I had a similar problem ... try setting up the full .NET Framework, not the client profile.
From my understanding, System.Web is in .NET 4, but not in the .NET.NET Client Profile. Thus, for your assemblies in which you use the full Ninject compiled with 3.5 sp1, you will need to make sure that they are not aimed at the .NET 4 Client Profile, but the full .NET 4 profile, depending on System.Web to execute .
holsee
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