diff --git a/CHANGES.md b/CHANGES.md
index cac80ca9721..caecc3c5155 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -1,3 +1,50 @@
+# Synapse 1.99.0rc1 (2024-01-09)
+
+### Features
+
+- Add config options to set the avatar and the topic of the server notices room. ([\#16679](https://github.com/element-hq/synapse/issues/16679))
+- Add a setting to be able to tweak the delay without interaction before an email is sent following a notification. ([\#16696](https://github.com/element-hq/synapse/issues/16696))
+- Add new Sentry configuration option `environment` for improved system monitoring. Contributed by @zeeshanrafiqrana. ([\#16738](https://github.com/element-hq/synapse/issues/16738))
+- Filter out rooms from the room directory being served to other homeservers when those rooms block that homeserver by their Access Control Lists. ([\#16759](https://github.com/element-hq/synapse/issues/16759))
+
+### Bugfixes
+
+- Fix a long-standing bug where the signing keys generated by Synapse were world-readable. Contributed by Fabian Klemp. ([\#16740](https://github.com/element-hq/synapse/issues/16740))
+- Fix email verification redirection. Contributed by Fadhlan Ridhwanallah. ([\#16761](https://github.com/element-hq/synapse/issues/16761))
+- Fixed a bug that prevented users from being queried by display name if it contains non-ASCII characters. ([\#16767](https://github.com/element-hq/synapse/issues/16767))
+- Allow reactivate user without password with Admin API in some edge cases. ([\#16770](https://github.com/element-hq/synapse/issues/16770))
+- Adds the recursion_depth parameter to the response of the /relations endpoint if MSC3981 recursion is being performed. ([\#16775](https://github.com/element-hq/synapse/issues/16775))
+
+### Improved Documentation
+
+- Added version picker for Synapse documentation. Contributed by @Dmytro27Ind. ([\#16533](https://github.com/element-hq/synapse/issues/16533))
+- Clarify that `password_config.enabled: "only_for_reauth"` does not allow new logins to be created using password auth. ([\#16737](https://github.com/element-hq/synapse/issues/16737))
+- Remove value from header in configuration documentation for `refresh_token_lifetime`. ([\#16763](https://github.com/element-hq/synapse/issues/16763))
+- Add another custom statistics collection server to the documentation. Contributed by @loelkes. ([\#16769](https://github.com/element-hq/synapse/issues/16769))
+
+### Internal Changes
+
+- Remove run-once workflow after adding the version picker to the documentation. ([\#9453](https://github.com/element-hq/synapse/issues/9453))
+- Update the implementation of [MSC2965](https://github.com/matrix-org/matrix-spec-proposals/pull/2965) (OIDC Provider discovery). ([\#16726](https://github.com/element-hq/synapse/issues/16726))
+- Move the rust stubs inline for better IDE integration. ([\#16757](https://github.com/element-hq/synapse/issues/16757))
+- Fix sample config doc CI. ([\#16758](https://github.com/element-hq/synapse/issues/16758))
+- Simplify event internal metadata class. ([\#16762](https://github.com/element-hq/synapse/issues/16762), [\#16780](https://github.com/element-hq/synapse/issues/16780))
+- Sign the published docker image using [cosign](https://docs.sigstore.dev/). ([\#16774](https://github.com/element-hq/synapse/issues/16774))
+- Port `EventInternalMetadata` class to Rust. ([\#16782](https://github.com/element-hq/synapse/issues/16782))
+
+
+
+### Updates to locked dependencies
+
+* Bump actions/setup-go from 4 to 5. ([\#16749](https://github.com/element-hq/synapse/issues/16749))
+* Bump actions/setup-python from 4 to 5. ([\#16748](https://github.com/element-hq/synapse/issues/16748))
+* Bump immutabledict from 3.0.0 to 4.0.0. ([\#16743](https://github.com/element-hq/synapse/issues/16743))
+* Bump isort from 5.12.0 to 5.13.0. ([\#16745](https://github.com/element-hq/synapse/issues/16745))
+* Bump isort from 5.13.0 to 5.13.1. ([\#16752](https://github.com/element-hq/synapse/issues/16752))
+* Bump pydantic from 2.5.1 to 2.5.2. ([\#16747](https://github.com/element-hq/synapse/issues/16747))
+* Bump ruff from 0.1.6 to 0.1.7. ([\#16746](https://github.com/element-hq/synapse/issues/16746))
+* Bump types-setuptools from 68.2.0.2 to 69.0.0.0. ([\#16744](https://github.com/element-hq/synapse/issues/16744))
+
 # Synapse 1.98.0 (2023-12-12)
 
 Synapse 1.98.0 will be the last Synapse release in 2023; the regular release cadence will resume in January 2024.
