: 1.0
 Bundle-ManifestVersion: 2
 Bundle-Name: Lingua Franca Product
 Bundle-SymbolicName: org.lflang.product;singleton:=true
-Bundle-Version: 0.4.1.qualifier
+Bundle-Version: 0.5.0
 Bundle-RequiredExecutionEnvironment: JavaSE-17
 Automatic-Module-Name: org.lflang.product
 Bundle-Vendor: University of California, Berkeley
diff --git a/org.lflang.product/plugin.xml b/org.lflang.product/plugin.xml
index a3f78604..ab822992 100644
--- a/org.lflang.product/plugin.xml
+++ b/org.lflang.product/plugin.xml
@@ -34,7 +34,7 @@
          </property>
          <property
                name="aboutText"
-               value="Version: 0.4.1-SNAPSHOT.&#x0A;&#x0A;Epoch is an IDE for Lingua Franca, a polyglot coordination language for building concurrent and distributed software that delivers predictable and reproducible reactive behavior.&#x0A;&#x0A;Visit our GitHub: https://repo.lf-lang.org/.&#x0A;&#x0A;This software is licensed under the BSD 2-Clause License.&#x0A;Copyright © 2019-2022, the Lingua Franca contributors. All rights reserved.">
+               value="Version: 0.5.0.&#x0A;&#x0A;Epoch is an IDE for Lingua Franca, a polyglot coordination language for building concurrent and distributed software that delivers predictable and reproducible reactive behavior.&#x0A;&#x0A;Visit our GitHub: https://repo.lf-lang.org/.&#x0A;&#x0A;This software is licensed under the BSD 2-Clause License.&#x0A;Copyright © 2019-2022, the Lingua Franca contributors. All rights reserved.">
          </property>
          <property
                name="preferenceCustomization"
diff --git a/org.lflang.product/pom.xml b/org.lflang.product/pom.xml
index 5777fcb2..f672b244 100644
--- a/org.lflang.product/pom.xml
+++ b/org.lflang.product/pom.xml
@@ -8,7 +8,7 @@
 		<relativePath>../pom.xml</relativePath>
 		<groupId>org.lflang</groupId>
 		<artifactId>lf</artifactId>
-		<version>0.4.1-SNAPSHOT</version>
+		<version>0.5.0</version>
 	</parent>
 
 	<artifactId>org.lflang.product</artifactId>
diff --git a/org.lflang.product/splash.bmp b/org.lflang.product/splash.bmp
index a94ba129..6c2dd7d1 100644
Binary files a/org.lflang.product/splash.bmp and b/org.lflang.product/splash.bmp differ
diff --git a/org.lflang.rca/lflang.product b/org.lflang.rca/lflang.product
index ebff5fb4..2efa6673 100644
--- a/org.lflang.rca/lflang.product
+++ b/org.lflang.rca/lflang.product
@@ -1,7 +1,7 @@
 <?xml version="1.0" encoding="UTF-8"?>
 <?pde version="3.5"?>
 
-<product name="Epoch IDE" uid="org.lflang.rca" id="org.lflang.product.lfrca" application="org.eclipse.ui.ide.workbench" version="0.4.1.qualifier" useFeatures="true" includeLaunchers="true">
+<product name="Epoch IDE" uid="org.lflang.rca" id="org.lflang.product.lfrca" application="org.eclipse.ui.ide.workbench" version="0.5.0" useFeatures="true" includeLaunchers="true">
 
    <aboutInfo>
       <image path="/org.lflang.product/icons/lf-logo.png"/>
diff --git a/org.lflang.rca/pom.xml b/org.lflang.rca/pom.xml
index 9438f355..2bf6ab60 100644
--- a/org.lflang.rca/pom.xml
+++ b/org.lflang.rca/pom.xml
@@ -8,10 +8,10 @@
 		<relativePath>../pom.xml</relativePath>
 		<groupId>org.lflang</groupId>
 		<artifactId>lf</artifactId>
-		<version>0.4.1-SNAPSHOT</version>
+		<version>0.5.0</version>
 	</parent>
 
