diff --git a/README b/README
index 7102fa5342..999b6d48c8 100644
--- a/README
+++ b/README
@@ -41,11 +41,14 @@ Thanks for your time.
 
 ===========================================================================
 
-Release notes for SC 2006 beta:
+Release notes for SC 2006 beta release:
 
 - This tarball has had some level of testing within the Open MPI
   developers, but has not been widely tested with real world
-  applications.  We'd appreciate your feedback.
+  applications.  It should be stressed that this release is a *beta*
+  of the v1.2 series -- it is *not* a final release, and there are
+  therefore known problems with it that are still being worked on.
+  Some known issues are listed below.  We'd appreciate your feedback.
 
 - Running heterogenious MPI jobs (e.g., different endian between
   multiple hosts) is not fully working yet.
@@ -55,13 +58,16 @@ Release notes for SC 2006 beta:
   - ORTE daemons may be left orphaned on some nodes and need to be
     manually killed
 
+- Striping MPI messages across multiple TCP interfaces is not yet
+  working.
+
 - Not all items marked as resolved in the v1.1.3 section of the NEWS
   file have been migrated to this 1.2 release yet.  A new beta release
-  is expected shortly after SC 2006 that contains these fixes:
+  is expected shortly after SC 2006 that contains these and other
+  fixes, to include:
   - Workaround for Intel C++ compiler bug
-  - MPI_SIZEOF fixes for COMPLEX types
-
-- Striping MPI messages across multiple TCP interfaces is not working.
+  - MPI_SIZEOF fixes for COMPLEX types in the MPI F90 bindings
+  - Race condition for IB resource exhaustion for large messages
 
 - See Open MPI's bug tracking system for a full list of outstanding
   issues: https://svn.open-mpi.org/trac/ompi/report