A late Jose Baxter strike broke Forfar hearts after the Loons came within minutes of holding their illustrious opponents to a memorable draw at Station Park.
The spirited hosts had fought back superbly from a disastrous start and looked on course for a deserved draw before the Everton midfielder spoiled the party with just three minutes left.
The visitors had roared out of the blocks at the start of the match, and the Loons had no answer to the onslaught in the opening exchanges.
Everton rattled home their first goal in the eighth minute when Baxter fed a swift ball along the deck down the middle and Hope Akran turned to fire home between the legs of Forfar keeper Ewan McLean.
The visitors added to their tally in almost identical fashion two minutes later.
This time a Ross Barrilley pass split Forfar’s defence and striker James Vaughan made no mistake.
At this point Everton were rampant and were cutting through the Forfar rearguard with ease.
But just as it began to look like the exhibition match would live up to its name, Forfar hit back superbly.
Iain Campbell linked up beautifully with Martin Fotheringham inside the Everton box in the 15th minute, and Fotheringham coolly slotted the ball into the bottom right corner.
The strike sparked something of a revival in Forfar’s game.
As the first half wore on the Loons began to push forward as often as their more illustrious rivals, and although Everton remained a potent threat the hosts’ defence held firm.
Forfar equalised in the 57th minute when Chris Templeman fed a low ball into the box and Paul Watson made no mistake from close range.
Sheppers blasted over in the 80th minute, and Forfar goalkeeper McLean pulled off a very good save from Savic with five minutes left as Everton pushed for a winner.
And Baxter broke local hearts in the 87th minute when he made it 3-2 to Everton from inside the box.