diff --git a/CHANGELOG.md b/CHANGELOG.md
index 11bd0291..292397c8 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,14 @@
 # Optimizely C# SDK Changelog
 
+## 4.5.0
+September 3, 2026
+
+### New Features
+
+**Holdout Targeted Delivery Exclusion**: Holdouts can now be configured to exclude Targeted Delivery rules, so users held out of experiments still receive their Targeted Delivery experiences. This gives you a cleaner measure of experiment impact without holding users back from ongoing rollouts.
+
+- Add excludeTargetedDeliveries support to holdout logic ([#420](https://github.com/optimizely/csharp-sdk/pull/420))
+
 ## 4.4.0
 July 10, 2026
 
diff --git a/OptimizelySDK.DemoApp/Properties/AssemblyInfo.cs b/OptimizelySDK.DemoApp/Properties/AssemblyInfo.cs
index 702b8c5f..dc0c34a0 100644
--- a/OptimizelySDK.DemoApp/Properties/AssemblyInfo.cs
+++ b/OptimizelySDK.DemoApp/Properties/AssemblyInfo.cs
@@ -37,6 +37,6 @@
 //
 // You can specify all the values or you can default the Revision and Build Numbers
 // by using the '*' as shown below:
-[assembly: AssemblyVersion("4.4.0.0")]
-[assembly: AssemblyFileVersion("4.4.0.0")]
-[assembly: AssemblyInformationalVersion("4.4.0")] // Used by NuGet.
+[assembly: AssemblyVersion("4.5.0.0")]
+[assembly: AssemblyFileVersion("4.5.0.0")]
+[assembly: AssemblyInformationalVersion("4.5.0")] // Used by NuGet.
diff --git a/OptimizelySDK.Net35/Properties/AssemblyInfo.cs b/OptimizelySDK.Net35/Properties/AssemblyInfo.cs
index 99ae2a3b..5bf68dde 100644
--- a/OptimizelySDK.Net35/Properties/AssemblyInfo.cs
+++ b/OptimizelySDK.Net35/Properties/AssemblyInfo.cs
@@ -37,6 +37,6 @@
 //
 // You can specify all the values or you can default the Build and Revision Numbers 
 // by using the '*' as shown below:
-[assembly: AssemblyVersion("4.4.0.0")]
-[assembly: AssemblyFileVersion("4.4.0.0")]
-[assembly: AssemblyInformationalVersion("4.4.0")] // Used by NuGet.
+[assembly: AssemblyVersion("4.5.0.0")]
+[assembly: AssemblyFileVersion("4.5.0.0")]
+[assembly: AssemblyInformationalVersion("4.5.0")] // Used by NuGet.
diff --git a/OptimizelySDK.Net40/Properties/AssemblyInfo.cs b/OptimizelySDK.Net40/Properties/AssemblyInfo.cs
index 4d33edfb..d04dbd79 100644
--- a/OptimizelySDK.Net40/Properties/AssemblyInfo.cs
+++ b/OptimizelySDK.Net40/Properties/AssemblyInfo.cs
@@ -37,6 +37,6 @@
 //
 // You can specify all the values or you can default the Build and Revision Numbers
 // by using the '*' as shown below:
-[assembly: AssemblyVersion("4.4.0.0")]
-[assembly: AssemblyFileVersion("4.4.0.0")]
-[assembly: AssemblyInformationalVersion("4.4.0")] // Used by NuGet.
+[assembly: AssemblyVersion("4.5.0.0")]
+[assembly: AssemblyFileVersion("4.5.0.0")]
+[assembly: AssemblyInformationalVersion("4.5.0")] // Used by NuGet.
diff --git a/OptimizelySDK.NetStandard16/Properties/AssemblyInfo.cs b/OptimizelySDK.NetStandard16/Properties/AssemblyInfo.cs
index 7405bd3c..26da9767 100644
--- a/OptimizelySDK.NetStandard16/Properties/AssemblyInfo.cs
+++ b/OptimizelySDK.NetStandard16/Properties/AssemblyInfo.cs
@@ -37,6 +37,6 @@
 //
 // You can specify all the values or you can default the Build and Revision Numbers
 // by using the '*' as shown below:
-[assembly: AssemblyVersion("4.4.0.0")]
-[assembly: AssemblyFileVersion("4.4.0.0")]
-[assembly: AssemblyInformationalVersion("4.4.0")] // Used by NuGet.
+[assembly: AssemblyVersion("4.5.0.0")]
+[assembly: AssemblyFileVersion("4.5.0.0")]
+[assembly: AssemblyInformationalVersion("4.5.0")] // Used by NuGet.
diff --git a/OptimizelySDK.NetStandard20/Properties/AssemblyInfo.cs b/OptimizelySDK.NetStandard20/Properties/AssemblyInfo.cs
index c5a300c4..00588fb6 100644
--- a/OptimizelySDK.NetStandard20/Properties/AssemblyInfo.cs
+++ b/OptimizelySDK.NetStandard20/Properties/AssemblyInfo.cs
@@ -37,6 +37,6 @@
 //
 // You can specify all the values or you can default the Build and Revision Numbers
 // by using the '*' as shown below:
-[assembly: AssemblyVersion("4.4.0.0")]
-[assembly: AssemblyFileVersion("4.4.0.0")]
-[assembly: AssemblyInformationalVersion("4.4.0")] // Used by NuGet.
+[assembly: AssemblyVersion("4.5.0.0")]
+[assembly: AssemblyFileVersion("4.5.0.0")]
+[assembly: AssemblyInformationalVersion("4.5.0")] // Used by NuGet.
diff --git a/OptimizelySDK.Tests/Properties/AssemblyInfo.cs b/OptimizelySDK.Tests/Properties/AssemblyInfo.cs
index 2e29383d..af636a86 100644
--- a/OptimizelySDK.Tests/Properties/AssemblyInfo.cs
+++ b/OptimizelySDK.Tests/Properties/AssemblyInfo.cs
@@ -30,6 +30,6 @@
 //
 // You can specify all the values or you can default the Build and Revision Numbers
 // by using the '*' as shown below:
-[assembly: AssemblyVersion("4.4.0.0")]
-[assembly: AssemblyFileVersion("4.4.0.0")]
-[assembly: AssemblyInformationalVersion("4.4.0")] // Used by NuGet.
+[assembly: AssemblyVersion("4.5.0.0")]
+[assembly: AssemblyFileVersion("4.5.0.0")]
+[assembly: AssemblyInformationalVersion("4.5.0")] // Used by NuGet.
diff --git a/OptimizelySDK/Properties/AssemblyInfo.cs b/OptimizelySDK/Properties/AssemblyInfo.cs
index f8e3e6b8..3844133e 100644
--- a/OptimizelySDK/Properties/AssemblyInfo.cs
+++ b/OptimizelySDK/Properties/AssemblyInfo.cs
@@ -41,6 +41,6 @@
 //
 // You can specify all the values or you can default the Build and Revision Numbers 
 // by using the '*' as shown below:
-[assembly: AssemblyVersion("4.4.0.0")]
-[assembly: AssemblyFileVersion("4.4.0.0")]
-[assembly: AssemblyInformationalVersion("4.4.0")] // Used by NuGet.
+[assembly: AssemblyVersion("4.5.0.0")]
+[assembly: AssemblyFileVersion("4.5.0.0")]
+[assembly: AssemblyInformationalVersion("4.5.0")] // Used by NuGet.