diff --git a/version.php b/version.php
index 6a4cc15622d37..121b86f4c72ba 100644
--- a/version.php
+++ b/version.php
@@ -11,10 +11,10 @@
 // between betas, final and RCs. This is _not_ the public version number. Reset minor/patch level
 // when updating major/minor version number.
 
-$OC_Version = [34, 0, 3, 0];
+$OC_Version = [34, 0, 3, 1];
 
 // The human-readable string
-$OC_VersionString = '34.0.3 RC1';
+$OC_VersionString = '34.0.3 RC2';
 
 $OC_VersionCanBeUpgradedFrom = [
 	'nextcloud' => [