diff --git a/cmd/clusterctl/hack/create-local-repository.py b/cmd/clusterctl/hack/create-local-repository.py
index 06574faaeabf..5a5579671770 100755
--- a/cmd/clusterctl/hack/create-local-repository.py
+++ b/cmd/clusterctl/hack/create-local-repository.py
@@ -53,24 +53,24 @@
 providers = {
       'cluster-api': {
               'componentsFile': 'core-components.yaml',
-              'nextVersion': 'v1.1.99',
+              'nextVersion': 'v1.2.99',
               'type': 'CoreProvider',
       },
       'bootstrap-kubeadm': {
             'componentsFile': 'bootstrap-components.yaml',
-            'nextVersion': 'v1.1.99',
+            'nextVersion': 'v1.2.99',
             'type': 'BootstrapProvider',
             'configFolder': 'bootstrap/kubeadm/config/default',
       },
       'control-plane-kubeadm': {
             'componentsFile': 'control-plane-components.yaml',
-            'nextVersion': 'v1.1.99',
+            'nextVersion': 'v1.2.99',
             'type': 'ControlPlaneProvider',
             'configFolder': 'controlplane/kubeadm/config/default',
       },
       'infrastructure-docker': {
           'componentsFile': 'infrastructure-components.yaml',
-          'nextVersion': 'v1.1.99',
+          'nextVersion': 'v1.2.99',
           'type': 'InfrastructureProvider',
           'configFolder': 'test/infrastructure/docker/config/default',
       },
diff --git a/hack/tools/tilt-prepare/main.go b/hack/tools/tilt-prepare/main.go
index e3aa23331fbf..1dfee9eba407 100644
--- a/hack/tools/tilt-prepare/main.go
+++ b/hack/tools/tilt-prepare/main.go
@@ -550,7 +550,7 @@ func getProviderObj(prefix string, objs []unstructured.Unstructured) (*unstructu
 		},
 		ProviderName: providerName,
 		Type:         providerType,
-		Version:      "v1.1.99",
+		Version:      "v1.2.99",
 	}
 
 	providerObj := &unstructured.Unstructured{}
diff --git a/metadata.yaml b/metadata.yaml
index 4c2f7a516690..625544516d2a 100644
--- a/metadata.yaml
+++ b/metadata.yaml
@@ -6,6 +6,9 @@
 apiVersion: clusterctl.cluster.x-k8s.io/v1alpha3
 kind: Metadata
 releaseSeries:
+  - major: 1
+    minor: 2
+    contract: v1beta1
   - major: 1
     minor: 1
     contract: v1beta1
diff --git a/test/e2e/config/docker.yaml b/test/e2e/config/docker.yaml
index 2ebd4c0051eb..8a1ab2babacd 100644
--- a/test/e2e/config/docker.yaml
+++ b/test/e2e/config/docker.yaml
@@ -47,8 +47,8 @@ providers:
         new: --metrics-addr=:8080
     files:
       - sourcePath: "../data/shared/v1alpha4/metadata.yaml"
-  - name: v1.0.1 # latest published release in the v1beta1 series; this is used for v1beta1 --> main clusterctl upgrades test only.
-    value: "https://github.com/kubernetes-sigs/cluster-api/releases/download/v1.0.1/core-components.yaml"
+  - name: v1.1.0 # latest published release in the v1beta1 series; this is used for v1beta1 --> main clusterctl upgrades test only.
+    value: "https://github.com/kubernetes-sigs/cluster-api/releases/download/v1.1.0/core-components.yaml"
     type: "url"
     contract: v1beta1
     replacements:
@@ -56,7 +56,7 @@ providers:
       new: --metrics-addr=:8080
     files:
     - sourcePath: "../data/shared/v1beta1/metadata.yaml"
-  - name: v1.1.99 # next; use manifest from source files
+  - name: v1.2.99 # next; use manifest from source files
     value: ../../../config/default
     replacements:
     - old: --metrics-bind-addr=localhost:8080
@@ -85,8 +85,8 @@ providers:
         new: --metrics-addr=:8080
     files:
       - sourcePath: "../data/shared/v1alpha4/metadata.yaml"
-  - name: v1.0.1 # latest published release in the v1beta1 series; this is used for v1beta1 --> main clusterctl upgrades test only.
