The Patch 1.04 for Pillars of Eternity has been released on Steam.

Here are the final Patch Notes for 1.04:

The team is now working on patch 1.05. We are most definitely continuing to read through support threads and e-mails to us (even if we haven't been responsive enough :-) ) and we plan to continue doing so for the foreseeable future!

Items, Spells, and Abilities

AoE indicators should now properly resize if the caster has a sub 10 Intellect score.
Fixed an issue with over-time aura spells not applying the correct value on the final tick.
Knock Down will now correctly be applied for the full duration of the effect.
Mantle of The Dying Boar will now trigger at 33% Endurance with the effect of 5 Endurance a tick.
Talisman of the Unconquerable will now give a 1.25 Focus multiplier instead of .25.
Blooded should trigger properly in all cases now.
Boar Animal Companion bonus damage should now work as intended.
Prone Reduction mod should now work correctly.

Quests and Companions

Fixed Aloth and Kana speaking when they weren't in the party in one of the last levels.
Sagani's fox-specific banters now require the appropriate items in the player inventory.
Falanroed's dialogue no longer displays a script node.
Durance will now properly discuss your dream with you if you've already discussed his staff.
Relaxed some constraints on Durance's quest conversation. This allows all characters, regardless of background or stats, to finish his quest.
Players can now loot the nest in Oldsong.
Fixed an invalid conditional check in one of Pallegina's conversations.
Heritage Hill tower will be fully revealed when exploring the map.
Fixed spawn issue in a scripted interaction near the end of the game.
Fixed an invalid creature spawn in the Ogre Lair in Od Nua.
Sagani no longer references the antagonist by name before you know it.
A container in the Catacombs of Od Nua will now remember if it was looted.
The "Master's Tools" quest will now work if you have the required items before starting the quest.
The "A Two Story Job" scripted interaction will not require a second grappling hook to climb down from the window if one was already used to climb up.

General Fixes

Players get new fixes a bit faster and can check out the new changes that will drop in the next patch.
Developers get access to information about new bugs that may have slipped into the patch. This will reduce the number of hotfixes for future patches.
Fixed stacking health problems with the gul's "Vomit Blood" ability. This fix should retroactively fix your saved games.
Optimized Save/Load game system for better performance.
Optimized how scene transitions are handled for better memory usage on 32-bit machines. This may allow players to transition to new areas without running out of memory.
Sound Sets from hired companions will now be properly restored when adding them to the party from the stronghold.
"All Stronghold Upgrades" achievement now checks 25 upgrades instead of 26. This will properly reward the achievement if you already have fully upgraded your stronghold.
The "Kill All Dragons" achievement will now properly fire if they are killed indirectly (like by a trap). This is a retroactive fix and will be rewarded if the dragons are already dead.
Fixed issue where store prices were getting exceptionally large after receiving a discount.
Fixed issues with gaining infinite XP from bad Stronghold data.
World time will not get very large in some cases after Save/Load.
Modelling offset with Durance's head has been adjusted.
Icon scale is now correct on Hearth Harvest and Reghar Konnek.
All shaders will now compile properly under DirectX 11.
Restored all the missing effects in the intro cutscene.
Removed Blunderbuss item from an early game loot table.
Changed the cursor type on the blood pool in the Temple of Skaen to conversation.
Fixed a few save game issues with dead summoned creatures.
Fixed issue where occasionally a crash would occur when initializing the Steam API.
Draggable windows are now handled properly when running at very high resolutions.
Swamp Lurker's animation won't spaz anymore when the game is paused.
Fixed an issue to prevent binding mouse buttons to window controls.
Game will now pause if you Alt-Tab during a cutscene in full screen mode.
Audio will now resume properly if the game loses focus.
Fixed an issue with infinite load screen if you transition while hovering over a container.
Characters will now wait for their idle animation before trying to reload which fixes an animation sync issue.
Damaged characters performing AoE attacks will not overload their AI state stacks anymore.

Quelle: Steam Forum