Acho que encontrei a resposta.
Do ponto de vista do usuário, devido à compatibilidade com versões anteriores, a distribuição dos 4.5.2 redistribuíveis deve substituir completamente a necessidade dos anteriores, o que for a versão visada pelo aplicativo.
Targeting and Running .NET Framework 4, 4.5, 4.5.1, and 4.5.2 apps:
The .NET Framework 4.5 is an in-place update that replaces the .NET Framework 4 on your computer, and similiarly, the .NET Framework 4.5.1 and 4.5.2 are in-place updates to the .NET Framework 4.5. After you install one of these updates, your .NET Framework 4 or .NET Framework 4.5 apps should continue to run without requiring recompilation. However, the reverse is not true. We do not recommend running apps that target the .NET Framework 4.5.1 or 4.5.2 on the .NET Framework 4.5. The following guidelines apply:
In Visual Studio 2013, you can choose the .NET Framework 4.5 as the target framework for a project (this sets the GetReferenceAssemblyPaths.TargetFrameworkMoniker property) to compile the project as a .NET Framework 4.5 assembly or executable. This assembly or executable can then be used on any computer that has the .NET Framework 4.5, 4.5.1, or 4.5.2 installed.
In Visual Studio 2013, you can choose the .NET Framework 4.5.1 as the target framework for a project (this sets the GetReferenceAssemblyPaths.TargetFrameworkMoniker property) to compile the project as a .NET Framework 4.5.1 assembly or executable. This assembly or executable should be run only on computers that have the .NET Framework 4.5.1 installed. An executable that targets the .NET Framework 4.5.1 will be blocked from running on a computer that only has the .NET Framework 4.5 installed, and the user will be prompted to install the .NET Framework 4.5.1. In addition, .NET Framework 4.5.1 assemblies should not be called from a .NET Framework 4.5 app.
Além disso, sobre os redistribuíveis :
Installation notes:
The .NET Framework 4.5.1 and 4.5.2 are in-place updates to the .NET Framework 4.5.
The .NET Framework 4.5 and its point releases replace the .NET Framework 4. When you install these versions on a system that has the .NET Framework 4 installed, the assemblies are replaced.
Uninstalling the .NET Framework 4.5 also removes pre-existing .NET Framework 4 files. If you want to go back to the .NET Framework 4, you must reinstall it and any updates to it.