**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      D.C. 20549**

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**FORM      10-Q**

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**x    **
**QUARTERLY      REPORT PURSUANT TO SECTION 13 OR 15(d) OF**

**THE      SECURITIES EXCHANGE ACT OF 1934**

**For      the Quarterly Period ended May 31, 2006**

**OR**

**o                **
**TRANSITION      REPORT PURSUANT TO SECTION 13 OR 15(d)**

**OF      THE SECURITIES EXCHANGE ACT OF 1934**

**For      the transition period from ___ to ___**

**Commission      File Number: 333-109667-04**

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**EVERGREEN      HOLDINGS, INC.**

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| **Oregon**                                                                                   | **91-1797880**                                   |
|----------------------------------------------------------------------------------------------|--------------------------------------------------|
| (State                or other jurisdiction of Incorporation or                organization) | (IRS                Employer Identification No.) |
|                                                                                         |                                             |
| **3850                Three Mile Lane, McMinnville,                Oregon**                  | **97128-9496**                                   |
| (Address                of principal executive                offices)                       | (Zip                Code)                        |

**Registrant’s      telephone number, including area code: (503) 472-9361**

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**Yes      x**

**on-accelerated      filer x**

**No      x**

**9,554,749      outstanding shares of no par value common stock**

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Table        of Contents

**EVERGREEN      HOLDINGS, INC.**

**FORM      10-Q**

**FOR      THE QUARTERLY PERIOD ENDED MAY 31, 2006**

TABLE      OF      CONTENTS

|                        |                                                                                                                     | **PAGE** |
|-----------------------------|--------------------------------------------------------------------------------------------------------------------------|----------|
| PART                I.      | FINANCIAL                INFORMATION                                                                                     |     |
| Item                1.      | Financial                Statements                                                                                      | 3        |
| Item                2.      | Management’s                Discussion and Analysis of Financial Condition                and Results of Operation | 33       |
| Item                3.      | Quantitative                and Qualitative Disclosures About Market                Risk                                 | 47       |
| Item                4.      | Controls                and Procedures                                                                                   | 47       |
|                        |                                                                                                                     |     |
| PART                II.     | OTHER                INFORMATION                                                                                         |     |
| Item                1.      | Legal                Proceedings                                                                                         | 49       |
| Item                1A.     | Risk                Factors                                                                                              | 49       |
| Item                2.      | Unregistered                Sales of Equity Securities and Use of                Proceeds                                | 49       |
| Item                3.      | Defaults                Upon Senior Securities                                                                           | 49       |
| Item                4.      | Submission                of Matters to a Vote of Security                Holders                                        | 49       |
| Item                5.      | Other                Information                                                                                         | 49       |
| Item                6.      | Exhibits                                                                                                                 | 49       |
|                        |                                                                                                                     |     |
| SIGNATURES                  |                                                                                                                     | 50       |
|                        |                                                                                                                     |     |
| EXHIBIT                31.1 |                                                                                                                     | 51       |
| EXHIBIT                31.2 |                                                                                                                     | 52       |
| EXHIBIT                32.1 |                                                                                                                     | 53       |

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Table      of Contents

**PART      I. FINANCIAL INFORMATION **

| **ITEM                1.** | **FINANCIAL                STATEMENTS** |
|----------------------------|-----------------------------------------|

