Downgrading an MVC4 project from .Net 4.5 to .Net 4.0

I recently created a new project in Visual Studio 2012 and didn't really think much about the .Net version (mistake!). It turns out that the server it is destined for is still MS Server 2003, which will not run .Net 4.5. Oh dear. So I Googled downgrading, and the process of

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