Getting the same issue with updates:
KB2604092
KB2656405
Registry fix after installation:
Windows Registry Editor Version 5.00
[HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Updates\Microsoft .NET Framework 2.0 Service Pack 2\SP2\KB2604092]
"ThisVersionInstalled"="Y"
[HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Updates\Microsoft .NET Framework 4 Client Profile\KB2656368]
"ThisVersionInstalled"="Y"
[HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Updates\Microsoft .NET Framework 4 Client Profile\KB2656405]
"ThisVersionInstalled"="Y"
Registry data for Windows 7, where KB2656405 installs ok (KB2604092 is for XP/2003 only):
Windows Registry Editor Version 5.00
[HKEY_LOCAL_MACHINE\SOFTWARE\Wow6432Node\Microsoft\Updates\Microsoft .NET Framework 4 Client Profile\KB2656405]
"ThisVersionInstalled"="Y"
"ARPLink"="HKEY_LOCAL_MACHINE\\SOFTWARE\\Microsoft\\Windows\\CurrentVersion\\Uninstall\\{F5B09CFD-F0B2-36AF-8DF4-1DF6B63FC7B4}.KB2656405"
"InstalledBy"="user"
"InstalledDate"="10/05/2012"
"InstallerName"="Windows Installer"
"InstallerVersion"="5.00"
"PackageName"="Security Update for Microsoft .NET Framework 4 Client Profile (KB2656405)"
"PackageVersion"="1"
"Publisher"="Microsoft Corporation"
"PublishingGroup"="Developer Division"
"ReleaseType"="Security Update"