**EVERGREEN      HOLDINGS, INC.**

**CONSOLIDATED      BALANCE SHEETS**

|                                                                                                             |   | **May                  31, 2006** |        | February                  28, |   |
|------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|-------------|-------------------------------|--------|
|                                                                                                             |   |  **(unaudited)**             |        |  2006                    |   |
| **ASSETS**                                                                                                       |   |                              |        |                          |   |
| Current                  assets:                                                                                 |   |                              |        |                          |   |
| Cash                  and cash equivalents                                                                       |   | **$**                             | **4,440**   |                          | $      | 2,735 |   |
| Accounts                  receivable, less allowance of $1,014 and $1,111                  for doubtful accounts |   |                              | **73,092**  |                          |   | 75,310 |   |
| Accounts                  receivable from affiliates, net                                                        |   |                              | **1,795**   |                          |   | 1,695 |   |
| Inventories                                                                                                      |   |                              | **22,927**  |                          |   | 17,093 |   |
| Prepaid                  expenses and other                                                                      |   |                              | **4,969**   |                          |   | 3,962 |   |
| Current                  portion of notes receivable from affiliates                                             |   |                              | **1,651**   |                          |   | 1,980 |   |
| Deferred                  tax asset and income taxes receivable                                                  |   |                              | **26,437**  |                          |   | 26,412 |   |
|                                                                                                             |   |                              |        |                          |   |   |   |
| Total                  current assets                                                                            |   |                              | **135,311** |                          |   | 129,187 |   |
|                                                                                                             |   |                              |        |                          |   |   |   |
| Property                  and equipment, net                                                                     |   |                              | **571,829** |                          |   | 553,602 |   |
| Idle                  assets to be sold                                                                |   |                              | **4,948**   |                          |   | 4,870 |   |
| Notes                  receivable from affiliates                                                                |   |                              | **10,523**  |                          |   | 12,102 |   |
| Capitalized                  loan acquisition costs                                                              |   |                              | **7,274**   |                          |   | 8,056 |   |
| Other                  assets                                                                                    |   |                              | **21,031**  |                          |   | 20,354 |   |
| Goodwill                                                                                                         |   |                              | **5,494**   |                          |   | 5,494 |   |
|                                                                                                             |   |                              |        |                          |   |   |   |
| Total                  assets                                                                                    |   | **$**                             | **756,410** |                          | $      | 733,665 |   |

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Table      of Contents

**CONSOLIDATED      BALANCE SHEETS**

|                                                                                                                                                                                                                    |   | **May                  31, 2006** |        | February                  28, |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|-------------|-------------------------------|--------|
|                                                                                                                                                                                                                    |   | **(unaudited)**                   |        |  2006                    |   |
|                                                                                                                                                                                                                    |   |                              |        |                          |   |
| **LIABILITIES                  AND STOCKHOLDERS' EQUITY**                                                                                                                                                               |   |                              |        |                          |   |
| Current                  liabilities:                                                                                                                                                                                   |   |                              |        |                          |   |
| Accounts                  payable                                                                                                                                                                                       |   | **$**                             | **89,198**  |                          | $      | 79,693 |   |
| Accrued                  liabilities                                                                                                                                                                                    |   |                              | **28,977**  |                          |   | 24,264 |   |
| Accrued                  interest                                                                                                                                                                                       |   |                              | **1,738**   |                          |   | 8,150 |   |
| Payables                  to affiliates                                                                                                                                                                                 |   |                              | **1,795**   |                          |   | 1,896 |   |
| Current                  portion of long-term debt                                                                                                                                                                      |   |                              | **74,171**  |                          |   | 14,614 |   |
| Total                  current liabilities                                                                                                                                                                              |   |                              | **195,879** |                          |   | 128,617 |   |
|                                                                                                                                                                                                                    |   |                              |        |                          |   |   |   |
| Long-term                  debt                                                                                                                                                                                         |   |                              | **219,167** |                          |   | 261,677 |   |
| Deferred                  rentals payable                                                                                                                                                                               |   |                              | **56**      |                          |   | 59 |   |
| Deferred                  tax liabilities                                                                                                                                                                               |   |                              | **131,254** |                          |   | 131,521 |   |
| Total                  liabilities                                                                                                                                                                                      |   |                              | **546,356** |                          |   | 521,874 |   |
|                                                                                                                                                                                                                    |   |                              |        |                          |   |   |   |
| Minority                  interest                                                                                                                                                                                      |   |                              | **2,443**   |                          |   | 2,075 |   |
|                                                                                                                                                                                                                    |   |                              |        |                          |   |   |   |
| Stockholders'                  equity:                                                                                                                                                                                  |   |                              |        |                          |   |   |   |
| Common                  stock, no par value; 20,000,000 shares authorized; 9,554,749(unaudited)                  and 10,054,749 shares issued and outstanding May 31and February 28,                  2006 respectively |   |                              | **7,190**   |                          |   | 7,568 |   |
| Retained                  earnings                                                                                                                                                                                      |   |                              | **200,421** |                          |   | 202,148 |   |
|                                                                                                                                                                                                                    |   |                              |        |                          |   |   |   |
| Total                  stockholders' equity                                                                                                                                                                             |   |                              | **207,611** |                          |   | 209,716 |   |
|                                                                                                                                                                                                                    |   |                              |        |                          |   |   |   |
| Total                  liabilities, minority interest and stockholders' equity                                                                                                                                          |   | **$**                             | **756,410** |                          | $      | 733,665 |   |

