diff --git a/distribution/changelog.txt b/distribution/changelog.txt
index cd8a212060..c91a367ed7 100644
--- a/distribution/changelog.txt
+++ b/distribution/changelog.txt
@@ -1,4 +1,4 @@
-0.0.4 (not yet released)
+0.0.4-rc1
 ------------------------------------------------------------------------
 - Feature: Full native OSX .app support.
 - Feature: Add displaying of frames per second (FPS).
diff --git a/distribution/known_issues.txt b/distribution/known_issues.txt
index 7954655d51..592c7bac61 100644
--- a/distribution/known_issues.txt
+++ b/distribution/known_issues.txt
@@ -1,6 +1,7 @@
-Release version: 0.0.3-1-beta
+Release version: 0.0.4-rc1
 ------------------------------------------------------------------------
 * Some sounds play at their maximum volume irrespective of the sound volume control.
 * Scenario editor object selection window will show object names in the selected language at the time of building the object cache. (Deleting plugin.dat in Documents/OpenRCT2 will fix this)
+* Guest AI is slightly worse than the original game.
 
 Some bugs or limitations present in the original game have not yet been fixed or lifted.
diff --git a/distribution/readme.txt b/distribution/readme.txt
index 7822dd23f2..cc2d6299c2 100644
--- a/distribution/readme.txt
+++ b/distribution/readme.txt
@@ -1,5 +1,5 @@
-Last updated:    2016-09-01
-Release version: 0.0.4.0-beta
+Last updated:    2016-12-04
+Release version: 0.0.4-rc1
 ------------------------------------------------------------------------