diff --git a/CMakeLists.txt b/CMakeLists.txt
index 0f67ad2f036f55b8be11b06109f0ef4ede86388e..bba2d728e4539edaad441564cf4a22a176c8ff75 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -11,7 +11,7 @@
 
 cmake_minimum_required(VERSION 3.15)
 
-project(Phys VERSION 33.3
+project(Phys VERSION 33.4
         LANGUAGES CXX)
 
 # Enable testing with CTest/CDash
diff --git a/ReleaseNotes/v33r4.md b/ReleaseNotes/v33r4.md
new file mode 100644
index 0000000000000000000000000000000000000000..fe1417b72db93ccf97b77d855185f23e3e3da338
--- /dev/null
+++ b/ReleaseNotes/v33r4.md
@@ -0,0 +1,42 @@
+2021-12-02 Phys v33r4
+===
+
+This version uses
+Rec [v33r4](../../../../Rec/-/tags/v33r4),
+Lbcom [v33r5](../../../../Lbcom/-/tags/v33r5),
+LHCb [v53r5](../../../../LHCb/-/tags/v53r5),
+Gaudi [v36r2](../../../../Gaudi/-/tags/v36r2) and
+LCG [101](http://lcginfo.cern.ch/release/101/) with ROOT 6.24.06.
+
+This version is released on `master` branch.
+Built relative to Phys [v33r3](/../../tags/v33r3), with the following changes:
+
+### New features ~"new feature"
+
+- ~Tuples | DecayTreeFitterAlg to access refitted candidates, !970 (@pkoppenb)
+- ~"Flavour tagging" | Algorithm that selects the particles used in the FlavourTagging, !1002 (@cprouve)
+
+
+### Enhancements ~enhancement
+
+- ~Composites | Alternative branch for overlap checking if all particles are basics, !996 (@nnolte)
+- ~Functors | MassWithHypotheses Bug Fix, !1020 (@agilman) [Rec#220]
+- ~Functors | GaudiException instead of crash when outside of a DVAlgorithm, !1017 (@pkoppenb)
+- ~"Flavour tagging" | Allow of selection of particles in GetFlavourTaggingParticles, !1010 (@cprouve)
+
+
+### Code cleanups and changes to tests ~modernisation ~cleanup ~testing
+
+- ~Tracking ~"Event model" | Adapt Track History, !1006 (@gunther)
+- ~Calo | Adapted to changes in Calo code due to DD4hep integration, !999 (@sponce)
+- ~Composites | Clean up old particle makers, !823 (@cmarinbe)
+- ~"Event model" ~Utilities | SOACollection proxy simplification, !1012 (@ahennequ)
+- ~Tuples | Remove I(MC)ParticleTupleTool, !961 (@pkoppenb) [lhcb-dpa/project#7]
+- ~Build | Minor fix to ConfigurableUsers dependencies, !1005 (@clemenci)
+- Prefer prefix ++ for counters, !1022 (@graven)
+- Add more Boost.bind fixes (follow up !1014), !1016 (@rmatev)
+- Remove deprecated use of Boost.bind, !1014 (@rmatev)
+- Remove CommonParticles, !1009 (@pkoppenb)
+- Adapted to new LHCb TaggedBool, !1003 (@sponce)
+- Adapted code to non movable, non copyable counters, !1001 (@sponce)
+- Adapted ref files to removal of GaudiAlgorithm in LHCb packers, !978 (@sponce)