diff --git a/TAG b/TAG
index 72acf4b5d98..b4efb43f1f9 100644
--- a/TAG
+++ b/TAG
@@ -1 +1 @@
-2.0.2-rc2
+2.0.3-rc1
diff --git a/VERSION b/VERSION
index e9307ca5751..50ffc5aa7f6 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-2.0.2
+2.0.3
diff --git a/debian/changelog b/debian/changelog
index 4f81e90da0e..94a2ec60c29 100644
--- a/debian/changelog
+++ b/debian/changelog
@@ -1,3 +1,9 @@
+daos (2.0.3-1) unstable; urgency=medium
+  [ Johann Lombardi ]
+  * Version bump to 2.0.3 (rc1)
+
+ -- Johann Lombardi <johann.lombardi@intel.com>  Fri, 27 May 2022 20:00:00 -0100
+
 daos (2.0.2-7) unstable; urgency=medium
   [ Lei Huang ]
   * Update libfabric to v1.15.1-1 with critical performance patches
diff --git a/utils/rpms/daos.spec b/utils/rpms/daos.spec
index 55686cc9c39..d69641a1331 100644
--- a/utils/rpms/daos.spec
+++ b/utils/rpms/daos.spec
@@ -13,8 +13,8 @@
 %endif
 
 Name:          daos
-Version:       2.0.2
-Release:       7%{?relval}%{?dist}
+Version:       2.0.3
+Release:       1%{?relval}%{?dist}
 Summary:       DAOS Storage Engine
 
 License:       BSD-2-Clause-Patent
@@ -528,6 +528,9 @@ getent passwd daos_agent >/dev/null || useradd -s /sbin/nologin -r -g daos_agent
 # No files in a meta-package
 
 %changelog
+* Fri May 27 2022 Johann Lombardi <johann.lombardi@intel.com> 2.0.3-1
+- Version bump to 2.0.3 (rc1)
+
 * Fri May 27 2022 Lei Huang <lei.huang@intel.com> 2.0.2-7
 - Update libfabric to v1.15.1-1 with critical performance patches