Web Reports Error: "Microsoft .Net Framework version 2.0 must be installed on the IIS server that (4333549)

Error when running the Spotlight on Exchange Web Reports:

"Microsoft .Net Framework version 2.0 must be installed on the IIS server that hosts this application. Microsoft ASP.NET must also be enabled on the virtual directory that contains this application.

If Microsoft .Net Framework version 2.0 has already been installed, please consult Appendix A of the Quick Start Guide for instructions on how to correct common ASP.NET configuration problems.

If the host IIS server is a Windows 2000 Domain Controller with SP4 or later installed, please consult Microsoft Knowledge Base article 824308 for instructions on how to correctly configure ASP.NET on this platform.

(Error details: Unhandled Client Side Exception.)"