Error ITMS-90096: Your binary is not optimized for iPhone 5
In my case, I had a LaunchScreen.xib so I shouldn't have needed the PNG. It turns out that somehow I had deleted it from "Copy Bundle Resources" in Build Phases. Added it again and Apple accepted the build.
From iOS9, you should add launch images to your project root, not Images.xcassets folder. And set your launch images in info.plist with key UILaunchImages, for my example:
<key>UILaunchImages</key><array> <dict> <key>UILaunchImageMinimumOSVersion</key> <string>7.1</string> <key>UILaunchImageName</key> <string>iPhone5Portrait</string> </dict> <dict> <key>UILaunchImageMinimumOSVersion</key> <string>7.1</string> <key>UILaunchImageName</key> <string>iPhone6Portrait</string> </dict></array>