When starting up my web site for the first time, I\'m getting this error
Could not load type \'System.Runtime.CompilerServices.ExtensionAttribute\' from assemb
I had this problem, except the type it couldn't load was System.Reflection.AssemblyMetadataAttribute. The web application was built on a machine with .NET 4.5 installed (runs fine there), with 4.0 as the target framework, but the error presented itself when it was run on a web server with only 4.0 installed. I then tried it on a web server with 4.5 installed and there was no error. So, as others have said, this is all due to the screwy way Microsoft released 4.5, which basically is an upgrade to (and overwrite of) version 4.0. The System.Reflection assembly references a type that doesn't exist in 4.0 (AssemblyMetadataAttribute) so it will fail if you don't have the new System.Reflection.dll.
You can either install .NET 4.5 on the target web server, or build the application on a machine that does not have 4.5 installed. Far from an ideal resolution.