diff --git a/PhysSys/cmt/requirements b/PhysSys/cmt/requirements
index e09f4bbf330921f0312dbf51cec8e20d9c18b273..e2cf592f0f2c48b9bf935d27653f864d1c840877 100755
--- a/PhysSys/cmt/requirements
+++ b/PhysSys/cmt/requirements
@@ -1,5 +1,5 @@
 package PhysSys
-version v14r4
+version v14r5
 
 branches doc cmt
 
diff --git a/ReleaseNotes/v14r5.md b/ReleaseNotes/v14r5.md
new file mode 100644
index 0000000000000000000000000000000000000000..55a93e3b617faff70adec1a36a439fab715525f0
--- /dev/null
+++ b/ReleaseNotes/v14r5.md
@@ -0,0 +1,34 @@
+2024-12-12 Phys v14r5
+===
+
+This version uses
+Rec [v13r5](../../../../Rec/-/tags/v13r5),
+LHCb [v34r5](../../../../LHCb/-/tags/v34r5),
+Gaudi [v23r2](../../../../Gaudi/-/tags/v23r2) and
+LCG [62b](http://lcginfo.cern.ch/release/62b/) with ROOT 5.32.02.
+
+This version is released on `hlt2012-patches` branch. This branch is intended *only* for technical fixes to support emulation of the 2012 HLT in simulation workflows. Builds with gcc46 on slc5.
+Built relative to Phys [v14r4](../-/tags/v14r4), with the following changes:
+
+### New features ~"new feature"
+
+- Add copyright statement and copyright check, !851 (@cattanem)
+- Add release notes template, !849 (@cattanem)
+
+
+### Code cleanups and changes to tests ~modernisation ~cleanup ~testing
+
+- ~Build | Remove ifdefs and link options for WIN32 and ICC, not supported on this branch, !844 (@cattanem)
+- ~Build | Remove OPTIONS "-U__MINGW32__" from gaudi_add_dictionary directive, !716 (@cattanem)
+- Remove CVS keywords, !847 (@cattanem)
+- Remove VeloPix, !845 (@cattanem)
+- Replace savannah bugs by corresponding JIRA tasks (@pkoppenb), !794 (@cattanem)
+
+
+### Documentation ~Documentation
+
+- Add copyright statement and copyright check, !851 (@cattanem)
+- Add release notes template, !849 (@cattanem)
+- Remove CVS keywords, !847 (@cattanem)
+- Replace savannah bugs by corresponding JIRA tasks (@pkoppenb), !794 (@cattanem)
+
diff --git a/cmt/project.cmt b/cmt/project.cmt
index 47c7cf10ee990c5ae68daf3148581c1a8279a676..d7e0ec78a05d317b06053048d62277fcded162f4 100755
--- a/cmt/project.cmt
+++ b/cmt/project.cmt
@@ -1,6 +1,6 @@
 project PHYS
 
-use REC	REC_v13r4
+use REC	REC_v13r5
 
 container      PhysSys
 build_strategy	with_installarea