VS2003 -> .Net Framework 1.0/1.1
VS2005 -> .Net Framework 2.0
VS2008 -> .Net Framework 3.0/3.5
VS2010 -> .Net Framework 4.0
VS2012 -> .Net Framework 4.5
VS2005 -> .Net Framework 2.0
VS2008 -> .Net Framework 3.0/3.5
VS2010 -> .Net Framework 4.0
VS2012 -> .Net Framework 4.5