Failed to access IIS metabase

Failed to access IIS metabase.
Description: An unhandled exception occurred during the execution of the current web request. Please review the stack trace for more information about the error and where it originated in the code.
Exception Details: System.Web.Hosting.HostingEnvironmentException: Failed to access IIS metabase.
The process account used to run ASP.NET must have read access to the IIS metabase (e.g. IIS://servername/W3SVC). For information on modifying metabase permissions, please see http://support.microsoft.com/?kbid=267904.
Source Error:
An unhandled exception was generated during the execution of the current web request. Information regarding the origin and location of the exception can be identified using the exception stack trace below.
Stack Trace:
[HostingEnvironmentException: Failed to access IIS metabase.]
System.Web.Configuration.MetabaseServerConfig.MapPathCaching(String siteID, VirtualPath path) +3500426
System.Web.Configuration.MetabaseServerConfig.System.Web.Configuration.IConfigMapPath.MapPath(String siteID, VirtualPath vpath) +9
System.Web.Hosting.HostingEnvironment.MapPathActual(VirtualPath virtualPath, Boolean permitNull) +163
System.Web.CachedPathData.GetConfigPathData(String configPath) +382
System.Web.CachedPathData.GetConfigPathData(String configPath) +243
System.Web.CachedPathData.GetApplicationPathData() +68
System.Web.CachedPathData.GetVirtualPathData(VirtualPath virtualPath, Boolean permitPathsOutsideApp) +3393747
System.Web.Configuration.RuntimeConfig.GetLKGRuntimeConfig(VirtualPath path) +189