diff --git a/CMakeLists.txt b/CMakeLists.txt
index b13183e97..4c87d1796 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -234,7 +234,7 @@ if (NOT USE_PRE_BUILT_NGRAPH)
     ExternalProject_Add(
         ext_ngraph
         GIT_REPOSITORY https://github.com/NervanaSystems/ngraph
-        GIT_TAG v0.24.0-rc.1
+        GIT_TAG v0.24.0-rc.2
         CMAKE_ARGS 
             -DNGRAPH_DISTRIBUTED_ENABLE=${NGRAPH_DISTRIBUTED_ENABLE}
             -DNGRAPH_INSTALL_PREFIX=${NGRAPH_ARTIFACTS_DIR}
diff --git a/README.md b/README.md
index 5c47c29d6..8aa98f916 100644
--- a/README.md
+++ b/README.md
@@ -88,7 +88,7 @@ Once TensorFlow's dependencies are installed, clone the `ngraph-bridge` repo:
 
         git clone https://github.com/tensorflow/ngraph-bridge.git
         cd ngraph-bridge
-        git checkout v0.16.0-rc4
+        git checkout v0.16.0-rc5
 
 Run the following Python script to build TensorFlow, nGraph, and the bridge. Use Python 3.5:
 
diff --git a/bazel/WORKSPACE b/bazel/WORKSPACE
index bcb7e815f..20600872d 100644
--- a/bazel/WORKSPACE
+++ b/bazel/WORKSPACE
@@ -25,11 +25,11 @@ tf_configure(
 http_archive(
     name = "ngraph",
     build_file = "//:bazel/ngraph.BUILD",
-    sha256 = "0d9fd5d4f42da47b33482d99131acc8f3d83d9bc7886b9343544d738d387e3eb",
-    strip_prefix = "ngraph-0.24.0-rc.1",
+    sha256 = "fba0fb45225c6eb068cfea16decdcef6d0e1552ab2d5f90f4940fa1059e60481",
+    strip_prefix = "ngraph-0.24.0-rc.2",
     urls = [
-        "https://mirror.bazel.build/github.com/NervanaSystems/ngraph/archive/v0.24.0-rc.1.tar.gz",
-        "https://github.com/NervanaSystems/ngraph/archive/v0.24.0-rc.1.tar.gz"
+        "https://mirror.bazel.build/github.com/NervanaSystems/ngraph/archive/v0.24.0-rc.2.tar.gz",
+        "https://github.com/NervanaSystems/ngraph/archive/v0.24.0-rc.2.tar.gz"
     ],
 )
 
diff --git a/build_ngtf.py b/build_ngtf.py
index cca864148..d06f65417 100755
--- a/build_ngtf.py
+++ b/build_ngtf.py
@@ -53,7 +53,7 @@ def main():
     '''
 
     # Component versions
-    ngraph_version = "v0.24.0-rc.1"
+    ngraph_version = "v0.24.0-rc.2"
     tf_version = "v1.14.0"
 
     # Command line parser options
diff --git a/python/setup.in.py b/python/setup.in.py
index 7f95a79ff..fb2cea477 100644
--- a/python/setup.in.py
+++ b/python/setup.in.py
@@ -59,7 +59,7 @@ def get_tag(self):
 
 setup( 
     name='ngraph_tensorflow_bridge',
-    version='0.16.0rc4',
+    version='0.16.0rc5',
     description='Intel nGraph compiler and runtime for TensorFlow',
     long_description=long_description,
     long_description_content_type="text/markdown",
diff --git a/src/version.cc b/src/version.cc
index 725e9a343..d4892fe25 100644
--- a/src/version.cc
+++ b/src/version.cc
@@ -30,7 +30,7 @@
 // candidate such as v0.7.0-rc0
 // The code in master will always have the last released version number
 // with a suffix of '-master'
-#define NG_TF_VERSION_SUFFIX "-rc4"
+#define NG_TF_VERSION_SUFFIX "-rc5"
 
 #define VERSION_STR_HELPER(x) #x
 #define VERSION_STR(x) VERSION_STR_HELPER(x)