diff --git a/CHANGELOG.md b/CHANGELOG.md
index ff4bcae71b..e3b5d1ddca 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,25 @@
+# 12.0.0-next.2 (2021-02-24)
+
+
+### Bug Fixes
+
+* **common:** avoid mutating context object in NgTemplateOutlet ([#40360](https://github.com/angular/angular/issues/40360)) ([d3705b3](https://github.com/angular/angular/commit/d3705b3284113f752ee05e9f0d2f6e75c723ea5b)), closes [#24515](https://github.com/angular/angular/issues/24515)
+* **core:** allow EmbeddedViewRef context to be updated ([#40360](https://github.com/angular/angular/issues/40360)) ([a3e1719](https://github.com/angular/angular/commit/a3e17190e7e7e0329ed3643299c24d5fd510b7d6)), closes [#24515](https://github.com/angular/angular/issues/24515)
+
+
+### Features
+
+* **core:** drop support for zone.js 0.10.x ([#40823](https://github.com/angular/angular/issues/40823)) ([aaf9b31](https://github.com/angular/angular/commit/aaf9b31fb472826c279a720cc875007987f9aa6f)), closes [angular/angular-cli#20034](https://github.com/angular/angular-cli/issues/20034)
+* **core:** support APP_INITIALIZER work with observable ([#33222](https://github.com/angular/angular/issues/33222)) ([ca17ac5](https://github.com/angular/angular/commit/ca17ac523cc2ed8046931c86a2c12d97fb6796ca)), closes [#15088](https://github.com/angular/angular/issues/15088)
+* **router:** Allow for custom router outlet implementations ([#40827](https://github.com/angular/angular/issues/40827)) ([a82fddf](https://github.com/angular/angular/commit/a82fddf1ce6166e0f697e429370eade114094670))
+
+
+### BREAKING CHANGES
+
+* **core:** Minimum supported `zone.js` version is `0.11.4`
+
+
+
 ## 11.2.3 (2021-02-24)
 
 
diff --git a/package.json b/package.json
index e620d0ab9c..1d00007b63 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
   "name": "angular-srcs",
-  "version": "12.0.0-next.1",
+  "version": "12.0.0-next.2",
   "private": true,
   "description": "Angular - a web framework for modern web apps",
   "homepage": "https://github.com/angular/angular",