diff --git a/Makefile b/Makefile
index 0371d4619..c1c64462f 100644
--- a/Makefile
+++ b/Makefile
@@ -22,9 +22,9 @@
 #
 
 VERSION = 1
-PATCHLEVEL = 2
+PATCHLEVEL = 3
 SUBLEVEL = 0
-EXTRAVERSION =
+EXTRAVERSION = -rc1
 U_BOOT_VERSION = $(VERSION).$(PATCHLEVEL).$(SUBLEVEL)$(EXTRAVERSION)
 VERSION_FILE = $(obj)include/version_autogenerated.h