NOTE – This has been fixed with the MS14-053 update.

Install from Windows Server 2012 R2 Update 1 media (technet, MSDN, etc. – doesn’t matter):

Add the features .NET 3.5, HTTP, and Non-HTTP activation, and you will end up with the service in question, Net.Pipe Listener Adapter:

Install KB2966828, and restart (that is the awesome PSWindowsUpdate in action):

The service is now busted:

I’ve also encountered it causing issues with starting ASP.NET app pools and causing failures while running iisreset. A quick workaround is to add the public key token that is failing (b03f5f7f11d50a3a, found while debugging the crash) to the registry in the strong name validation bypass list:

HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\StrongName\Verification\*,b03f5f7f11d50a3a

Adding that will allow things to work again, until the problem is fixed by Microsoft at some point.