diff --git a/CHANGELOG.md b/CHANGELOG.md
index 4b18423..7c9c8e1 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,10 @@
 # CHANGELOG
 
+## v1.4.9
+
+* Ensure that the ADC fails if we try to *write* the well-known file to a
+  directory that doesn't exist, but not if we try to *read* from one.
+
 ## v1.4.8
 
 * Better handling of `body` during token refresh when `body` is a stream.
diff --git a/oauth2client/__init__.py b/oauth2client/__init__.py
index 3d0746f..ae56bea 100644
--- a/oauth2client/__init__.py
+++ b/oauth2client/__init__.py
@@ -1,6 +1,6 @@
 """Client library for using OAuth2, especially with Google APIs."""
 
-__version__ = '1.4.8'
+__version__ = '1.4.9'
 
 GOOGLE_AUTH_URI = 'https://accounts.google.com/o/oauth2/auth'
 GOOGLE_DEVICE_URI = 'https://accounts.google.com/o/oauth2/device/code'