<PAGE>
                                                                    EXHIBIT 99.4
 
                       REPORT OF INDEPENDENT ACCOUNTANTS
 
Dayton Hudson Corporation,
its Officers and Directors
    and
Dayton Hudson Receivables Corporation,
its Officers and Directors
As Transferor
    and
Retailers National Bank
its Officers and Directors
As Servicer
    and
Norwest Bank, National Association
As Trustee
 
    At your request, we have applied certain agreed-upon procedures, described
below, agreed to by Dayton Hudson Corporation ("the Company"), Dayton Hudson
Receivables Corporation, as Transferor, and Retailers National Bank, as
Servicer, each of their respective Officers and Directors, and Norwest Bank,
National Association, as Trustee to the Monthly Certificateholders' Statements
("the Statements"), issued pursuant to the Dayton Hudson Credit Card Master
Trust Pooling and Servicing Agreement ("the Pooling and Servicing Agreement"),
dated September 13, 1995, for Series 1995-1 each of the monthly reporting
periods from January 1996 through December 1996. An example of a Statement is
provided as Attachment I. The specific procedures performed on each of the
Statements are cross-referenced to Attachment I for each item or group of items.
Only those items with balances on the Statements were cross-referenced. Our
procedures were applied as indicated with respect to the letters explained
below:
 
    A. Compared amounts to the Dayton Hudson Credit Card Master Trust Prospectus
       Supplement, for Series 1995-1 dated September 13, 1995 ("the Prospectus
       Supplement") and found them to be in agreement.
 
    B.  Compared the dollar and other amounts not derived directly from the
       Prospectus Supplement to amounts in the Company's accounting records to
       the extent such amounts could be so compared directly and found them to
       be in agreement. Examples of those accounting records used are listed
       below.
 
    C.  Compared the dollar and other amounts not derived directly from the
       Prospectus Supplement, or that could not be compared directly to the
       Company's accounting records, to amounts within the Monthly
       Certificateholders' Statement and found them to be in agreement.
 
    D. Proved the arithmetic accuracy of the percentages or amounts based on the
       data in the above mentioned Prospectus Supplement and accounting records.
 
    Accounting records for purposes of this letter include the following reports
or records: Data Summary Sheet; Breakout of Finance Charge Receivable and
Principal Receivable; Finance Charge Receivable Payments as a Percentage of
Total Month Payments; Receivable Aging by Dollar Balance; Month End Accounts
Receivable Aging Summary Reports; Purified Net Write-Off Reports; Monthly Sales
Returns; Credits and Adjustments Reports; Bank Sales Reports; Account Totals by
Delinquency Level Reports;
 
                                       14
<PAGE>
Geographic Distribution of Accounts and Receivables Reports; Miscellaneous
Payment Instructions Report; and, Monthly Collection Account Earnings. All
Monthly Reports are generated by management of Dayton Hudson Corporation or
Retailers National Bank.
 
    There were no findings noted as a result of our procedures performed.
 
    We were not engaged to, and did not perform an audit, the objective of which
would be the expression of an opinion on the Monthly Certificateholders'
Statements. Accordingly, we do not express such an opinion. Had we performed
additional procedures, other matters might have come to our attention that would
have been reported to you.
 
    This report is intended solely for the use of the specified users listed
above and should not be used by those who have not agreed to the procedures and
taken responsibility for the sufficiency of the procedures for their purposes.
 
                                          Very truly yours,
 
                                             [/S/ ERNST & YOUNG LLP]
 
Minneapolis, Minnesota
January 22, 1997
 
                                       15
<PAGE>
                     MONTHLY CERTIFICATEHOLDERS' STATEMENT
                            RETAILERS NATIONAL BANK
                     DAYTON HUDSON CREDIT CARD MASTER TRUST
                                 SERIES 1995-1
 
    Pursuant to the Pooling and Servicing Agreement, dated as of September 13,
1995 (as may be amended, from time to time, the "Agreement"), as supplemented by
the Series 1995-1 Supplement (as amended and Supplemented, the "Series
Supplement"), each among Retailers National Bank, as Servicer, Dayton Hudson
Receivables Corporation, as Transferor, and Norwest Bank Minnesota, National
Association, as Trustee, the Servicer is required to prepare certain information
each month regarding distributions to Certificateholders and the performance of
the Trust. The information with respect to the applicable Distribution Date and
Monthly Period is set forth below.
 
