diff --git a/.github/workflows/test.yml b/.github/workflows/test.yml
index 78619460a22..3f2566451b8 100644
--- a/.github/workflows/test.yml
+++ b/.github/workflows/test.yml
@@ -10,7 +10,7 @@ env:
   # Otherwise, set variable to the commit of your branch on
   # opentelemetry-python-contrib which is compatible with these Core repo
   # changes.
-  CONTRIB_REPO_SHA: ac84e9968fc5bfb16016a4e0ca82059bf1e86511
+  CONTRIB_REPO_SHA: 42ff80bef8a03ff214a54323a2631da06e6dc5e4
   # This is needed because we do not clone the core repo in contrib builds anymore.
   # When running contrib builds as part of core builds, we use actions/checkout@v2 which
   # does not set an environment variable (simply just runs tox), which is different when
diff --git a/CHANGELOG.md b/CHANGELOG.md
index 22b479fc49c..2bb41eee5ec 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -5,7 +5,11 @@ All notable changes to this project will be documented in this file.
 The format is based on [Keep a Changelog](https://keepachangelog.com/en/1.0.0/),
 and this project adheres to [Semantic Versioning](https://semver.org/spec/v2.0.0.html).
 
-## [Unreleased](https://github.com/open-telemetry/opentelemetry-python/compare/v1.12.0rc1-0.31b0...HEAD)
+## [Unreleased](https://github.com/open-telemetry/opentelemetry-python/compare/v1.12.0rc2-0.32b0...HEAD)
+
+## [1.12.0rc2-0.32b0](https://github.com/open-telemetry/opentelemetry-python/releases/tag/v1.12.0rc2-0.32b0) - 2022-07-04
+
+
 
 - Fix instrument name and unit regexes
   ([#2796](https://github.com/open-telemetry/opentelemetry-python/pull/2796))
diff --git a/eachdist.ini b/eachdist.ini
index ebf00880423..dca92043e9c 100644
--- a/eachdist.ini
+++ b/eachdist.ini
@@ -11,7 +11,7 @@ sortfirst=
     exporter/*
 
 [stable]
-version=1.12.0rc1
+version=1.12.0rc2
 
 packages=
     opentelemetry-sdk
@@ -30,7 +30,7 @@ packages=
     opentelemetry-api
 
 [prerelease]
-version=0.31b0
+version=0.32b0
 
 packages=
     opentelemetry-opentracing-shim
diff --git a/exporter/opentelemetry-exporter-jaeger-proto-grpc/src/opentelemetry/exporter/jaeger/proto/grpc/version.py b/exporter/opentelemetry-exporter-jaeger-proto-grpc/src/opentelemetry/exporter/jaeger/proto/grpc/version.py
index 83073121526..414738e76e9 100644
--- a/exporter/opentelemetry-exporter-jaeger-proto-grpc/src/opentelemetry/exporter/jaeger/proto/grpc/version.py
+++ b/exporter/opentelemetry-exporter-jaeger-proto-grpc/src/opentelemetry/exporter/jaeger/proto/grpc/version.py
@@ -13,4 +13,4 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 
-__version__ = "1.12.0rc1"
+__version__ = "1.12.0rc2"
diff --git a/exporter/opentelemetry-exporter-jaeger-thrift/src/opentelemetry/exporter/jaeger/thrift/version.py b/exporter/opentelemetry-exporter-jaeger-thrift/src/opentelemetry/exporter/jaeger/thrift/version.py
index 83073121526..414738e76e9 100644
--- a/exporter/opentelemetry-exporter-jaeger-thrift/src/opentelemetry/exporter/jaeger/thrift/version.py
+++ b/exporter/opentelemetry-exporter-jaeger-thrift/src/opentelemetry/exporter/jaeger/thrift/version.py
@@ -13,4 +13,4 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 
-__version__ = "1.12.0rc1"
+__version__ = "1.12.0rc2"
diff --git a/exporter/opentelemetry-exporter-jaeger/setup.cfg b/exporter/opentelemetry-exporter-jaeger/setup.cfg
index 09629011636..14818cc3663 100644
--- a/exporter/opentelemetry-exporter-jaeger/setup.cfg
+++ b/exporter/opentelemetry-exporter-jaeger/setup.cfg
@@ -41,8 +41,8 @@ package_dir=
     =src
 packages=find_namespace:
 install_requires =
-    opentelemetry-exporter-jaeger-proto-grpc == 1.12.0rc1
-    opentelemetry-exporter-jaeger-thrift == 1.12.0rc1
+    opentelemetry-exporter-jaeger-proto-grpc == 1.12.0rc2
+    opentelemetry-exporter-jaeger-thrift == 1.12.0rc2
 
