diff --git a/src/python/pants/notes/2.12.x.md b/src/python/pants/notes/2.12.x.md
index 923d5b8d63d0..398b2346579b 100644
--- a/src/python/pants/notes/2.12.x.md
+++ b/src/python/pants/notes/2.12.x.md
@@ -1,5 +1,13 @@
 # 2.12.x Release Series
 
+## 2.12.1rc2 (Jul 20, 2022)
+
+### Bug fixes
+
+* Apply parameter filling for `parametrize`d dependencies to excludes, and fix accommodation for file-addressed atom targets (Cherry-pick of #16249) ([#16251](https://github.com/pantsbuild/pants/pull/16251))
+
+* [internal] Refactors `output_field` to default to something that disambiguates on parametrized fields (cherry-pick of #16232) ([#16248](https://github.com/pantsbuild/pants/pull/16248))
+
 ## 2.12.1rc1 (Jul 19, 2022)
 
 ### Plugin API Changes