                                  MONTHLY PERIOD:         DECEMBER 1996
                                  DISTRIBUTION DATE:      JANUARY 27, 1997
                                  NO. OF DAYS IN PERIOD:  35
 
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------
<S>  <C>                                                     <C>                   <C>
A.   ORIGINAL DEAL PARAMETERS
 
(a)  Class A Initial Invested Amount.......................  $ 400,000,000.00(A)       76.50%(D)
(b)  Class B Initial Invested Amount.......................    122,875,817.00(A)       23.50%(D)
                                                             -------------------
(c)  Total Initial Invested Amount.........................  $ 522,875,817.00(D)
                                                             -------------------
 
(d)  Class A Certificate Rate..............................             6.10%(A)
(e)  Class B Certificate Rate..............................             0.00%
 
(f)  Servicing Fee Rate....................................             2.00%(A)
(g)  Discount Percentage...................................             0.00%
----------------------------------------------------------------------------------------------
</TABLE>
 
<TABLE>
<S>  <C>                                                                 <C>
I.   RECEIVABLES IN THE TRUST
---------------------------------------------------------------------------------------------
 
(a)  Beginning of the Period Principal Receivables.....................  $ 1,984,148,502.69(B)
(b)  Beginning of the Period Finance Charge Receivables................       56,007,433.54(B)
(c)  Beginning of the Period Discounted Receivables....................           --
                                                                         --------------------
(d)  Beginning of the Period Total Receivables (a + b + c).............  $ 2,040,155,936.23(D)
                                                                         --------------------
 
(e)  Removed Principal Receivables.....................................  $        --
(f)  Removed Finance Charge Receivables................................           --
                                                                         --------------------
(g)  Removed Total Receivables (e + f).................................  $        --
                                                                         --------------------
 
(h)  Supplemental Principal Receivables................................  $        --
(i)  Supplemental Finance Charge Receivables...........................           --
                                                                         --------------------
(j)  Supplemental Total Receivables (h + i)............................  $        --
                                                                         --------------------
 
(k)  End of Period Principal Receivables...............................  $ 2,284,349,975.98(B)
(l)  End of Period Finance Charge Receivables..........................       59,154,747.23(B)
(m)  End of Period Discounted Receivables..............................           --
                                                                         --------------------
(n)  End of Period Total Receivables (k + l + m).......................  $ 2,343,504,723.21(D)
                                                                         --------------------
</TABLE>
 
                                  Page 1 of 6
<PAGE>
                     MONTHLY CERTIFICATEHOLDERS' STATEMENT
                            RETAILERS NATIONAL BANK
                     DAYTON HUDSON CREDIT CARD MASTER TRUST
                                 SERIES 1995-1
 
<TABLE>
<S>  <C>                                                     <C>                   <C>
II.  INVESTED AMOUNTS AND ALLOCATION PERCENTAGES
----------------------------------------------------------------------------------------------
 
(a)  Class A Initial Invested Amount.......................  $ 400,000,000.00(A)       76.50%(D)
(b)  Class B Initial Invested Amount.......................    122,875,817.00(A)       23.50%(D)
                                                             -------------------
(c)  Total Initial Invested Amount (a + b).................  $ 522,875,817.00(D)
 
(d)  Class A Invested Amount (a - (X.a))...................  $ 400,000,000.00(D)       76.50%(D)
(e)  Class B Invested Amount (b - (X.e))...................    122,875,817.00(D)       23.50%(D)
                                                             -------------------
(f)  Total Invested Amount (d + e).........................  $ 522,875,817.00(D)
 
(g)  Class A Adjusted Invested Amount (a -
       (X.a)-(III.f))......................................  $ 400,000,000.00(D)       76.50%(D)
(h)  Class B Invested Amount (b - (X.e))...................    122,875,817.00(D)       23.50%(D)
                                                             -------------------
(i)  Total Adjusted Invested Amount (g + h)................  $ 522,875,817.00(D)
 
(j)  Floating Allocation Percentage........................            26.35%(D)
(k)  Class A Floating Allocation Percentage................            20.16%(D)
(l)  Class B Floating Allocation Percentage................             6.19%(D)
 
(m)  Principal Allocation Percentage.......................            26.35%(D)
(n)  Class A Principal Allocation Percentage...............            20.16%(D)
(o)  Class B Principal Allocation Percentage...............             6.19%(D)
 
(p)  Servicing Fee.........................................  $     871,459.70(D)
(q)  Investor Defaulted Amount (j * (IV.(m)))..............  $   2,723,824.58(D)
</TABLE>
 
<TABLE>
<S>  <C>                                                                 <C>
III. TRANSFEROR'S INTEREST, RETAINED INTEREST, SPECIAL FUNDING ACCOUNT, AND PRINCIPAL FUNDING
     ACCOUNT
---------------------------------------------------------------------------------------------
 
