Getting a 404 error after upgrading to ASP.NET 4.5

Here is the web.config. http://go.microsoft.com/fwlink/?LinkId=235367.

The following attributes can be set on the <httpRuntime> tag.
  <system.Web>
    <httpRuntime targetFramework="4.5.2" />
  </system.Web>
  -->
  <system.web>
    <httpRuntime requestValidationMode="4.0" enableHeaderChecking="false" encoderType="System.Web.Security.AntiXss.AntiXssEncoder,System.Web, Version=4.0.0.0, Culture=neutral, PublicKeyToken=b03f5f7f11d50a3a" />
    <httpCookies httpOnlyCookies="true"/>
    <compilation debug="true" strict="false" explicit="true">
      <assemblies>
        <add assembly="System.Design, Version=4.0.0.0, Culture=neutral, PublicKeyToken=B03F5F7F11D50A3A"/>
        <add assembly="System.Windows.Forms, Version=4.0.0.0, Culture=neutral, PublicKeyToken=B77A5C561934E089"/>
    <add assembly="System.Drawing.Design, Version=4.0.0.0, Culture=neutral, PublicKeyToken=B03F5F7F11D50A3A"/>
      </assemblies>
</compilation>
<trace enabled="false" pageOutput="false"/>
<pages theme="Apps" enableEventValidation="true" validateRequest="true" controlRenderingCompatibilityVersion="3.5" clientIDMode="AutoID">
  <namespaces>
    <clear/>
    <add namespace="System"/>
    <add namespace="System.Collections"/>
    <add namespace="System.Collections.Generic"/>
    <add namespace="System.Collections.Specialized"/>
    <add namespace="System.Configuration"/>
    <add namespace="System.Text"/>
    <add namespace="System.Text.RegularExpressions"/>
    <add namespace="System.Linq"/>
    <add namespace="System.Web"/>
    <add namespace="System.Web.Caching"/>
    <add namespace="System.Web.SessionState"/>
    <add namespace="System.Web.Security"/>
    <add namespace="System.Web.Profile"/>
    <add namespace="System.Web.UI"/>
    <add namespace="System.Web.UI.WebControls"/>
    <add namespace="System.Web.UI.WebControls.WebParts"/>
    <add namespace="System.Web.UI.HtmlControls"/>
  </namespaces>
  <controls>
    <add tagPrefix="asp" namespace="System.Web.UI" assembly="System.Web.Extensions, Version=1.0.61025.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35"/>
    <add tagPrefix="Ipls" assembly="cvx.Ipls.Web" namespace="cvx.Ipls.Web.UI.Controls"/>
    <add tagPrefix="telerik" namespace="Telerik.Web.UI" assembly="Telerik.Web.UI"/>
    <add tagPrefix="ccc" namespace="CSC.Web.Common.Controls" assembly="CSC.Web.Common.Controls35"/>
  </controls>
</pages>
<sessionState mode="InProc" timeout="60"/>
<httpHandlers>
  <add path="Telerik.Web.UI.WebResource.axd" verb="*" type="Telerik.Web.UI.WebResource, Telerik.Web.UI" validate="false"/>
  <add path="*_AppService.axd" verb="*" validate="false" type="System.Web.Script.Services.ScriptHandlerFactory, System.Web.Extensions, Version=1.0.61025.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35"/>
  <add path="ScriptResource.axd" verb="GET,HEAD"  type="System.Web.Handlers.ScriptResourceHandler, System.Web.Extensions, Version=3.5.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35" validate="false" /> 
</httpHandlers>
<httpModules>
  <add name="ErrorModule" type="CSC.Web.Common.Errors.ErrorModule"/>
  <add name="securityModule" type="CSC.Web.Common.Security.securityModule"/>
  <add name="RadCompression" type="Telerik.Web.UI.RadCompression"/>
</httpModules>
<identity impersonate="false"/>
  </system.web>
     <!-- 
    The system.webServer section is required for running ASP.NET AJAX under Internet
    Information Services 7.0.  It is not necessary for previous version of IIS.
    -->
  <system.webServer>
    <validation validateIntegratedModeConfiguration="false"/>
   <modules>
  <add name="ErrorModule" type="CSC.Web.Common.Errors.ErrorModule"/>
  <add name="securityModule" type="CSC.Web.Common.Security.securityModule"/>
  <add name="RadCompression" type="Telerik.Web.UI.RadCompression"/>
</modules>
<handlers>
  <add name="Telerik.Web.UI.WebResource.axd_*" path="Telerik.Web.UI.WebResource.axd" verb="*" type="Telerik.Web.UI.WebResource, Telerik.Web.UI" preCondition="integratedMode"/>
  <add name="ScriptResource.axd_GET,HEAD" path="ScriptResource.axd" verb="GET,HEAD" type="System.Web.Handlers.ScriptResourceHandler, System.Web.Extensions, Version=3.5.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35" preCondition="integratedMode"/>
  <add name="*_AppService.axd_*" path="*_AppService.axd" verb="*" type="System.Web.Script.Services.ScriptHandlerFactory, System.Web.Extensions, Version=3.5.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35" preCondition="integratedMode"/>
  <add name="*.asmx_*" path="*.asmx" verb="*" type="System.Web.Script.Services.ScriptHandlerFactory, System.Web.Extensions, Version=3.5.0.0, Culture=neutral, PublicKeyToken=31BF3856AD364E35" preCondition="integratedMode"/>
</handlers>
<httpErrors errorMode="DetailedLocalOnly"/>
<defaultDocument>
  <files>
    <add value="Main.aspx"/>
  </files>
</defaultDocument>
 </system.webServer>
 <runtime>
 <assemblyBinding xmlns="urn:schemas-microsoft-com:asm.v1">
  <!--<dependentAssembly>
    <assemblyIdentity name="System.Web.Extensions.Design" publicKeyToken="31bf3856ad364e35"/>
    <bindingRedirect oldVersion="1.0.0.0-1.1.0.0" newVersion="3.5.0.0"/>
  </dependentAssembly>-->
 </assemblyBinding>
</runtime>
<location path="Telerik.Web.UI.WebResource.axd">
  <system.web>
    <authorization>
        <allow users="*"/>
    </authorization>
  </system.web>
</location>
<system.serviceModel>
<bindings>
  <basicHttpBinding>
    <binding name="BasicHttpBinding_ITwoWayAsync">
      <security mode="TransportCredentialOnly">
        <transport clientCredentialType="Windows"/>
      </security>
    </binding>
  </basicHttpBinding>
</bindings>
<client>
  <endpoint address="http://servername.com/InformationService/MasterDataService.svc" binding="basicHttpBinding" bindingConfiguration="BasicHttpBinding_ITwoWayAsync" contract="MasterData.MasterDataService" name="BasicHttpBinding_ITwoWayAsync"/>
</client>
</system.serviceModel>
</configuration>

Look at the config you provided if all files are where they are suppose to be do the following.

For windows Server 2008 / 2008 R2

First Ensure that the .NET Framework 4.5.1 is installed

Run the following command from an elevated command prompt:

C:\Windows\Microsoft.NET\Framework64\v4.0.30319\aspnet_regiis.exe -i

Then Open Internet Information Services

Select the Server in the left treeview.

In the "IIS" section, open "ISAPI and CGI Restrictions".

For all items beginning with "ASP.NET v4.0", right click the item and select "Allow".