diff --git a/Makefile b/Makefile
index 4ae605810f..430dd4f83e 100644
--- a/Makefile
+++ b/Makefile
@@ -3,9 +3,9 @@
 #
 
 VERSION = 2016
-PATCHLEVEL = 01
+PATCHLEVEL = 03
 SUBLEVEL =
-EXTRAVERSION =
+EXTRAVERSION = -rc1
 NAME =
 
 # *DOCUMENTATION*