(a)  Transferor's Amount (end of month)................................  $ 1,529,609,601.18(D)
(b)  Required Retained Transferor Amount...............................  $    45,686,999.52(D)
(c)  Required Principal Balance........................................  $   754,740,374.80(D)
(e)  Funds on deposit in Special Funding Account (end of month)........  $        --
(f)  Principal on deposit in Principal Funding Account (end of
       month)..........................................................  $        --
</TABLE>
 
                                  Page 2 of 6
<PAGE>
                     MONTHLY CERTIFICATEHOLDERS' STATEMENT
                            RETAILERS NATIONAL BANK
                     DAYTON HUDSON CREDIT CARD MASTER TRUST
                                 SERIES 1995-1
 
<TABLE>
<S>  <C>                                                                   <C>
IV.  PERFORMANCE SUMMARY
----------------------------------------------------------------------------------------------
 
     COLLECTIONS:
(a)  Collections of Principal Receivables................................  $ 376,537,720.01(B)
(b)  Collections of Finance Charge Receivables (from cardholder
       payments).........................................................     31,799,536.30(B)
(c)  Collections of Finance Charge Receivables (from merchant fees,
       deferred billing fees, collection account interest)...............      6,286,705.40(B)
(d)  Collections of Discount Option Receivables..........................              0.00
                                                                           -------------------
(e)  Total Finance Charge Collections (b + c + d)........................  $  38,086,241.70(D)
                                                                           -------------------
(f)  Total Collections (a + e)...........................................  $ 414,623,961.71(D)
                                                                           -------------------
 
     DELINQUENCIES AND LOSSES:
(g)  2 missed payments...................................................  $     68,222,713(B)
(h)  3 missed payments...................................................        29,419,607(B)
(i)  4 or more missed payments...........................................        56,162,308(B)
                                                                           -------------------
(j)  Total delinquencies (g + h + i).....................................  $    153,804,628(D)
                                                                           -------------------
 
(k)  Gross Charge-Offs during the month..................................  $  12,210,936.02(B)
(l)  Recoveries during the month.........................................  $   1,874,882.44(B)
(m)  Net Charge-Offs during the month (k - l)............................  $  10,336,053.58(D)
 
V.   NON-U.S. ACCOUNTS
----------------------------------------------------------------------------------------------
 
(a)  Non-US Accounts at end of month.....................................           184,526(B)
(b)  as a percentage of total (a/c)......................................             0.84%(D)
(c)  Total number of Accounts in Trust (at end of month).................        21,860,497(B)
</TABLE>
 
                                  Page 3 of 6
<PAGE>
                     MONTHLY CERTIFICATEHOLDERS' STATEMENT
                            RETAILERS NATIONAL BANK
                     DAYTON HUDSON CREDIT CARD MASTER TRUST
                                 SERIES 1995-1
 
<TABLE>
<S>     <C>                                                                   <C>
VI.     AVAILABLE SERIES 1995-1 FINANCE CHARGE COLLECTIONS AND APPLICATION OF FUNDS
-------------------------------------------------------------------------------------------------
 
(a)     Floating Allocation Percentage of Collections of Finance Charge
          Receivables.......................................................  $  10,036,736.02(D)
(b)     Investment earnings on Principal Funding Account....................         --
(c)     Investment earnings in Reserve Account deposited in the Collection
          Account...........................................................         --
(d)     Reserve draw Amount deposited into the Collection Account...........         --
                                                                              -------------------
(e)     Available Series 1995-1 Finance Charge Collections (a + b + c +
          d)................................................................  $  10,036,736.02(D)
 
(i)     Class A Interest....................................................      2,033,333.34(D)
 
(ii)    Servicing Fee.......................................................        871,459.70(C)
 
(iii)   Class A Investor Defaulted Amount ((IV.m * (II.k))..................      2,083,725.80(D)
 
(iv)    Class B Investor Defaulted Amount ((IV.m * (II.l))..................        640,098.78(D)
 
(v)     Adjustment Payment Shortfalls.......................................         --
 
(vi)    Reimbursement of Class A Investor Charge-Offs.......................         --
 
(vii)   Reimbursement of Class B Investor Charge-Offs and Reallocated Class
          B Principal Collections...........................................         --
 
(viii)  Class B Interest....................................................         --
 
(ix)    Reserve Account.....................................................         --
 
(x)     Excess Finance Charge Collections
          (e-i-ii-iii-iv-v-vi-vii-viii-ix)..................................  $   4,408,118.41(D)
</TABLE>
 
