diff --git a/CHANGELOG.md b/CHANGELOG.md
index 6df8c1eb3..a829a952d 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -6,8 +6,19 @@ and this project adheres to [Semantic Versioning](http://semver.org/spec/v2.0.0.
 
 
 ## Unreleased
+
+## 0.39.3 - 2024-05-08
 ### Added
 - `axi_sim_mem`: Allow response data for uninitialized region to have configurable defined value.
+- `axi_test`: add `clear_memory_regions` to `axi_rand_master`.
+- `axi_test`: Add `add_traffic_shaping_with_size` to `axi_rand_master` to allow for traffic shaping
+  with a custom size.
+
+### Changed
+- `axi_pkg`: Adjust `LatencyMode` parameter of `xbar_cfg_t` to bit vector from `xbar_pipeline_e`
+  enum to allow custom configurations.
+
+`v0.39.3` is fully **backward-compatible** to `v0.39.2`.
 
 ## 0.39.2 - 2024-03-13
 
diff --git a/VERSION b/VERSION
index e06193879..e0c2d6587 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-0.39.2
+0.39.3
diff --git a/axi.core b/axi.core
index 893c7b863..a68f7648c 100644
--- a/axi.core
+++ b/axi.core
@@ -1,6 +1,6 @@
 CAPI=2:
 
-name : pulp-platform.org::axi:0.39.2
+name : pulp-platform.org::axi:0.39.3
 
 filesets:
   rtl: