I am experiencing the same problem. I did find a Framework product, but it must be the wrong one because i get the same error message after loading it up...
I was receiving the same error, need Net 4.0 SP1, on a 32 bit Windows XP machine. I believe there is an problem, but the error message is referencing the wrong version of Net. Once I installed SP3, NET4, and allowed windows update to patch all of the versions of NET versions 1.0 - 4.0, and add the security updates, Trueview 13 installed with no issues.
I haven't been able to get past that either. I've installed and reinstalled .NET 4, (dotNetFx40_x86) installed all .NET updates from Windows update and installed KB2478063. Do you have to have Visual Studio installed to run it? Part of update 1 is VS10SP1-KB2495593 which can't be installed without Visual Studio.
Try this link:
You want the Full version of the Dot Net installer: dotNetFx40_Full_setup.exe
It can be found at: http://www.microsoft.com/en-us/download/details.as