                                  Page 4 of 6
<PAGE>
                     MONTHLY CERTIFICATEHOLDERS' STATEMENT
                            RETAILERS NATIONAL BANK
                     DAYTON HUDSON CREDIT CARD MASTER TRUST
                                 SERIES 1995-1
 
<TABLE>
<S>   <C>                                                                       <C>
VII.  YIELD AND BASE RATE
-------------------------------------------------------------------------------------------
 
BASE RATE
 
(a)   Base Rate (current month)...............................................       6.67%(D)
(b)   Base Rate (prior month).................................................       6.67%(B)
(c)   Base Rate (2 months ago)................................................       6.67%(B)
 
(d)   3 Month Average Base Rate...............................................       6.67%(D)
 
PORTFOLIO YIELD
 
(e)   Portfolio Yield (current month).........................................      14.39%(D)
(f)   Portfolio Yield (prior month)...........................................      19.64%(B)
(g)   Portfolio Yield (2 months ago)..........................................      21.09%(B)
 
(h)   3 Month Average Portfolio Yield.........................................      18.37%(D)
 
VIII. PORTFOLIO PERFORMANCE RATES
-------------------------------------------------------------------------------------------
 
(a)   Net Charge-Offs (annualized % of Principal Receivables at beginning of
        period)...............................................................       5.36%(D)
(b)   Monthly Payment Rate (% of Principal Receivables at beginning of period
        (adjusted for number of days in period))..............................      17.91%(D)
(c)   Trust Portfolio Yield (annualized)......................................      19.74%(D)
(d)   Portfolio Yield (3 month average (annualized))..........................      18.37%(D)
(e)   Base Rate (3 month average).............................................       6.67%(D)
(f)   Excess Finance Charge Collections % (d - e).............................      11.70%(D)
</TABLE>
 
                                  Page 5 of 6
<PAGE>
                     MONTHLY CERTIFICATEHOLDERS' STATEMENT
                            RETAILERS NATIONAL BANK
                     DAYTON HUDSON CREDIT CARD MASTER TRUST
                                 SERIES 1995-1
 
<TABLE>
<S>  <C>                                                                    <C>
IX.  PRINCIPAL COLLECTIONS
-----------------------------------------------------------------------------------------------
 
(a)  Class A Principal Allocation Percentage..............................            20.16%(D)
(b)  Class A Principal....................................................  $      --
(c)  Class B Principal Allocation Percentage..............................             6.19%(D)
(d)  Class B Principal....................................................  $      --
(e)  Total Principal (b + d)..............................................  $      --
(f)  Reallocated Principal Collections....................................  $      --
(g)  Shared Principal Collections allocable from other Series and
       Participation......................................................  $      --
 
X.   INVESTOR CHARGE-OFFS
-----------------------------------------------------------------------------------------------
 
     CLASS A INVESTOR CHARGE-OFFS
(a)  Class A Investor Charge-Offs.........................................  $      --
(b)  Class A Investor Charge-Offs per $1,000 original certificate
       principal amount...................................................  $      --
(c)  Total amount reimbursed in respect of Class A Investor Charge-Offs...  $      --
(d)  The amount, if any, by which the outstanding principal balance of the
       Class A Certificates exceeds the Class A Invested Amount after
       giving effect to all transactions on such Distribution Date........  $      --
 
     CLASS B INVESTOR CHARGE-OFFS
(e)  Class B Investor Charge-Offs.........................................  $      --
(f)  Class B Investor Charge-Offs per $1,000 original certificate
       principal amount...................................................  $      --
(g)  Total amount reimbursed in respect of Class B Investor Charge-Offs...  $      --
(h)  The amount, if any, by which the outstanding principal balance of the
       Class B Certificates exceeds the Class B Invested Amount after
       giving effect to all transactions on such Distribution Date........  $      --
 
XI.  AMORTIZATION
-----------------------------------------------------------------------------------------------
 
(a)  Class A Accumulation Period Length (months)..........................                12(A)
(b)  Controlled Accumulation Amount.......................................  $  33,333,333.34(A)
(c)  Deficit Controlled Accumulation Amount...............................  $      --
(d)  Total Principal on deposit in Principal Funding Account for the
       benefit of Class A Certificateholders..............................  $      --
</TABLE>
 
RETAILERS NATIONAL BANK,
  AS SERVICER
 
By:  /s/ THOMAS A. SWANSON
     -----------------------------------
     Name: Thomas A. Swanson
     Title: VICE PRESIDENT & CASHIER
 
                                  Page 6 of 6