diff --git a/changelog.d/16533.doc b/changelog.d/16533.doc
deleted file mode 100644
index ae23a8a5782..00000000000
--- a/changelog.d/16533.doc
+++ /dev/null
@@ -1 +0,0 @@
-Added version picker for Synapse documentation. Contributed by @Dmytro27Ind.
\ No newline at end of file
diff --git a/changelog.d/16679.feature b/changelog.d/16679.feature
deleted file mode 100644
index 85af837ae17..00000000000
--- a/changelog.d/16679.feature
+++ /dev/null
@@ -1 +0,0 @@
-Add config options to set the avatar and the topic of the server notices room.
diff --git a/changelog.d/16696.feature b/changelog.d/16696.feature
deleted file mode 100644
index 53d7b40f36e..00000000000
--- a/changelog.d/16696.feature
+++ /dev/null
@@ -1 +0,0 @@
-Add a setting to be able to tweak the delay without interaction before an email is sent following a notification.
diff --git a/changelog.d/16726.misc b/changelog.d/16726.misc
deleted file mode 100644
index bac312465ca..00000000000
--- a/changelog.d/16726.misc
+++ /dev/null
@@ -1 +0,0 @@
-Update the implementation of [MSC2965](https://github.com/matrix-org/matrix-spec-proposals/pull/2965) (OIDC Provider discovery).
diff --git a/changelog.d/16737.doc b/changelog.d/16737.doc
deleted file mode 100644
index 26035b73ec3..00000000000
--- a/changelog.d/16737.doc
+++ /dev/null
@@ -1 +0,0 @@
-Clarify that `password_config.enabled: "only_for_reauth"` does not allow new logins to be created using password auth.
\ No newline at end of file
diff --git a/changelog.d/16738.feature b/changelog.d/16738.feature
deleted file mode 100644
index c9ea12a2abc..00000000000
--- a/changelog.d/16738.feature
+++ /dev/null
@@ -1 +0,0 @@
-Add new Sentry configuration option `environment` for improved system monitoring. Contributed by @zeeshanrafiqrana.
\ No newline at end of file
diff --git a/changelog.d/16740.bugfix b/changelog.d/16740.bugfix
deleted file mode 100644
index 21551516e2d..00000000000
--- a/changelog.d/16740.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix a long-standing bug where the signing keys generated by Synapse were world-readable. Contributed by Fabian Klemp.
diff --git a/changelog.d/16757.misc b/changelog.d/16757.misc
deleted file mode 100644
index 9856bf1aa67..00000000000
--- a/changelog.d/16757.misc
+++ /dev/null
@@ -1 +0,0 @@
-Move the rust stubs inline for better IDE integration.
diff --git a/changelog.d/16758.misc b/changelog.d/16758.misc
deleted file mode 100644
index eea2d0869c5..00000000000
--- a/changelog.d/16758.misc
+++ /dev/null
@@ -1 +0,0 @@
-Fix sample config doc CI.
diff --git a/changelog.d/16759.feature b/changelog.d/16759.feature
deleted file mode 100644
index 5846e5a9f0f..00000000000
--- a/changelog.d/16759.feature
+++ /dev/null
@@ -1 +0,0 @@
-Filter out rooms from the room directory being served to other homeservers when those rooms block that homeserver by their Access Control Lists.
\ No newline at end of file
diff --git a/changelog.d/16761.bugfix b/changelog.d/16761.bugfix
deleted file mode 100644
index 86c6545eda9..00000000000
--- a/changelog.d/16761.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix email verification redirection. Contributed by Fadhlan Ridhwanallah.