 [options.packages.find]
 where = src
diff --git a/exporter/opentelemetry-exporter-jaeger/src/opentelemetry/exporter/jaeger/version.py b/exporter/opentelemetry-exporter-jaeger/src/opentelemetry/exporter/jaeger/version.py
index 83073121526..414738e76e9 100644
--- a/exporter/opentelemetry-exporter-jaeger/src/opentelemetry/exporter/jaeger/version.py
+++ b/exporter/opentelemetry-exporter-jaeger/src/opentelemetry/exporter/jaeger/version.py
@@ -13,4 +13,4 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 
-__version__ = "1.12.0rc1"
+__version__ = "1.12.0rc2"
diff --git a/exporter/opentelemetry-exporter-opencensus/src/opentelemetry/exporter/opencensus/version.py b/exporter/opentelemetry-exporter-opencensus/src/opentelemetry/exporter/opencensus/version.py
index d8dc1e1ed7a..268a7953448 100644
--- a/exporter/opentelemetry-exporter-opencensus/src/opentelemetry/exporter/opencensus/version.py
+++ b/exporter/opentelemetry-exporter-opencensus/src/opentelemetry/exporter/opencensus/version.py
@@ -12,4 +12,4 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 
-__version__ = "0.31b0"
+__version__ = "0.32b0"
diff --git a/exporter/opentelemetry-exporter-otlp-proto-grpc/setup.cfg b/exporter/opentelemetry-exporter-otlp-proto-grpc/setup.cfg
index 3c35fef7716..a98639cf686 100644
--- a/exporter/opentelemetry-exporter-otlp-proto-grpc/setup.cfg
+++ b/exporter/opentelemetry-exporter-otlp-proto-grpc/setup.cfg
@@ -44,7 +44,7 @@ install_requires =
     googleapis-common-protos ~= 1.52
     opentelemetry-api ~= 1.3
     opentelemetry-sdk ~= 1.11
-    opentelemetry-proto == 1.12.0rc1
+    opentelemetry-proto == 1.12.0rc2
     backoff >= 1.10.0, < 2.0.0; python_version<'3.7'
     backoff >= 1.10.0, < 3.0.0; python_version>='3.7'
 
diff --git a/exporter/opentelemetry-exporter-otlp-proto-grpc/src/opentelemetry/exporter/otlp/proto/grpc/version.py b/exporter/opentelemetry-exporter-otlp-proto-grpc/src/opentelemetry/exporter/otlp/proto/grpc/version.py
index 54a13456e7c..5744f723da7 100644
--- a/exporter/opentelemetry-exporter-otlp-proto-grpc/src/opentelemetry/exporter/otlp/proto/grpc/version.py
+++ b/exporter/opentelemetry-exporter-otlp-proto-grpc/src/opentelemetry/exporter/otlp/proto/grpc/version.py
@@ -12,4 +12,4 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 
-__version__ = "1.12.0rc1"
+__version__ = "1.12.0rc2"
diff --git a/exporter/opentelemetry-exporter-otlp-proto-http/setup.cfg b/exporter/opentelemetry-exporter-otlp-proto-http/setup.cfg
index e434fb794eb..61d29f78b77 100644
--- a/exporter/opentelemetry-exporter-otlp-proto-http/setup.cfg
+++ b/exporter/opentelemetry-exporter-otlp-proto-http/setup.cfg
@@ -44,7 +44,7 @@ install_requires =
     googleapis-common-protos ~= 1.52
     opentelemetry-api ~= 1.3
     opentelemetry-sdk ~= 1.11
-    opentelemetry-proto == 1.12.0rc1
+    opentelemetry-proto == 1.12.0rc2
     backoff >= 1.10.0, < 2.0.0; python_version<'3.7'
     backoff >= 1.10.0, < 3.0.0; python_version>='3.7'
 