-	<version>0.4.1-SNAPSHOT</version>
+	<version>0.5.0</version>
 	<artifactId>org.lflang.rca</artifactId>
 	<packaging>eclipse-repository</packaging>
 	<name>Lingua Franca Epoch IDE</name>
diff --git a/org.lflang.sdk/feature.xml b/org.lflang.sdk/feature.xml
index 5d2f9e20..084be4e0 100644
--- a/org.lflang.sdk/feature.xml
+++ b/org.lflang.sdk/feature.xml
@@ -2,7 +2,7 @@
 <feature
       id="org.lflang.sdk"
       label="Lingua Franca SDK"
-      version="0.4.1.qualifier">
+      version="0.5.0">
 
    <requires>
       <import feature="org.eclipse.xtext.runtime" version="2.8.0" match="greaterOrEqual"/>
diff --git a/org.lflang.sdk/pom.xml b/org.lflang.sdk/pom.xml
index 2d0b051d..a5ac53a9 100644
--- a/org.lflang.sdk/pom.xml
+++ b/org.lflang.sdk/pom.xml
@@ -7,7 +7,7 @@
         <relativePath>../pom.xml</relativePath>
         <groupId>org.lflang</groupId>
         <artifactId>lf</artifactId>
-        <version>0.4.1-SNAPSHOT</version>
+        <version>0.5.0</version>
     </parent>
 
     <artifactId>org.lflang.sdk</artifactId>
diff --git a/org.lflang.targetplatform/pom.xml b/org.lflang.targetplatform/pom.xml
index 170ebe60..8ecd7aff 100644
--- a/org.lflang.targetplatform/pom.xml
+++ b/org.lflang.targetplatform/pom.xml
@@ -4,7 +4,7 @@
 	xsi:schemaLocation="http://maven.apache.org/POM/4.0.0 http://maven.apache.org/maven-v4_0_0.xsd">
 	<modelVersion>4.0.0</modelVersion>
 
-	<version>0.4.1-SNAPSHOT</version>
+	<version>0.5.0</version>
 	<artifactId>org.lflang.targetplatform</artifactId>
 	<packaging>eclipse-target-definition</packaging>
 	<name>Lingua Franca Target Platform</name>
@@ -12,7 +12,7 @@
 	<parent>
 		<groupId>org.lflang</groupId>
 		<artifactId>lf</artifactId>
-		<version>0.4.1-SNAPSHOT</version>
+		<version>0.5.0</version>
 		<relativePath>../pom.xml</relativePath>
 	</parent>
 
diff --git a/org.lflang.ui.tests/META-INF/MANIFEST.MF b/org.lflang.ui.tests/META-INF/MANIFEST.MF
index 710482b3..72e4cd62 100644
--- a/org.lflang.ui.tests/META-INF/MANIFEST.MF
+++ b/org.lflang.ui.tests/META-INF/MANIFEST.MF
@@ -2,7 +2,7 @@ Manifest-Version: 1.0
 Bundle-ManifestVersion: 2
 Bundle-Name: Lingua Franca UI Tests
 Bundle-Vendor: University of California, Berkeley
-Bundle-Version: 0.4.1.qualifier
+Bundle-Version: 0.5.0
 Bundle-SymbolicName: org.lflang.ui.tests;singleton:=true
 Bundle-RequiredExecutionEnvironment: JavaSE-17
 Bundle-ActivationPolicy: lazy
diff --git a/org.lflang.ui.tests/pom.xml b/org.lflang.ui.tests/pom.xml
index 55f27b33..e6266abe 100644
--- a/org.lflang.ui.tests/pom.xml
+++ b/org.lflang.ui.tests/pom.xml
@@ -7,7 +7,7 @@
     <relativePath>../pom.xml</relativePath>
     <groupId>org.lflang</groupId>
     <artifactId>lf</artifactId>
-    <version>0.4.1-SNAPSHOT</version>
+    <version>0.5.0</version>
   </parent>
     
