Error "This setup requires Windows update KB2999226" when installing Toad Intelligence Central (TIC) server (4309809)

When installing Toad Intelligence Central on a Windows 2012 R2 server, the following errors occur in sequence:

1.  "There is a problem with the Windows Installer Package. A Script required for this install to complete could not be run. Contact your support personnel or package vendor" | OK
2. "This setup requires Windows update KB2999226. Please install KB2999226 from https://support.microsoft.com/en-us/kb/2999226 and then run the installer again" | OK
3. "Fatal error during installation (ErrCode 0x80070643" 

On trying to install KB2999226 (instructions from error 2), the following error occurs:

        4. "The update is not applicable to your computer"

As a pre-requisite, TIC requires MS C++ 2015 redistributable. If it not detected, the installer will go ahead and install it. Error 2 above is coming from the installation of MS C++ 2015.

Error 4 will occur if the following windows updates are not installed on the server:

KB2919355
KB2919442

1. Go to Control Panel | programs and uninstall the partly installed C++ 2015 (x64 and x86)
2. Download and install KB2919355*
3. Download and install KB2919442*
4. Install TIC (KB2999226 will install under the hood via the C++ 2015)