Here\'s the situation:
The Best way to handle this is to make machinekey decryption fall back to Framework20SP2
From this article : http://msdn.microsoft.com/en-us/library/system.web.configuration.machinekeysection.compatibilitymode.aspx
Just add that attribute to machinekey in your .net 4.5 application
you won't need to remove targetFramework="4.5" from httpruntime now.