-    value: "https://github.com/kubernetes-sigs/cluster-api/releases/download/v1.0.1/bootstrap-components.yaml"
+  - name: v1.1.0 # latest published release in the v1beta1 series; this is used for v1beta1 --> main clusterctl upgrades test only.
+    value: "https://github.com/kubernetes-sigs/cluster-api/releases/download/v1.1.0/bootstrap-components.yaml"
     type: "url"
     contract: v1beta1
     replacements:
@@ -94,7 +94,7 @@ providers:
       new: --metrics-addr=:8080
     files:
     - sourcePath: "../data/shared/v1beta1/metadata.yaml"
-  - name: v1.1.99 # next; use manifest from source files
+  - name: v1.2.99 # next; use manifest from source files
     value: ../../../bootstrap/kubeadm/config/default
     replacements:
     - old: --metrics-bind-addr=localhost:8080
@@ -123,8 +123,8 @@ providers:
         new: --metrics-addr=:8080
     files:
       - sourcePath: "../data/shared/v1alpha4/metadata.yaml"
-  - name: v1.0.1 # latest published release in the v1beta1 series; this is used for v1beta1 --> main clusterctl upgrades test only.
-    value: "https://github.com/kubernetes-sigs/cluster-api/releases/download/v1.0.1/control-plane-components.yaml"
+  - name: v1.1.0 # latest published release in the v1beta1 series; this is used for v1beta1 --> main clusterctl upgrades test only.
+    value: "https://github.com/kubernetes-sigs/cluster-api/releases/download/v1.1.0/control-plane-components.yaml"
     type: "url"
     contract: v1beta1
     replacements:
@@ -132,7 +132,7 @@ providers:
       new: --metrics-addr=:8080
     files:
     - sourcePath: "../data/shared/v1beta1/metadata.yaml"
-  - name: v1.1.99 # next; use manifest from source files
+  - name: v1.2.99 # next; use manifest from source files
     value: ../../../controlplane/kubeadm/config/default
     replacements:
     - old: --metrics-bind-addr=localhost:8080
@@ -163,8 +163,8 @@ providers:
     files:
       - sourcePath: "../data/shared/v1alpha4/metadata.yaml"
       - sourcePath: "../data/infrastructure-docker/v1alpha4/cluster-template.yaml"
-  - name: v1.0.1 # latest published release in the v1beta1 series; this is used for v1beta1 --> main clusterctl upgrades test only.
-    value: "https://github.com/kubernetes-sigs/cluster-api/releases/download/v1.0.1/infrastructure-components-development.yaml"
+  - name: v1.1.0 # latest published release in the v1beta1 series; this is used for v1beta1 --> main clusterctl upgrades test only.
+    value: "https://github.com/kubernetes-sigs/cluster-api/releases/download/v1.1.0/infrastructure-components-development.yaml"
     type: "url"
     contract: v1beta1
     replacements:
@@ -173,7 +173,7 @@ providers:
     files:
     - sourcePath: "../data/shared/v1beta1/metadata.yaml"
     - sourcePath: "../data/infrastructure-docker/v1beta1/cluster-template.yaml"
-  - name: v1.1.99 # next; use manifest from source files
+  - name: v1.2.99 # next; use manifest from source files
     value: ../../../test/infrastructure/docker/config/default
     replacements:
     - old: --metrics-bind-addr=localhost:8080
diff --git a/test/e2e/data/shared/v1beta1/metadata.yaml b/test/e2e/data/shared/v1beta1/metadata.yaml
index 1b035f4da8e3..10afb3250d84 100644
--- a/test/e2e/data/shared/v1beta1/metadata.yaml
+++ b/test/e2e/data/shared/v1beta1/metadata.yaml
@@ -1,6 +1,9 @@
 apiVersion: clusterctl.cluster.x-k8s.io/v1alpha3
 kind: Metadata
 releaseSeries:
+  - major: 1
+    minor: 2
+    contract: v1beta1
   - major: 1
     minor: 1
     contract: v1beta1