diff --git a/CHANGES b/CHANGES
index 2706db86..87a1284e 100644
--- a/CHANGES
+++ b/CHANGES
@@ -2881,6 +2881,9 @@ version 1.2.54rc02 [October 31, 2015]
   Prevent writing over-length PLTE chunk (Cosmin Truta).
   Silently truncate over-length PLTE chunk while reading.
 
+  Clarified COPYRIGHT information to state explicitly that versions
+    are derived from previous versions.
+
 Send comments/corrections/commendations to png-mng-implement at lists.sf.net
 (subscription required; visit
 https://lists.sourceforge.net/lists/listinfo/png-mng-implement
diff --git a/LICENSE b/LICENSE
index d4bec76b..261ecc0b 100644
--- a/LICENSE
+++ b/LICENSE
@@ -10,10 +10,11 @@ this sentence.
 
 This code is released under the libpng license.
 
-libpng versions 1.0.7, July 1, 2000, through 1.2.54rc02, October 31, 2015, are
-Copyright (c) 2000-2002, 2004, 2006-2015 Glenn Randers-Pehrson, and are
-distributed according to the same disclaimer and license as libpng-1.0.6
-with the following individuals added to the list of Contributing Authors:
+libpng versions 1.0.7, July 1, 2000, through 1.2.54rc03, November 3, 2015, are
+Copyright (c) 2000-2002, 2004, 2006-2015 Glenn Randers-Pehrson, are
+derived from libpng-1.0.6, and are distributed according to the same
+disclaimer and license as libpng-1.0.6 with the following individuals
+added to the list of Contributing Authors:
 
    Simon-Pierre Cadieux
    Eric S. Raymond
@@ -30,18 +31,20 @@ and with the following additions to the disclaimer:
    the user.
 
 libpng versions 0.97, January 1998, through 1.0.6, March 20, 2000, are
-Copyright (c) 1998-2000 Glenn Randers-Pehrson, and are distributed according
-to the same disclaimer and license as libpng-0.96, with the following
-individuals added to the list of Contributing Authors:
+Copyright (c) 1998-2000 Glenn Randers-Pehrson, are derived from
+libpng-0.96, and are distributed according to the same disclaimer and
+license as libpng-0.96, with the following individuals added to the list
+of Contributing Authors:
 
    Tom Lane
    Glenn Randers-Pehrson
    Willem van Schaik
 
 libpng versions 0.89, June 1996, through 0.96, May 1997, are
-Copyright (c) 1996-1997 Andreas Dilger, and are
-distributed according to the same disclaimer and license as libpng-0.88,
-with the following individuals added to the list of Contributing Authors:
+Copyright (c) 1996-1997 Andreas Dilger, are derived from libpng-0.88,
+and are distributed according to the same disclaimer and license as
+libpng-0.88, with the following individuals added to the list of
+Contributing Authors:
 
    John Bowler
    Kevin Bracey
@@ -88,6 +91,8 @@ supporting the PNG file format in commercial products.  If you use this
 source code in a product, acknowledgment is not required but would be
 appreciated.
 
+END OF COPYRIGHT NOTICE, DISCLAIMER, and LICENSE.
+
 A "png_get_copyright" function is available, for convenient use in "about"
 boxes and the like:
 
@@ -102,4 +107,4 @@ the additional disclaimers inserted at version 1.0.7.
 
 Glenn Randers-Pehrson
 glennrp at users.sourceforge.net
-October 31, 2015
+November 3, 2015
diff --git a/libpng.3 b/libpng.3
index ecb4fbb4..a6073a7f 100644
--- a/libpng.3
+++ b/libpng.3
@@ -3977,11 +3977,13 @@ png-mng-implement at lists.sourceforge.net (subscription required; visit
 https://lists.sourceforge.net/lists/listinfo/png-mng-implement
 to subscribe).
 