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Table      of Contents

**EVERGREEN      HOLDINGS, INC.**

**CONSOLIDATED      STATEMENTS OF OPERATIONS (UNAUDITED)**

|                                                                                                 |   | **For                  the Three Months Ended****May                  31,** |              |
|------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------|-------------------|
|                                                                                                 |   | **2006**                                                                    |              | 2005 |   |
|                                                                                                 |   |                                                                        |              |   |   |
| Operating                  revenues:                                                                 |   |                                                                        |              |   |   |
| Flight                  revenue                                                                      |   | **$**                                                                       | **145,632**       |   | $ | 118,482 |   |
| Sales                  of aircraft, parts, and other property and equipment                          |   |                                                                        | **4,697**         |   |   | 3,804 |   |
| Sales                  of aircraft to affiliates                                                     |   |                                                                        | **— ** |   |   | 7,400 |   |
| Ground                  handling and logistics services revenue                                      |   |                                                                        | **31,089**        |   |   | 29,795 |   |
| Support                  services and other revenue                                                  |   |                                                                        | **13,390**        |   |   | 16,815 |   |
|                                                                                                 |   |                                                                        |              |   |   |   |   |
| Total                  operating revenues                                                            |   |                                                                        | **194,808**       |   |   | 176,296 |   |
|                                                                                                 |   |                                                                        |              |   |   |   |   |
| Operating                  expenses:                                                                 |   |                                                                        |              |   |   |   |   |
| Flight                  costs                                                                        |   |                                                                        | **24,145**        |   |   | 19,417 |   |
| Fuel                                                                                                 |   |                                                                        | **58,797**        |   |   | 39,737 |   |
| Maintenance                                                                                          |   |                                                                        | **19,748**        |   |   | 17,922 |   |
| Aircraft                  and equipment                                                              |   |                                                                        | **16,456**        |   |   | 12,383 |   |
| Cost                  of sales of aircraft, parts, and other property and                  equipment |   |                                                                        | **2,523**         |   |   | 1,480 |   |
| Cost                  of sales of aircraft to affiliates                                             |   |                                                                        | **—**       |   |   | 7,400 |   |
| Cost                  of ground handling and logistics services                                      |   |                                                                        | **25,925**        |   |   | 24,787 |   |
| Cost                  of support services and other support costs                                    |   |                                                                        | **16,765**        |   |   | 18,601 |   |
| Selling,                  general and administrative expense                                         |   |                                                                        | **22,185**        |   |   | 18,597 |   |
|                                                                                                 |   |                                                                        |              |   |   |   |   |
| Total                  operating expenses                                                            |   |                                                                        | **186,544**       |   |   | 160,324 |   |
|                                                                                                 |   |                                                                        |              |   |   |   |   |
| Income                  from operations                                                              |   |                                                                        | **8,264**         |   |   | 15,972 |   |
|                                                                                                 |   |                                                                        |              |   |   |   |   |
| Non-operating                  income (expense):                                                     |   |                                                                        |              |   |   |   |   |
| Interest                  expense                                                                    |   |                                                                        | **(8,948**        | **)** |   | (9,373 | ) |
| Other                  non-operating income, net                                                     |   |                                                                        | **12**            |   |   | 547 |   |
|                                                                                                 |   |                                                                        |              |   |   |   |   |
| (Loss)                  income before minority interest and income taxes                             |   |                                                                        | **(672**          | **)** |   | 7,146 |   |
|                                                                                                 |   |                                                                        |              |   |   |   |   |
| Minority                  interest                                                                   |   |                                                                        | **(368**          | **)** |   | (334 | ) |
|                                                                                                 |   |                                                                        |              |   |   |   |   |
| (Loss)                  income before income taxes                                                   |   |                                                                        | **(1,040**        | **)** |   | 6,812 |   |
|                                                                                                 |   |                                                                        |              |   |   |   |   |
| Income                  tax benefit (expense)                                                        |   |                                                                        | **265**           |   |   | (2,808 | ) |
|                                                                                                 |   |                                                                        |              |   |   |   |   |
| Net                  (loss) income                                                                   |   | **$**                                                                       | **(775**          | **)** | $ | 4,004 |   |

