...followed quickly by Hotfix 1

No sooner did we release Update 4 that we discovered (or rather a customer reported) a nasty bug in Repute 2. Therefore you will need to apply Hotfix 1, also available at:
http://www.geocentrix.co.uk/repute/update/index.html
http://www.geocentrix.co.uk/repute/update/index.html