Programs written in VC++ 2012 or 2013 will only run on Windows XP or Windows 2003 when you choose the 'Windows XP (v120_xp)' toolset option in the IDE.
Is there some way to set this option from Bjam?
P.S. A Stack Overflow user indicated that he got Boost to build under VC++ 2012. I tried his solution under VC++ 2013 but it did not work for some reason completely unknown to me.