diff --git a/CHANGES.rst b/CHANGES.rst
index 442bd40..8779ea4 100644
--- a/CHANGES.rst
+++ b/CHANGES.rst
@@ -4,6 +4,28 @@ CHANGES
 
 .. towncrier release notes start
 
+5.0.0 (2024-10-31)
+==================
+
+Features
+--------
+
+- Make ``asyncio_timeout`` fully compatible with the standard ``asyncio.Timeout`` but keep backward compatibility with existing ``asyncio_timeout.Timeout`` API. (`#422 <https://github.com/aio-libs/async-timeout/issues/422>`_)
+
+
+Improved Documentation
+----------------------
+
+- On the `CHANGES/README.rst <https://github.com/aio-libs/async-timeout/tree/master/CHANGES/README.rst>`_ page,
+  a link to the ``Towncrier philosophy`` has been fixed. (`#388 <https://github.com/aio-libs/async-timeout/issues/388>`_)
+
+
+Deprecations and Removals
+-------------------------
+
+- Drop deprecated sync context manager support, use ``async with timeout(...): ...`` instead. (`#421 <https://github.com/aio-libs/async-timeout/issues/421>`_)
+
+
 4.0.3 (2023-08-10)
 ==================
 
diff --git a/CHANGES/388.doc.rst b/CHANGES/388.doc.rst
deleted file mode 100644
index a84d5b9..0000000
--- a/CHANGES/388.doc.rst
+++ /dev/null
@@ -1,2 +0,0 @@
-On the `CHANGES/README.rst <https://github.com/aio-libs/async-timeout/tree/master/CHANGES/README.rst>`_ page,
-a link to the ``Towncrier philosophy`` has been fixed.
diff --git a/CHANGES/421.removal.rst b/CHANGES/421.removal.rst
deleted file mode 100644
index 845b6f6..0000000
--- a/CHANGES/421.removal.rst
+++ /dev/null
@@ -1 +0,0 @@
-Drop deprecated sync context manager support, use ``async with timeout(...): ...`` instead.
diff --git a/CHANGES/422.feature.rst b/CHANGES/422.feature.rst
deleted file mode 100644
index 9435ea6..0000000
--- a/CHANGES/422.feature.rst
+++ /dev/null
@@ -1 +0,0 @@
-Make ``asyncio_timeout`` fully compatible with the standard ``asyncio.Timeout`` but keep backward compatibility with existing ``asyncio_timeout.Timeout`` API.
diff --git a/setup.cfg b/setup.cfg
index a363ce7..9741a01 100644
--- a/setup.cfg
+++ b/setup.cfg
@@ -28,23 +28,14 @@ classifiers =
   Programming Language :: Python
   Programming Language :: Python :: 3
   Programming Language :: Python :: 3 :: Only
-  Programming Language :: Python :: 3.7
-  Programming Language :: Python :: 3.8
-  Programming Language :: Python :: 3.9
-  Programming Language :: Python :: 3.10
-  Programming Language :: Python :: 3.11
 
 [options]
-python_requires = >=3.7
+python_requires = >=3.8
 packages =
   async_timeout
 zip_safe = True
 include_package_data = True
 
-install_requires =
-  typing_extensions>=3.6.5; python_version < "3.8"
-
-
 [flake8]
 exclude = .git,.env,__pycache__,.eggs
 max-line-length = 88