# Copyright 2015 Pants project contributors (see CONTRIBUTORS.md).
# Licensed under the Apache License, Version 2.0 (see LICENSE).

__version__ = "2.1.47"

pex/version.py
# Copyright 2015 Pants project contributors (see CONTRIBUTORS.md).
# Licensed under the Apache License, Version 2.0 (see LICENSE).

__version__ = "2.1.48"

pex/version.py
diff --git a/CHANGES.rst b/CHANGES.rst
index 831b563b8..52558ddeb 100644
--- a/CHANGES.rst
+++ b/CHANGES.rst
@@ -1,6 +1,22 @@
 Release Notes
 =============
 
+2.1.48
+------
+
+This releases introduces the ``--layout`` flag for selecting amongst the
+traditional zipapp layout as a single PEX zip file and two new directory
+tree based formats that may be useful for more sophisticated deployment
+sceanrios.
+
+The ``--unzip`` / ``PEX_UNZIP`` toggles for PEX runtime execution are
+now the default and deprecated as explicit options as a result. You can
+still select the venv runtime execution mode via the
+``--venv`` / ``PEX_VENV`` toggles though.
+
+* Remove zipapp execution mode & introduce ``--layout``. (#1438)
+  `PR #1438 <https://github.com/pantsbuild/pex/pull/1438>`_
+
 2.1.47
 ------
 
diff --git a/pex/version.py b/pex/version.py
index e403f941c..c923ea6ba 100644
--- a/pex/version.py
+++ b/pex/version.py
@@ -1,4 +1,4 @@
 # Copyright 2015 Pants project contributors (see CONTRIBUTORS.md).
 # Licensed under the Apache License, Version 2.0 (see LICENSE).
 
-__version__ = "2.1.47"
+__version__ = "2.1.48"

Release 2.1.48
On the docket:
+ [x]  Remove zipapp execution mode & introduce --layout. #1438 
