diff --git a/RELEASE_NOTES.md b/RELEASE_NOTES.md
index 16e63f86a0..da92c622c8 100644
--- a/RELEASE_NOTES.md
+++ b/RELEASE_NOTES.md
@@ -1,3 +1,6 @@
+#### 2.3.1 - 21.09.2015
+* BUGFIX: NullReferenceException in applyBindingRedirects during "update nuget package" - https://github.com/fsprojects/Paket/issues/1074
+
 #### 2.3.0 - 21.09.2015
 * Binding redirects from target platform only - https://github.com/fsprojects/Paket/pull/1070
 * Allow to enable redirects per package - http://fsprojects.github.io/Paket/nuget-dependencies.html#redirects-settings
diff --git a/src/Paket.Core/ProjectFile.fs b/src/Paket.Core/ProjectFile.fs
index eb529890fe..daf203ec0e 100644
--- a/src/Paket.Core/ProjectFile.fs
+++ b/src/Paket.Core/ProjectFile.fs
@@ -671,18 +671,21 @@ type ProjectFile =
             KnownTargetProfiles.FindPortableProfile profile
         | _ ->
             let framework =
-                seq {for outputType in this.Document |> getDescendants "TargetFrameworkVersion" ->
-                        outputType.InnerText }
-                |> Seq.map (fun s -> 
-                                let prefix = 
-                                    match this.GetTargetFrameworkIdentifier() with
-                                    | None -> "net"
-                                    | Some x -> x
-
-                                prefix + s.Replace("v","")
-                                |> FrameworkDetection.Extract)
-                |> Seq.map (fun o -> o.Value)
-                |> Seq.tryHead
+                try
+                    seq {for outputType in this.Document |> getDescendants "TargetFrameworkVersion" ->
+                            outputType.InnerText }
+                    |> Seq.map (fun s -> 
+                                    let prefix = 
+                                        match this.GetTargetFrameworkIdentifier() with
+                                        | None -> "net"
+                                        | Some x -> x
+
+                                    prefix + s.Replace("v","")
+                                    |> FrameworkDetection.Extract)
+                    |> Seq.map (fun o -> o.Value)
+                    |> Seq.tryHead
+                with
+                | _ -> None
 
             SinglePlatform(defaultArg framework (DotNetFramework(FrameworkVersion.V4)))