\ No newline at end of file
diff --git a/changelog.d/16762.misc b/changelog.d/16762.misc
deleted file mode 100644
index c49dc2085e0..00000000000
--- a/changelog.d/16762.misc
+++ /dev/null
@@ -1 +0,0 @@
-Simplify event internal metadata class.
diff --git a/changelog.d/16763.doc b/changelog.d/16763.doc
deleted file mode 100644
index e4236e8ef6e..00000000000
--- a/changelog.d/16763.doc
+++ /dev/null
@@ -1 +0,0 @@
-Remove value from header in configuration documentation for `refresh_token_lifetime`.
diff --git a/changelog.d/16767.bugfix b/changelog.d/16767.bugfix
deleted file mode 100644
index b1fa1285ef6..00000000000
--- a/changelog.d/16767.bugfix
+++ /dev/null
@@ -1,2 +0,0 @@
-Fixed a bug that prevented users from being queried by display name if it contains non-ASCII characters.
-
diff --git a/changelog.d/16769.doc b/changelog.d/16769.doc
deleted file mode 100644
index c46e9e99086..00000000000
--- a/changelog.d/16769.doc
+++ /dev/null
@@ -1 +0,0 @@
-Add another custom statistics collection server to the documentation. Contributed by @loelkes.
\ No newline at end of file
diff --git a/changelog.d/16770.bugfix b/changelog.d/16770.bugfix
deleted file mode 100644
index c02bd8510d9..00000000000
--- a/changelog.d/16770.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Allow reactivate user without password with Admin API in some edge cases.
diff --git a/changelog.d/16774.misc b/changelog.d/16774.misc
deleted file mode 100644
index c5ad9bf68ca..00000000000
--- a/changelog.d/16774.misc
+++ /dev/null
@@ -1 +0,0 @@
-Sign the published docker image using [cosign](https://docs.sigstore.dev/).
\ No newline at end of file
diff --git a/changelog.d/16775.bugfix b/changelog.d/16775.bugfix
deleted file mode 100644
index 99f04ca59d6..00000000000
--- a/changelog.d/16775.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Adds the recursion_depth parameter to the response of the /relations endpoint if MSC3981 recursion is being performed.
diff --git a/changelog.d/16780.misc b/changelog.d/16780.misc
deleted file mode 100644
index c49dc2085e0..00000000000
--- a/changelog.d/16780.misc
+++ /dev/null
@@ -1 +0,0 @@
-Simplify event internal metadata class.
diff --git a/changelog.d/16782.misc b/changelog.d/16782.misc
deleted file mode 100644
index d0cb0be26fb..00000000000
--- a/changelog.d/16782.misc
+++ /dev/null
@@ -1 +0,0 @@
-Port `EventInternalMetadata` class to Rust.
diff --git a/changelog.d/9453.misc b/changelog.d/9453.misc
deleted file mode 100644
index 73656104cf1..00000000000
--- a/changelog.d/9453.misc
+++ /dev/null
@@ -1 +0,0 @@
-Remove run-once workflow after adding the version picker to the documentation.
\ No newline at end of file
diff --git a/debian/changelog b/debian/changelog
index abcfedf6d65..cb183146a83 100644
--- a/debian/changelog
+++ b/debian/changelog
@@ -1,3 +1,9 @@
+matrix-synapse-py3 (1.99.0~rc1) stable; urgency=medium
+
+  * New Synapse release 1.99.0rc1.
+
+ -- Synapse Packaging team <packages@matrix.org>  Tue, 09 Jan 2024 13:43:56 +0000
+
 matrix-synapse-py3 (1.98.0) stable; urgency=medium
 
   * New Synapse release 1.98.0.
diff --git a/pyproject.toml b/pyproject.toml
index 2ac03edfe80..24791aa0a97 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -96,7 +96,7 @@ module-name = "synapse.synapse_rust"
 
 [tool.poetry]
 name = "matrix-synapse"
-version = "1.98.0"
+version = "1.99.0rc1"
 description = "Homeserver for the Matrix decentralised comms protocol"
 authors = ["Matrix.org Team and Contributors <packages@matrix.org>"]
 license = "AGPL-3.0-or-later"