diff --git a/exporter/opentelemetry-exporter-otlp-proto-http/src/opentelemetry/exporter/otlp/proto/http/version.py b/exporter/opentelemetry-exporter-otlp-proto-http/src/opentelemetry/exporter/otlp/proto/http/version.py
index 54a13456e7c..5744f723da7 100644
--- a/exporter/opentelemetry-exporter-otlp-proto-http/src/opentelemetry/exporter/otlp/proto/http/version.py
+++ b/exporter/opentelemetry-exporter-otlp-proto-http/src/opentelemetry/exporter/otlp/proto/http/version.py
@@ -12,4 +12,4 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 
-__version__ = "1.12.0rc1"
+__version__ = "1.12.0rc2"
diff --git a/exporter/opentelemetry-exporter-otlp/setup.cfg b/exporter/opentelemetry-exporter-otlp/setup.cfg
index 61573650016..0dcd327d607 100644
--- a/exporter/opentelemetry-exporter-otlp/setup.cfg
+++ b/exporter/opentelemetry-exporter-otlp/setup.cfg
@@ -41,8 +41,8 @@ package_dir=
     =src
 packages=find_namespace:
 install_requires =
-    opentelemetry-exporter-otlp-proto-grpc == 1.12.0rc1
-    opentelemetry-exporter-otlp-proto-http == 1.12.0rc1
+    opentelemetry-exporter-otlp-proto-grpc == 1.12.0rc2
+    opentelemetry-exporter-otlp-proto-http == 1.12.0rc2
 
 [options.packages.find]
 where = src
diff --git a/exporter/opentelemetry-exporter-otlp/src/opentelemetry/exporter/otlp/version.py b/exporter/opentelemetry-exporter-otlp/src/opentelemetry/exporter/otlp/version.py
index 54a13456e7c..5744f723da7 100644
--- a/exporter/opentelemetry-exporter-otlp/src/opentelemetry/exporter/otlp/version.py
+++ b/exporter/opentelemetry-exporter-otlp/src/opentelemetry/exporter/otlp/version.py
@@ -12,4 +12,4 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 
-__version__ = "1.12.0rc1"
+__version__ = "1.12.0rc2"
diff --git a/exporter/opentelemetry-exporter-prometheus/src/opentelemetry/exporter/prometheus/version.py b/exporter/opentelemetry-exporter-prometheus/src/opentelemetry/exporter/prometheus/version.py
index 54a13456e7c..268a7953448 100644
--- a/exporter/opentelemetry-exporter-prometheus/src/opentelemetry/exporter/prometheus/version.py
+++ b/exporter/opentelemetry-exporter-prometheus/src/opentelemetry/exporter/prometheus/version.py
@@ -12,4 +12,4 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 
-__version__ = "1.12.0rc1"
+__version__ = "0.32b0"
diff --git a/exporter/opentelemetry-exporter-zipkin-json/src/opentelemetry/exporter/zipkin/json/version.py b/exporter/opentelemetry-exporter-zipkin-json/src/opentelemetry/exporter/zipkin/json/version.py
index 54a13456e7c..5744f723da7 100644
--- a/exporter/opentelemetry-exporter-zipkin-json/src/opentelemetry/exporter/zipkin/json/version.py
+++ b/exporter/opentelemetry-exporter-zipkin-json/src/opentelemetry/exporter/zipkin/json/version.py
@@ -12,4 +12,4 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 
-__version__ = "1.12.0rc1"
+__version__ = "1.12.0rc2"
diff --git a/exporter/opentelemetry-exporter-zipkin-proto-http/setup.cfg b/exporter/opentelemetry-exporter-zipkin-proto-http/setup.cfg
index 70cbd52b139..fcd9d37c96f 100644
--- a/exporter/opentelemetry-exporter-zipkin-proto-http/setup.cfg
+++ b/exporter/opentelemetry-exporter-zipkin-proto-http/setup.cfg
@@ -45,7 +45,7 @@ install_requires =
     requests ~= 2.7
     opentelemetry-api ~= 1.3
     opentelemetry-sdk ~= 1.11
-    opentelemetry-exporter-zipkin-json == 1.12.0rc1
+    opentelemetry-exporter-zipkin-json == 1.12.0rc2
 