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Table      of Contents

**EVERGREEN      HOLDINGS, INC.**

**CONSOLIDATED      STATEMENT OF STOCKHOLDERS’ EQUITY**

|                                                         |   | Common                  Stock |       | Retained |   |           |   |
|--------------------------------------------------------------|--------|-------------------------------|------------|----------|--------|----------------|--------|
|                                                         |   | Shares                        |       | Amount   |   |  Earnings |   | Total |   |
|                                                         |   |                          |       |     |   |           |   |   |   |
| Balance,                  March 1, 2006                      |   |                          | 10,054,749 |     | $      | 7,568          |   | $ | 202,148 |   | $ | 209,716 |   |
|                                                         |   |                          |       |     |   |           |   |   |   |   |   |   |   |
| Repurchase                  of common stock                  |   |                          | (500,000   | )        |   | (378           | )      |   | (952 | ) |   | (1,330 | ) |
|                                                         |   |                          |       |     |   |           |   |   |   |   |   |   |   |
| Net                  loss for the quarter ended May 31, 2006 |   |                          |       |     |   |           |   |   | (775 | ) |   | (775 | ) |
|                                                         |   |                          |       |     |   |           |   |   |   |   |   |   |   |
| Balance,                  May 31, 2006                       |   |                          | 9,554,749  |     | $      | 7,190          |   | $ | 200,421 |   | $ | 207,611 |   |

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Table      of Contents

**EVERGREEN      HOLDINGS, INC.**

**CONSOLIDATED      STATEMENTS OF CASH FLOWS (UNAUDITED)**

|                                                                                                                       |   | **For                  the Three Months Ended****May                  31,** |          |
|----------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------|---------------|
|                                                                                                                       |   | **2006**                                                                    |          | 2005 |   |
|                                                                                                                       |   |                                                                        |          |   |   |
| Cash                  flows from operating activities:                                                                     |   |                                                                        |          |   |   |
| Net                  (loss) income                                                                                         |   | **$**                                                                       | **(775**      | **)** | $ | 4,004 |   |
| Adjustments                  to reconcile net (loss) income to net                  cash provided by operating activities: |   |                                                                        |          |   |   |   |   |
| Depreciation                  and amortization                                                                             |   |                                                                        | **17,074**    |   |   | 16,846 |   |
| Deferred                  income taxes                                                                                     |   |                                                                        | **(267**      | **)** |   | 2,832 |   |
| Gain                  on disposal of property and equipment                                                                |   |                                                                        | **(87**       | **)** |   | (260 | ) |
| Deferred                  income and foreign currency exchange loss (gain)                                                 |   |                                                                        | **6**         |   |   | (109 | ) |
| Minority                  interest                                                                                         |   |                                                                        | **368**       |   |   | 334 |   |
| Changes                  in operating assets and liabilities:                                                              |   |                                                                        |          |   |   |   |   |
| Accounts                  receivable                                                                                       |   |                                                                        | **2,218**     |   |   | (7,718 | ) |
| Receivables                  from affiliates                                                                               |   |                                                                        | **229**       |   |   | (598 | ) |
| Inventories                                                                                                                |   |                                                                        | **(5,834**    | **)** |   | 8,183 |   |
| Prepaid                  expenses and short-term notes receivable                                                          |   |                                                                        | **(1,006**    | **)** |   | (385 | ) |
| Accounts                  payable and accrued liabilities                                                                  |   |                                                                        | **7,797**     |   |   | 4,493 |   |
| Payables                  to affiliates                                                                                    |   |                                                                        | **(101**      | **)** |   | (1,627 | ) |
| Income                  taxes payable                                                                                      |   |                                                                        | **(25**       | **)** |   | 121 |   |
|                                                                                                                       |   |                                                                        |          |   |   |   |   |
| Net                  cash provided by operating activities                                                                 |   |                                                                        | **19,597**    |   |   | 26,116 |   |
|                                                                                                                       |   |                                                                        |          |   |   |   |   |
| Cash                  flows from investing activities:                                                                     |   |                                                                        |          |   |   |   |   |
| Purchases                  of property, equipment and overhauls                                                            |   |                                                                        | **(35,899**   | **)** |   | (21,179 | ) |
| Proceeds                  from disposal of property and equipment                                                          |   |                                                                        | **1,137**     |   |   | 538 |   |
| Payments                  received on notes receivable from affiliates                                                     |   |                                                                        | **1,579**     |   |   | 2,440 |   |
| Other                  assets                                                                                              |   |                                                                        | **(756**      | **)** |   | (1,763 | ) |
|                                                                                                                       |   |                                                                        |          |   |   |   |   |
| Net                  cash used in investing activities                                                                     |   |                                                                        | **(33,939**   | **)** |   | (19,964 | ) |
|                                                                                                                       |   |                                                                        |          |   |   |   |   |
| Cash                  flows from financing activities:                                                                     |   |                                                                        |          |   |   |   |   |
| Proceeds                  from long-term debt                                                                              |   |                                                                        | **20,078**    |   |   | 355 |   |
| Payments                  on long-term debt                                                                                |   |                                                                        | **(3,031**    | **)** |   | (8,081 | ) |
| Repurchase                  of common stock                                                                                |   |                                                                        | **(1,000**    | **)** |   | **—** |   |
|                                                                                                                       |   |                                                                        |          |   |   |   |   |
| Net                  cash provided by (used in) financing activities                                                       |   |                                                                        | **16,047**    |   |   | (7,726 | ) |
|                                                                                                                       |   |                                                                        |          |   |   |   |   |
| Net                  increase (decrease) in cash and cash equivalents                                                      |   |                                                                        | **1,705**     |   |   | (1,574 | ) |
|                                                                                                                       |   |                                                                        |          |   |   |   |   |
| Cash                  and cash equivalents, beginning of period                                                            |   |                                                                        | **2,735**     |   |   | 2,718 |   |
|                                                                                                                       |   |                                                                        |          |   |   |   |   |
| Cash                  and cash equivalents, end of period                                                                  |   | **$**                                                                       | **4,440**     |   | $ | 1,144 |   |
|                                                                                                                       |   |                                                                        |          |   |   |   |   |
| Non-cash investing                and financing transaction:                                                     |   |                                                                        |          |   |   |   |   |
| Repurchase                  of common stock in exchange for real property                                             |   | **$**                                                                  |  **330** |   | $  |  **—** |   |

