Asp.net-mvc – SecurityException: Request for the permission of type AspNetHostingPermission failed

Setting up a new developing workstation, when I run the ASP.NET (MVC) application from Visual Studio 2008 I get a SecurityException. Any ideas what might be the problem?

I am accessing the data files over SMB (it's a shared mounted as Z:) and I've given full trust to it by running

caspol -m -ag 1 -url "\\server\share\" FullTrust -exclusive on

The full traceback is:

Server Error in '/' Application.

Security Exception

Description: The application attempted to perform an operation not allowed by
the security policy. To grant this application the required permission
please contact your system administrator or change the
application's trust level in the configuration file.

Exception Details:
System.Security.SecurityException:
Request for the permission of type 'System.Web.AspNetHostingPermission,
System, Version=2.0.0.0, Culture=neutral, PublicKeyToken=b77a5c561934e089' failed.

Source Error:

An unhandled exception was generated during the execution of the current
web request. Information regarding the origin and location of the exception
can be identified using the exception stack trace below.

Stack Trace:

[SecurityException: Request for the permission of type
'System.Web.AspNetHostingPermission, System, Version=2.0.0.0,
Culture=neutral, PublicKeyToken=b77a5c561934e089' failed.]
System.Reflection.Assembly._GetType(String name, Boolean throwOnError, Boolean
ignoreCase) +0
System.Reflection.Assembly.GetType(String name, Boolean throwOnError, Boolean
ignoreCase) +42
System.Web.UI.Util.GetTypeFromAssemblies(ICollection
assemblies, String typeName, Boolean ignoreCase) +145
System.Web.UI.TemplateParser.GetType(String
typeName, Boolean ignoreCase, Boolean throwOnError) +73
System.Web.UI.TemplateParser.ProcessInheritsAttribute(String
baseTypeName, String codeFileBaseTypeName, String src,
Assembly assembly) +111
System.Web.UI.TemplateParser.PostProcessMainDirectiveAttributes(IDictionary
parseData) +279

Version Information: Microsoft .NET
Framework Version:2.0.50727.4927;
ASP.NET Version:2.0.50727.4927