diff --git a/Makefile b/Makefile
index fd6f7949bc1a..9be5834073f8 100644
--- a/Makefile
+++ b/Makefile
@@ -1,8 +1,8 @@
 # SPDX-License-Identifier: GPL-2.0
 VERSION = 5
-PATCHLEVEL = 2
+PATCHLEVEL = 3
 SUBLEVEL = 0
-EXTRAVERSION =
+EXTRAVERSION = -rc1
 NAME = Bobtail Squid
 
 # *DOCUMENTATION*