Uninstalling the update did not fix the problem, even after a reboot. I had
to manually restore from backup the dll files replaced by the update and
then reboot. Those files are listed in the MS KB here:
http://support.microsoft.com/kb/2467175
The update also caused the AVG 8.5 user interface to fail to start with a
similar "FindActCtxSectionStringW could not be located" message.
NB: the problem with the Exchange Store did not come to light straight away
but only when the service was stopped for the offline part of the nightly
backup. Here's hoping you don't waste 2 hours reinstalling & re-patching
Exchange like I did... on the plus side the store itself was intact &
started fine once the dll files were restored.
Hope this helps someone!