diff --git a/CHANGES.rst b/CHANGES.rst
index b6af1058e..fb67b784e 100644
--- a/CHANGES.rst
+++ b/CHANGES.rst
@@ -2,13 +2,32 @@
 CHANGES
 =======
 
+-----
+1.1.5
+-----
+
+* Fix ``PEXBuilder.clone`` and thus ``bdist_pex --pex-args`` for ``--python`` and ``--python-shebang``.
+  `#234 <https://github.com/pantsbuild/pex/pull/234>`_
+  `Fixes #233 <https://github.com/pantsbuild/pex/issues/233>`_
+
+* Fix old ``pkg_resources`` egg version normalization.
+  `#227 <https://github.com/pantsbuild/pex/pull/227>`_
+  `Fixes #226 <https://github.com/pantsbuild/pex/issues/226>`_
+
+* Fix the ``inherit_path`` handling.
+  `#224 <https://github.com/pantsbuild/pex/pull/224>`_
+
+* Fix handling of bad distribution script names when used as the pex entrypoint.
+  `#221 <https://github.com/pantsbuild/pex/issues/221>`_
+  `Fixes #220 <https://github.com/pantsbuild/pex/issues/220>`_
+
 -----
 1.1.4
 -----
 
 This release is a quick fix for a regression that inadvertently went out in 1.1.3 (Issue #216).
 
-* Add a test for the regression in `FixedEggMetadata._zipinfo_name` and revert the breaking commit.
+* Add a test for the regression in ``FixedEggMetadata._zipinfo_name`` and revert the breaking commit.
   `Fixes #216 <https://github.com/pantsbuild/pex/issues/216>`_
 
 -----
diff --git a/pex/version.py b/pex/version.py
index 1366236a2..eedfdee3e 100644
--- a/pex/version.py
+++ b/pex/version.py
@@ -1,7 +1,7 @@
 # Copyright 2015 Pants project contributors (see CONTRIBUTORS.md).
 # Licensed under the Apache License, Version 2.0 (see LICENSE).
 
-__version__ = '1.1.4'
+__version__ = '1.1.5'
 
 SETUPTOOLS_REQUIREMENT = 'setuptools>=2.2,<20'
 WHEEL_REQUIREMENT = 'wheel>=0.24.0,<0.27.0'