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Table      of Contents

**EVERGREEN      HOLDINGS, INC.**

**CONDENSED      NOTES TO **

**UNAUDITED      CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE      1 — OVERVIEW**

**Business      Segments**

|   | · | **Evergreen                International Airlines, Inc. ("Airlines")**provides                air cargo services for both international and domestic markets; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | **Evergreen                Aviation Ground Logistics Enterprise, Inc. ("EAGLE")**provides                full-service aviation ground handling and logistics services, including                mail handling, aviation hub management, aircraft handling, cargo                handling,                ground system management, ground equipment maintenance, ground equipment                sales and leasing, aircraft line maintenance, terminal services,                aircraft                de-icing and washing, check-in and ticketing, baggage acceptance                and seat                selection, and passenger cabin cleaning; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | **Evergreen                Helicopters, Inc. ("Helicopters")**provides                helicopter and small fixed-wing aircraft services throughout the                world in                connection with activities such as forest fire fighting, health services,                aerial spraying, heavy lift construction, law enforcement, helicopter                logging, petroleum support services, search and rescue, peacekeeping                and                relief support, helicopter skiing, and agriculture; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | **Evergreen                Air Center, Inc. ("the Air Center" or "Air Center")**,                an unlimited Class IV airframe repair station certified by the FAA,                performs aircraft maintenance, repair and overhaul services, and                aircraft                storage services; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | **Evergreen                Aircraft Sales and Leasing Co. (“EASL”)**                selectively buys, sells, leases, and brokers commercial aircraft,                helicopters, and aircraft spare parts; and |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | **Evergreen                Agricultural Enterprises, Inc. (“Agriculture”)**                conducts farming operations, nursery and horticulture operations,                and                delivers nursery and processed agricultural products to wholesale                and                retail customers. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table      of Contents

**Trust      Created February 28, 1986**

**Vintage**

**Controlling      Shareholder and Related Parties**

|   | · | Ventures                Acquisition Company LLC ("Ventures Acquisition Company"); |
|--------|--------|-----------------------------------------------------------------------------------|

|   | · | Ventures                Holdings, Inc. ("Ventures Holdings"); |
|--------|--------|---------------------------------------------------------------|

|   | · | DMS                Properties; and |
|--------|--------|------------------------------------|

|   | · | Greenpatch                Farms. |
|--------|--------|----------------------------------|