   <artifactId>org.lflang.ui.tests</artifactId>
diff --git a/org.lflang.ui/META-INF/MANIFEST.MF b/org.lflang.ui/META-INF/MANIFEST.MF
index 24c1a3fb..223b809e 100644
--- a/org.lflang.ui/META-INF/MANIFEST.MF
+++ b/org.lflang.ui/META-INF/MANIFEST.MF
@@ -3,7 +3,7 @@ Automatic-Module-Name: org.lflang.ui
 Bundle-ManifestVersion: 2
 Bundle-Name: Lingua Franca UI
 Bundle-Vendor: University of California, Berkeley
-Bundle-Version: 0.4.1.qualifier
+Bundle-Version: 0.5.0
 Bundle-SymbolicName: org.lflang.ui; singleton:=true
 Bundle-ActivationPolicy: lazy
 Require-Bundle: org.lflang,
diff --git a/org.lflang.ui/pom.xml b/org.lflang.ui/pom.xml
index c17638a7..7e94890e 100644
--- a/org.lflang.ui/pom.xml
+++ b/org.lflang.ui/pom.xml
@@ -7,7 +7,7 @@
     <relativePath>../pom.xml</relativePath>
     <groupId>org.lflang</groupId>
     <artifactId>lf</artifactId>
-    <version>0.4.1-SNAPSHOT</version>
+    <version>0.5.0</version>
   </parent>
 
   <artifactId>org.lflang.ui</artifactId>
diff --git a/org.lflang.updatesite/pom.xml b/org.lflang.updatesite/pom.xml
index cf0e677e..8f54db5a 100644
--- a/org.lflang.updatesite/pom.xml
+++ b/org.lflang.updatesite/pom.xml
@@ -7,7 +7,7 @@
     <relativePath>../pom.xml</relativePath>
     <groupId>org.lflang</groupId>
     <artifactId>lf</artifactId>
-    <version>0.4.1-SNAPSHOT</version>
+    <version>0.5.0</version>
   </parent>
 
   <artifactId>org.lflang.updatesite</artifactId>
diff --git a/org.lflang/META-INF/MANIFEST.MF b/org.lflang/META-INF/MANIFEST.MF
index 216ef1c3..020c26f9 100644
--- a/org.lflang/META-INF/MANIFEST.MF
+++ b/org.lflang/META-INF/MANIFEST.MF
@@ -3,7 +3,7 @@ Automatic-Module-Name: org.lflang
 Bundle-ManifestVersion: 2
 Bundle-Name: Lingua Franca Language Implementation
 Bundle-Vendor: University of California, Berkeley
-Bundle-Version: 0.4.1.qualifier
+Bundle-Version: 0.5.0
 Bundle-SymbolicName: org.lflang; singleton:=true
 Bundle-ActivationPolicy: lazy
 Bundle-Activator: org.lflang.LFPluginActivator
diff --git a/org.lflang/lingua-franca b/org.lflang/lingua-franca
index 35f08874..5d6d8843 160000
--- a/org.lflang/lingua-franca
+++ b/org.lflang/lingua-franca
@@ -1 +1 @@
-Subproject commit 35f08874e70b6aad9398c93990c6455d6d7e0312
+Subproject commit 5d6d8843b4aadb4826872c4b009805a179450720
diff --git a/org.lflang/pom.xml b/org.lflang/pom.xml
index 5fdd73f5..e4bc31df 100644
--- a/org.lflang/pom.xml
+++ b/org.lflang/pom.xml
@@ -7,7 +7,7 @@
         <relativePath>../pom.xml</relativePath>
         <groupId>org.lflang</groupId>
         <artifactId>lf</artifactId>
-        <version>0.4.1-SNAPSHOT</version>
+        <version>0.5.0</version>
     </parent>
 
     <artifactId>org.lflang</artifactId>
diff --git a/pom.xml b/pom.xml
index cf4eee37..5996f18f 100644
--- a/pom.xml
+++ b/pom.xml
@@ -8,7 +8,7 @@
 
     <groupId>org.lflang</groupId>
     <artifactId>lf</artifactId>
-    <version>0.4.1-SNAPSHOT</version>
+    <version>0.5.0</version>
     <packaging>pom</packaging>
 
     <name>Lingua Franca</name>