Whilst installing the Application Catalog roles I encountered this error message when checking the component status of the SMS_PORTALWEB_CONTROL_MANAGER.
The full error read:
Site Component Manager failed to install component SMS_PORTALWEB_CONTROL_MANAGER on server
The IIS ASP.NET is not registered correctly.
Solution: Review Microsoft Technet article located at: http://support.microsoft.com/kb/306005 to resolve the issue.
Browse to the Windows\Microsoft.NET\Framework\v4.0.30319 folder DOS.
Run the following command:
aspnet_regiis.exe -i
Check the SMS_PORTALWEB_CONTROL_MANAGER and you should be good to go.
SCCMentor - Paul Winstanley 
Doesn’t work on 2012 R2 Server:
C:\Windows\Microsoft.NET\Framework\v4.0.30319>aspnet_regiis.exe -i
Microsoft (R) ASP.NET RegIIS version 4.0.30319.33440
Administration utility to install and uninstall ASP.NET on the local machine.
Copyright (C) Microsoft Corporation. All rights reserved.
Start installing ASP.NET (4.0.30319.33440).
This option is not supported on this version of the operating system. Administr
ators should instead install/uninstall ASP.NET 4.5 with IIS8 using the “Turn Win
dows Features On/Off” dialog, the Server Manager management tool, or the dism.e
xe command line tool. For more details please see http://go.microsoft.com/fwlin
k/?LinkID=216771.
Finished installing ASP.NET (4.0.30319.33440).