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Table      of Contents

**BASIS      OF PRESENTATION**

**Seasonality**

**Reclassifications**

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Table      of Contents

**RECENT      ACCOUNTING PRONOUNCEMENTS**

*Accounting      Changes and Error Corrections - a replacement of APB No. 20 and FASB Statement      No. 3*
*Accounting      Changes*
*Reporting      Accounting Changes in Interim Financial Statements*

*Accounting      for Conditional Asset Retirement Obligations*
*Accounting      for Asset Retirement Obligations*

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Table      of Contents

**NOTE      2 — SELECTED FINANCIAL RESULTS BY BUSINESS SEGMENT**

**Selected      Financial Results by Business Segment -Unaudited**

|                                        |   | **For                  the Three Months Ended****May                  31,** |        |
|---------------------------------------------|--------|-----------------------------------------------------------------------------|-------------|
|                                        |   | **2006**                                                                    |        | 2005 |   |
| Operating                  revenues: (1)    |   |                                                                        |        |   |   |
| Airlines                                    |   | $                                                                           | 132,281     |   | $ | 106,222 |   |
| EAGLE                                       |   |                                                                        | 31,089      |   |   | 29,984 |   |
| Helicopters                                 |   |                                                                        | 15,884      |   |   | 14,464 |   |
| Air                  Center                 |   |                                                                        | 10,146      |   |   | 14,075 |   |
| EASL                                        |   |                                                                        | 3,301       |   |   | 9,205 |   |
| Agriculture                                 |   |                                                                        | 2,107       |   |   | 2,346 |   |
|                                        |   |                                                                        |        |   |   |   |   |
| Total                                       |   | **$**                                                                       | **194,808** |   | $ | 176,296 |   |
|                                        |   |                                                                        |        |   |   |   |   |
| Intercompany                  revenues: (2) |   |                                                                        |        |   |   |   |   |
| Airlines                                    |   | $                                                                           | 4,478       |   | $ | 3,958 |   |
| EAGLE                                       |   |                                                                        | 796         |   |   | 594 |   |
| Helicopters                                 |   |                                                                        | 803         |   |   | 877 |   |
| Air                  Center                 |   |                                                                        | 4,102       |   |   | 3,104 |   |
| EASL                                        |   |                                                                        | 430         |   |   | 1,291 |   |
| Agriculture                                 |   |                                                                        | 56          |   |   | 7 |   |
|                                        |   |                                                                        |        |   |   |   |   |
| Total                                       |   | **$**                                                                       | **10,665**  |   | $ | 9,831 |   |
|                                        |   |                                                                        |        |   |   |   |   |
| Operating                  expenses:        |   |                                                                        |        |   |   |   |   |
| Airlines                                    |   | $                                                                           | 124,668     |   | $ | 94,849 |   |
| EAGLE                                       |   |                                                                        | 28,590      |   |   | 27,691 |   |
| Helicopters                                 |   |                                                                        | 18,323      |   |   | 14,231 |   |
| Air                  Center                 |   |                                                                        | 10,243      |   |   | 13,225 |   |
| EASL                                        |   |                                                                        | 2,208       |   |   | 8,463 |   |
| Agriculture                                 |   |                                                                        | 2,512       |   |   | 1,865 |   |
|                                        |   |                                                                        |        |   |   |   |   |
| Total                                       |   | **$**                                                                       | **186,544** |   | $ | 160,324 |   |

| (1) | During                  the three months ended May 31, 2006 and 2005, revenue from the                  USAF Air                  Mobility Command accounted for approximately 54.1% and 50.3%,                  respectively, of our consolidated operating revenues and 79.7%,                  and 83.5%                  of the total revenue in our Airlines segment. During the three                  months                  ended May 31, 2006 and 2005, revenue from the U.S. Postal Service                  accounted for approximately 8.6% and 8.7%, respectively, of our                  consolidated operating revenues and 53.7% and 51.0% of the total                  revenue                  in our EAGLE segment. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Amounts                  are eliminated in                  consolidation |
|-----|---------------------------------------------------------------------------|