-.SH COPYRIGHT NOTICE, DISCLAIMER, and LICENSE:
+.SH NOTICES:
 
-(This copy of the libpng notices is provided for your convenience.  In case of
+This copy of the libpng notices is provided for your convenience.  In case of
 any discrepancy between this copy and the notices in the file png.h that is
-included in the libpng distribution, the latter shall prevail.)
+included in the libpng distribution, the latter shall prevail.
+
+COPYRIGHT NOTICE, DISCLAIMER, and LICENSE:
 
 If you modify libpng you may insert additional notices immediately following
 this sentence.
@@ -3989,9 +3991,10 @@ this sentence.
 This code is released under the libpng license.
 
 libpng versions 1.0.7, July 1, 2000, through 1.2.54rc02, October 31, 2015, are
-Copyright (c) 2000-2002, 2004, 2006-2015 Glenn Randers-Pehrson, and are
-distributed according to the same disclaimer and license as libpng-1.0.6
-with the following individuals added to the list of Contributing Authors:
+Copyright (c) 2000-2002, 2004, 2006-2015 Glenn Randers-Pehrson, are
+derived from libpng-1.0.6, and are distributed according to the same
+disclaimer and license as libpng-1.0.6 with the following individuals
+added to the list of Contributing Authors:
 
    Simon-Pierre Cadieux
    Eric S. Raymond
@@ -4008,18 +4011,20 @@ and with the following additions to the disclaimer:
    the user.
 
 libpng versions 0.97, January 1998, through 1.0.6, March 20, 2000, are
-Copyright (c) 1998-2000 Glenn Randers-Pehrson, and are distributed according
-to the same disclaimer and license as libpng-0.96, with the following
-individuals added to the list of Contributing Authors:
+Copyright (c) 1998-2000 Glenn Randers-Pehrson, are derived from
+libpng-0.96, and are distributed according to the same disclaimer and
+license as libpng-0.96, with the following individuals added to the list
+of Contributing Authors:
 
    Tom Lane
    Glenn Randers-Pehrson
    Willem van Schaik
 
 libpng versions 0.89, June 1996, through 0.96, May 1997, are
-Copyright (c) 1996-1997 Andreas Dilger, and are
-distributed according to the same disclaimer and license as libpng-0.88,
-with the following individuals added to the list of Contributing Authors:
+Copyright (c) 1996-1997 Andreas Dilger, are derived from libpng-0.88,
+and are distributed according to the same disclaimer and license as
+libpng-0.88, with the following individuals added to the list of
+Contributing Authors:
 
    John Bowler
    Kevin Bracey
@@ -4066,6 +4071,8 @@ supporting the PNG file format in commercial products.  If you use this
 source code in a product, acknowledgment is not required but would be
 appreciated.
 
+END OF COPYRIGHT NOTICE, DISCLAIMER, and LICENSE.
+
 A "png_get_copyright" function is available, for convenient use in "about"
 boxes and the like:
 
diff --git a/png.h b/png.h
index 877d45ce..91c0ea35 100644
--- a/png.h
+++ b/png.h
@@ -1,7 +1,7 @@
 
