Does the .Net Framework 4.0 Installer include the .Net Framework 3.5?

Question

Do .Net components that were compiled against the .Net Framework 3.5 run on a system that has only .Net Framework 4.0 installed?

Or in other words, does the .Net Fra

Answer 1

On XP SP2 with FW 4 installed running FW3.5 application gives a message:

Unable to find a version of the runtime to run this application.

So the answer is no.