Exhibit 99.4

•   Ernst & Young LLP
220 South Sixth Street, Ste 1400
Minneapolis, MN 55402-4509 •   Phone: (612) 343-1000
www.ey.com

Report of Independent Registered Public Accounting Firm

Target National Bank
Its Officers and Directors
As Servicer

We have examined management’s assertion in the accompanying report, Report of  Management on Compliance, dated March 15, 2007, that Target National Bank  (the Bank), as Servicer, complied in all material respects with the administration and  servicing requirements of Article III, Article IV, and Section 8.8 of the Amended and  Restated Pooling and Servicing Agreement, dated April 28, 2000, and the applicable  provisions of the Series 2002-1 Supplement, dated July 2, 2002, and the Series 2005-1  Supplement, dated November 9, 2005, to the Target Credit Card Master Trust, as set  forth in Exhibit A to the accompanying Report of Management on Compliance as of  December 30, 2006, and for the fiscal year then ended. The Bank’s management is  responsible for the Bank’s compliance with those requirements. Our responsibility is to express an opinion on management’s assertion based on our examination.

Our examination was conducted in accordance with attestation standards established by  the Public Company Accounting Oversight Board (United States) and, accordingly,  included examining, on a test basis, evidence about the Bank’s compliance with those  requirements and performing such other procedures as we considered necessary in the  circumstances. We believe that our examination provides a reasonable basis for our  opinion. Our examination does not provide a legal determination on the Bank’s

compliance with specified requirements.

In our opinion, management’s assertion that the Bank complied with the aforementioned requirements as of and for the year ended December 30, 2006, is fairly stated, in all material respects.

March 15, 2007

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