 /* png.h - header file for PNG reference library
  *
- * libpng version 1.2.54rc02, October 31, 2015
+ * libpng version 1.2.54rc03, November 3, 2015
  *
  * Copyright (c) 1998-2015 Glenn Randers-Pehrson
  * (Version 0.96 Copyright (c) 1996, 1997 Andreas Dilger)
@@ -12,7 +12,7 @@
  * Authors and maintainers:
  *  libpng versions 0.71, May 1995, through 0.88, January 1996: Guy Schalnat
  *  libpng versions 0.89c, June 1996, through 0.96, May 1997: Andreas Dilger
- *  libpng versions 0.97, January 1998, through 1.2.54rc02, October 31, 2015: Glenn
+ *  libpng versions 0.97, January 1998, through 1.2.54rc03, November 3, 2015: Glenn
  *  See also "Contributing Authors", below.
  *
  * Note about libpng version numbers:
@@ -331,10 +331,11 @@
  *
  * This code is released under the libpng license.
  *
- * libpng versions 1.0.7, July 1, 2000, through 1.2.54rc02, October 31, 2015, are
- * Copyright (c) 2000-2002, 2004, 2006-2015 Glenn Randers-Pehrson, and are
- * distributed according to the same disclaimer and license as libpng-1.0.6
- * with the following individuals added to the list of Contributing Authors:
+ * libpng versions 1.0.7, July 1, 2000, through 1.2.54rc03, November 3, 2015, are
+ * Copyright (c) 2000-2002, 2004, 2006-2015 Glenn Randers-Pehrson, are
+ * derived from libpng-1.0.6, and are distributed according to the same
+ * disclaimer and license as libpng-1.0.6 with the following individuals
+ * added to the list of Contributing Authors:
  *
  *    Simon-Pierre Cadieux
  *    Eric S. Raymond
@@ -351,18 +352,20 @@
  *    the user.
  *
  * libpng versions 0.97, January 1998, through 1.0.6, March 20, 2000, are
- * Copyright (c) 1998-2000 Glenn Randers-Pehrson, and are distributed according
- * to the same disclaimer and license as libpng-0.96, with the following
- * individuals added to the list of Contributing Authors:
+ * Copyright (c) 1998-2000 Glenn Randers-Pehrson, are derived from
+ * libpng-0.96, and are distributed according to the same disclaimer and
+ * license as libpng-0.96, with the following individuals added to the list
+ * of Contributing Authors:
  *
  *    Tom Lane
  *    Glenn Randers-Pehrson
  *    Willem van Schaik
  *
  * libpng versions 0.89, June 1996, through 0.96, May 1997, are
- * Copyright (c) 1996-1997 Andreas Dilger, and are
- * distributed according to the same disclaimer and license as libpng-0.88,
- * with the following individuals added to the list of Contributing Authors:
+ * Copyright (c) 1996-1997 Andreas Dilger, are derived from libpng-0.88,
+ * and are distributed according to the same disclaimer and license as
+ * libpng-0.88, with the following individuals added to the list of
+ * Contributing Authors:
  *
  *    John Bowler
  *    Kevin Bracey
@@ -408,6 +411,8 @@
  * supporting the PNG file format in commercial products.  If you use this
  * source code in a product, acknowledgment is not required but would be
  * appreciated.
+ *
+ * END OF COPYRIGHT NOTICE, DISCLAIMER, and LICENSE.
  */
 
 /*
@@ -438,13 +443,13 @@
  * Y2K compliance in libpng:
  * =========================
  *
- *    October 31, 2015
+ *    November 3, 2015
  *
  *    Since the PNG Development group is an ad-hoc body, we can't make
  *    an official declaration.
  *
  *    This is your unofficial assurance that libpng from version 0.71 and
- *    upward through 1.2.54rc02 are Y2K compliant.  It is my belief that earlier
+ *    upward through 1.2.54rc03 are Y2K compliant.  It is my belief that earlier
  *    versions were also Y2K compliant.
  *
  *    Libpng only has three year fields.  One is a 2-byte unsigned integer
@@ -500,9 +505,9 @@
  */
 
 /* Version information for png.h - this should match the version in png.c */
-#define PNG_LIBPNG_VER_STRING "1.2.54rc02"
+#define PNG_LIBPNG_VER_STRING "1.2.54rc03"
 #define PNG_HEADER_VERSION_STRING \
-   " libpng version 1.2.54rc02 - October 31, 2015\n"
+   " libpng version 1.2.54rc03 - November 3, 2015\n"
 
 #define PNG_LIBPNG_VER_SONUM   0
 #define PNG_LIBPNG_VER_DLLNUM  13
@@ -515,7 +520,7 @@
  * PNG_LIBPNG_VER_STRING, omitting any leading zero:
  */
 
-#define PNG_LIBPNG_VER_BUILD  02
+#define PNG_LIBPNG_VER_BUILD  03
 
 /* Release Status */
 #define PNG_LIBPNG_BUILD_ALPHA    1
@@ -1570,7 +1575,7 @@ struct png_struct_def
 /* This triggers a compiler error in png.c, if png.c and png.h
  * do not agree upon the version number.
  */
-typedef png_structp version_1_2_54rc02;
+typedef png_structp version_1_2_54rc03;
 
 typedef png_struct FAR * FAR * png_structpp;