 [options.packages.find]
 where = src
diff --git a/exporter/opentelemetry-exporter-zipkin-proto-http/src/opentelemetry/exporter/zipkin/proto/http/version.py b/exporter/opentelemetry-exporter-zipkin-proto-http/src/opentelemetry/exporter/zipkin/proto/http/version.py
index 54a13456e7c..5744f723da7 100644
--- a/exporter/opentelemetry-exporter-zipkin-proto-http/src/opentelemetry/exporter/zipkin/proto/http/version.py
+++ b/exporter/opentelemetry-exporter-zipkin-proto-http/src/opentelemetry/exporter/zipkin/proto/http/version.py
@@ -12,4 +12,4 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 
-__version__ = "1.12.0rc1"
+__version__ = "1.12.0rc2"
diff --git a/exporter/opentelemetry-exporter-zipkin/setup.cfg b/exporter/opentelemetry-exporter-zipkin/setup.cfg
index 98589854ee9..949b0dfb3a3 100644
--- a/exporter/opentelemetry-exporter-zipkin/setup.cfg
+++ b/exporter/opentelemetry-exporter-zipkin/setup.cfg
@@ -41,8 +41,8 @@ package_dir=
     =src
 packages=find_namespace:
 install_requires =
-    opentelemetry-exporter-zipkin-json == 1.12.0rc1
-    opentelemetry-exporter-zipkin-proto-http == 1.12.0rc1
+    opentelemetry-exporter-zipkin-json == 1.12.0rc2
+    opentelemetry-exporter-zipkin-proto-http == 1.12.0rc2
 
 [options.packages.find]
 where = src
diff --git a/exporter/opentelemetry-exporter-zipkin/src/opentelemetry/exporter/zipkin/version.py b/exporter/opentelemetry-exporter-zipkin/src/opentelemetry/exporter/zipkin/version.py
index 54a13456e7c..5744f723da7 100644
--- a/exporter/opentelemetry-exporter-zipkin/src/opentelemetry/exporter/zipkin/version.py
+++ b/exporter/opentelemetry-exporter-zipkin/src/opentelemetry/exporter/zipkin/version.py
@@ -12,4 +12,4 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 
-__version__ = "1.12.0rc1"
+__version__ = "1.12.0rc2"
diff --git a/opentelemetry-api/src/opentelemetry/version.py b/opentelemetry-api/src/opentelemetry/version.py
index 54a13456e7c..5744f723da7 100644
--- a/opentelemetry-api/src/opentelemetry/version.py
+++ b/opentelemetry-api/src/opentelemetry/version.py
@@ -12,4 +12,4 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 
-__version__ = "1.12.0rc1"
+__version__ = "1.12.0rc2"
diff --git a/opentelemetry-proto/src/opentelemetry/proto/version.py b/opentelemetry-proto/src/opentelemetry/proto/version.py
index 54a13456e7c..5744f723da7 100644
--- a/opentelemetry-proto/src/opentelemetry/proto/version.py
+++ b/opentelemetry-proto/src/opentelemetry/proto/version.py
@@ -12,4 +12,4 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 
-__version__ = "1.12.0rc1"
+__version__ = "1.12.0rc2"
diff --git a/opentelemetry-sdk/setup.cfg b/opentelemetry-sdk/setup.cfg
index 7ee57a00a3f..b1c9ed9c1bf 100644
--- a/opentelemetry-sdk/setup.cfg
+++ b/opentelemetry-sdk/setup.cfg
@@ -43,8 +43,8 @@ packages=find_namespace:
 zip_safe = False
 include_package_data = True
 install_requires =
-    opentelemetry-api == 1.12.0rc1
-    opentelemetry-semantic-conventions == 0.31b0
+    opentelemetry-api == 1.12.0rc2
+    opentelemetry-semantic-conventions == 0.32b0
     setuptools >= 16.0
     dataclasses == 0.8; python_version < '3.7'
     typing-extensions >= 3.7.4
diff --git a/opentelemetry-sdk/src/opentelemetry/sdk/version.py b/opentelemetry-sdk/src/opentelemetry/sdk/version.py
index 54a13456e7c..5744f723da7 100644
--- a/opentelemetry-sdk/src/opentelemetry/sdk/version.py
+++ b/opentelemetry-sdk/src/opentelemetry/sdk/version.py
@@ -12,4 +12,4 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 
-__version__ = "1.12.0rc1"
+__version__ = "1.12.0rc2"
diff --git a/opentelemetry-semantic-conventions/src/opentelemetry/semconv/version.py b/opentelemetry-semantic-conventions/src/opentelemetry/semconv/version.py
index d8dc1e1ed7a..268a7953448 100644
--- a/opentelemetry-semantic-conventions/src/opentelemetry/semconv/version.py
+++ b/opentelemetry-semantic-conventions/src/opentelemetry/semconv/version.py
@@ -12,4 +12,4 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 
-__version__ = "0.31b0"
+__version__ = "0.32b0"
diff --git a/propagator/opentelemetry-propagator-b3/src/opentelemetry/propagators/b3/version.py b/propagator/opentelemetry-propagator-b3/src/opentelemetry/propagators/b3/version.py
index 54a13456e7c..5744f723da7 100644
--- a/propagator/opentelemetry-propagator-b3/src/opentelemetry/propagators/b3/version.py
+++ b/propagator/opentelemetry-propagator-b3/src/opentelemetry/propagators/b3/version.py
@@ -12,4 +12,4 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 
-__version__ = "1.12.0rc1"
+__version__ = "1.12.0rc2"
diff --git a/propagator/opentelemetry-propagator-jaeger/src/opentelemetry/propagators/jaeger/version.py b/propagator/opentelemetry-propagator-jaeger/src/opentelemetry/propagators/jaeger/version.py
index 54a13456e7c..5744f723da7 100644
--- a/propagator/opentelemetry-propagator-jaeger/src/opentelemetry/propagators/jaeger/version.py
+++ b/propagator/opentelemetry-propagator-jaeger/src/opentelemetry/propagators/jaeger/version.py
@@ -12,4 +12,4 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 
-__version__ = "1.12.0rc1"
+__version__ = "1.12.0rc2"
diff --git a/shim/opentelemetry-opentracing-shim/setup.cfg b/shim/opentelemetry-opentracing-shim/setup.cfg
index 367586ed83e..14f45de7f0c 100644
--- a/shim/opentelemetry-opentracing-shim/setup.cfg
+++ b/shim/opentelemetry-opentracing-shim/setup.cfg
@@ -47,7 +47,7 @@ install_requires =
 
