diff --git a/Include/patchlevel.h b/Include/patchlevel.h
index f1773f0a474..920cd255e6b 100644
--- a/Include/patchlevel.h
+++ b/Include/patchlevel.h
@@ -20,10 +20,10 @@
 #define PY_MINOR_VERSION	5
 #define PY_MICRO_VERSION	0
 #define PY_RELEASE_LEVEL	PY_RELEASE_LEVEL_BETA
-#define PY_RELEASE_SERIAL	2
+#define PY_RELEASE_SERIAL	3
 
 /* Version as a string */
-#define PY_VERSION      	"3.5.0b2+"
+#define PY_VERSION      	"3.5.0b3"
 /*--end constants--*/
 
 /* Version as a single 4-byte hex number, e.g. 0x010502B2 == 1.5.2b2.
diff --git a/README b/README
index f2a615cf491..8a6ea1a863b 100644
--- a/README
+++ b/README
@@ -1,4 +1,4 @@
-This is Python version 3.5.0 beta 2
+This is Python version 3.5.0 beta 3
 ===================================
 
 Copyright (c) 2001, 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011,