diff --git a/VERSION b/VERSION
index 2d7dfb83b49..091da5fcbd2 100644
--- a/VERSION
+++ b/VERSION
@@ -1,5 +1,5 @@
 VERSION_MAJOR = 3
-VERSION_MINOR = 4
-PATCHLEVEL = 99
+VERSION_MINOR = 5
+PATCHLEVEL = 0
 VERSION_TWEAK = 0
-EXTRAVERSION =
+EXTRAVERSION = rc1