Just because you use the latets .net it does not mean that all features are installed. This means that .net framework 4 does not include the features of .net framework 3. Thus if you dont have all of the .nets installed, then some software might not run.
I suggest you install all versions of .net (I think the one you need for this is .net framework 4.5 but I could be wrong). Some wont install if you have a later version of .net, so this means uninstalling the latest, installing the missing ones) and then reinstalling the later ones in order.
Good luck. Please let me know how you get on.
Ah - I wasnt happy with the answer I gave so did a little more research. You can download Microsoft.net framework 5 from here :