 [options.extras_require]
 test =
-    opentelemetry-test-utils == 0.31b0
+    opentelemetry-test-utils == 0.32b0
     opentracing ~= 2.2.0
 
 [options.packages.find]
diff --git a/shim/opentelemetry-opentracing-shim/src/opentelemetry/shim/opentracing_shim/version.py b/shim/opentelemetry-opentracing-shim/src/opentelemetry/shim/opentracing_shim/version.py
index d8dc1e1ed7a..268a7953448 100644
--- a/shim/opentelemetry-opentracing-shim/src/opentelemetry/shim/opentracing_shim/version.py
+++ b/shim/opentelemetry-opentracing-shim/src/opentelemetry/shim/opentracing_shim/version.py
@@ -12,4 +12,4 @@
 # See the License for the specific language governing permissions and
 # limitations under the License.
 
-__version__ = "0.31b0"
+__version__ = "0.32b0"
diff --git a/tests/opentelemetry-test-utils/setup.cfg b/tests/opentelemetry-test-utils/setup.cfg
index 4b8f20e1185..659778feba4 100644
--- a/tests/opentelemetry-test-utils/setup.cfg
+++ b/tests/opentelemetry-test-utils/setup.cfg
@@ -38,8 +38,8 @@ package_dir=
     =src
 packages=find_namespace:
 install_requires =
-    opentelemetry-api == 1.12.0rc1
-    opentelemetry-sdk == 1.12.0rc1
+    opentelemetry-api == 1.12.0rc2
+    opentelemetry-sdk == 1.12.0rc2
     asgiref ~= 3.0
 
 [options.extras_require]
diff --git a/tests/opentelemetry-test-utils/src/opentelemetry/test/version.py b/tests/opentelemetry-test-utils/src/opentelemetry/test/version.py
index 8ae7aaafbe2..6a7b29001aa 100644
--- a/tests/opentelemetry-test-utils/src/opentelemetry/test/version.py
+++ b/tests/opentelemetry-test-utils/src/opentelemetry/test/version.py
@@ -1 +1 @@
-__version__ = "0.31b0"
+__version__ = "0.32b0"