You can use the NotMapped attribute data annotation to instruct Code-First to exclude a particular property
public class Customer
{
    public int CustomerID { set; get; }
    public string FirstName { set; get; } 
    public string LastName{ set; get; } 
    [NotMapped]
    public int Age { set; get; }
}
[NotMapped] attribute is included in the System.ComponentModel.DataAnnotations namespace.
You can alternatively do this with Fluent API overriding OnModelCreating function in your DBContext class:
protected override void OnModelCreating(DbModelBuilder modelBuilder)
{
   modelBuilder.Entity<Customer>().Ignore(t => t.LastName);
   base.OnModelCreating(modelBuilder);
}
http://msdn.microsoft.com/en-us/library/hh295847(v=vs.103).aspx
The version I checked is  EF 4.3, which is the latest stable version available when you use NuGet.
Edit : SEP 2017
Asp.NET Core(2.0)
Data annotation
If you are using asp.net core (2.0 at the time of this writing), The  [NotMapped] attribute can be used on the property level.
public class Customer
{
    public int Id { set; get; }
    public string FirstName { set; get; } 
    public string LastName { set; get; } 
    [NotMapped]
    public int FullName { set; get; }
}
Fluent API
public class SchoolContext : DbContext
{
    public SchoolContext(DbContextOptions<SchoolContext> options) : base(options)
    {
    }
    protected override void OnModelCreating(ModelBuilder modelBuilder)
    {
        modelBuilder.Entity<Customer>().Ignore(t => t.FullName);
        base.OnModelCreating(modelBuilder);
    }
    public DbSet<Customer> Customers { get; set; }
}