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Table      of Contents

**Selected      Financial Results by Business Segment - Unaudited**

|                                            |   | **For                  the Three Months EndedMay 31,** |       |
|-------------------------------------------------|--------|--------------------------------------------------------|------------|
|                                            |   | **2006**                                               |       | 2005 |   |
|                                            |   |                                                   |       |   |   |
| Income                  (loss) from operations  |   |                                                   |       |   |   |   |   |
| Airlines                                        |   | $                                                      | 7,613      |   | $ | 11,375 |   |
| EAGLE                                           |   |                                                   | 2,499      |   |   | 2,293 |   |
| Helicopters                                     |   |                                                   | (2,439     | ) |   | 233 |   |
| Air                  Center                     |   |                                                   | (97        | ) |   | 849 |   |
| EASL                                            |   |                                                   | 1,093      |   |   | 742 |   |
| Agriculture                                     |   |                                                   | (405       | ) |   | 480 |   |
|                                            |   |                                                   |       |   |   |   |   |
| Total                                           |   | **$**                                                  | **8,264**  |   | $ | 15,972 |   |
|                                            |   |                                                   |       |   |   |   |   |
| Interest                  expense:              |   |                                                   |       |   |   |   |   |
| Airlines                                        |   | $                                                      | 8,800      |   | $ | 9,194 |   |
| EAGLE                                           |   |                                                   | 3          |   |   | 106 |   |
| Helicopters                                     |   |                                                   | 4          |   |   | 47 |   |
| Air                  Center                     |   |                                                   | 2          |   |   | 15 |   |
| EASL                                            |   |                                                   | 96         |   |   | 5 |   |
| Agriculture                                     |   |                                                   | 43         |   |   | 6 |   |
|                                            |   |                                                   |       |   |   |   |   |
| Total                                           |   | **$**                                                  | **8,948**  |   | $ | 9,373 |   |
|                                            |   |                                                   |       |   |   |   |   |
| Depreciation                  and amortization: |   |                                                   |       |   |   |   |   |
| Airlines                                        |   | $                                                      | 14,236     |   | $ | 14,083 |   |
| EAGLE                                           |   |                                                   | 526        |   |   | 585 |   |
| Helicopters                                     |   |                                                   | 1,844      |   |   | 1,713 |   |
| Air                  Center                     |   |                                                   | 294        |   |   | 332 |   |
| EASL                                            |   |                                                   | 31         |   |   | 17 |   |
| Agriculture                                     |   |                                                   | 143        |   |   | 116 |   |
|                                            |   |                                                   |       |   |   |   |   |
| Total                                           |   | **$**                                                  | **17,074** |   | $ | 16,846 |   |
|                                            |   |                                                   |       |   |   |   |   |
| Capital                  expenditures:          |   |                                                   |       |   |   |   |   |
| Airlines                                        |   | $                                                      | 27,761     |   | $ | 16,475 |   |
| EAGLE                                           |   |                                                   | 130        |   |   | 205 |   |
| Helicopters                                     |   |                                                   | 7,721      |   |   | 4,030 |   |
| Air                  Center                     |   |                                                   | 46         |   |   | 167 |   |
| Agriculture                                     |   |                                                   | 241        |   |   | 302 |   |
|                                            |   |                                                   |       |   |   |   |   |
| Total                                           |   | **$**                                                  | **35,899** |   | $ | 21,179 |   |

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**Total      Assets by Business Segment**

|                           |   | **May                  31, 2006 (unaudited)** |        | February                  28, 2006 |   |
|--------------------------------|--------|-----------------------------------------------|-------------|------------------------------------|--------|
|                           |   |                                          |        |                               |   |
| Total                  assets: |   |                                          |        |                               |   |
| Airlines                       |   | $                                             | 552,047     |                               | $      | 542,993 |   |
| EAGLE                          |   |                                          | 47,773      |                               |   | 46,102 |   |
| Helicopters                    |   |                                          | 83,254      |                               |   | 76,447 |   |
| Air                  Center    |   |                                          | 31,729      |                               |   | 30,767 |   |
| EASL                           |   |                                          | 14,425      |                               |   | 9,519 |   |
| Agriculture                    |   |                                          | 27,182      |                               |   | 27,837 |   |
|                           |   |                                          |        |                               |   |   |   |
| Total                          |   | **$**                                         | **756,410** |                               | $      | 733,665 |   |

**NOTE      3 — LIQUIDITY**

**Risk      of Default on Debt Obligations **

**NOTE      4 — LONG-TERM DEBT OBLIGATIONS **

**Indenture      Notes**

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***Interest      Rate and Payments***

***Optional      Redemption***

| If                redeemed during the 12-month period                commencing: |   | Redemption                Price |
|----------------------------------------------------------------------------------|--------|---------------------------------|
| May                15, 2007                                                      |   | 106                %            |
| May                15, 2008                                                      |   | 103                %            |
| May                15, 2009 and thereafter                                       |   | 100                %            |

***Repurchase      of Indenture Notes Upon Certain Asset Sales or a Change in      Control***
** **

***Covenant      Compliance***
** **

|  | · | incur                additional debt or create liens; |
|--|--------|-------------------------------------------------------|

|  | · | pay                dividends or acquire shares of capital stock; |
|--|--------|------------------------------------------------------------------|

|  | · | make                payments on subordinated debt or make investments; |
|--|--------|------------------------------------------------------------------------|

|  | · | make                distributions from restricted subsidiaries; |
|--|--------|-----------------------------------------------------------------|

|  | · | issue                or sell capital stock of restricted subsidiaries; |
|--|--------|------------------------------------------------------------------------|

|  | · | issue                guarantees; |
|--|--------|----------------------------------|

|  | · | sell                or exchange assets, or make capital expenditures; |
|--|--------|-----------------------------------------------------------------------|

|  | · | enter                into transactions with shareholders and affiliates; and |
|--|--------|------------------------------------------------------------------------------|

|  | · | effect                mergers and other changes of control. |
|--|--------|-------------------------------------------------------------|

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**Secured      Credit Facility **

***Interest      Rates***

***Term      Loan Advances***

***Revolving      Loan Advances***

***Loan      Balance and Availability***

***Covenant      Compliance***

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**WCMA      Loan Agreement to EASL**

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***Covenant      Compliance***

**FINOVA      Note**

**Intervest      Note **

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**Junior      Lien Granted on Evergreen Museum Land **

**Landsbanki      Loan Agreement**

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Table      of Contents

**NOTE      5 — PREPAID EXPENSES AND OTHER**

| ***(in                  thousands)***               |   | **May                  31, 2006** |      | February                  28, |   |
|-----------------------------------------------------|--------|-----------------------------------|-----------|-------------------------------|--------|
|                                                |   |  **(unaudited)**             |      |                    2006  |   |
|                                                |   |                              |      |                          |   |
| Prepaid                  expenses                   |   | **$**                             | **4,758** |                          | $      | 3,724 |   |
| Notes                  receivable - current portion |   |                              | **211**   |                          |   | 238 |   |
|                                                |   |                              |      |                          |   |   |   |
| Total                                               |   | **$**                             | **4,969** |                          | $      | 3,962 |   |

**NOTE      6 — OTHER ASSETS**

| ***(in                  thousands)***              |   | **May                  31, 2006** |       | February                  28, |   |
|----------------------------------------------------|--------|-----------------------------------|------------|-------------------------------|--------|
|                                               |   |  **(unaudited)**             |       |  2006                    |   |
|                                               |   |                              |       |                          |   |
| Non-current                  agricultural assets   |   | **$**                             | **5,374**  |                          | $      | 5,374 |   |
| Deposits                                           |   |                              | **14,254** |                          |   | 13,472 |   |
| Notes                  receivable                  |   |                              | **308**    |                          |   | 377 |   |
| Finance                  fees, net of amortization |   |                              | **459**    |                          |   | 464 |   |
| Other                  assets                      |   |                              | **636**    |                          |   | 667 |   |
|                                               |   |                              |       |                          |   |   |   |
| Total                                              |   | **$**                             | **21,031** |                          | $      | 20,354 |   |

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**NOTE      7 **
**—      SUPPORT SERVICES AND OTHER REVENUE**

|                                             |   | **For                  the Three Months Ended May****31,** |       |
|--------------------------------------------------|--------|------------------------------------------------------------|------------|
| ***(in                  thousands, unaudited)*** |   | **2006**                                                   |       | 2005 |   |
|                                             |   |                                                       |       |   |   |
| Support                  services - Airlines     |   | **$**                                                      | **642**    |   | $ | 912 |   |
| Support                  services - Helicopters  |   |                                                       | **822**    |   |   | 928 |   |
| Support                  services - Air Center   |   |                                                       | **9,887**  |   |   | 12,613 |   |
| Sales                  of agricultural products  |   |                                                       | **2,039**  |   |   | 2,346 |   |
| Support                  services - other        |   |                                                       | **-**      |   |   | 16 |   |
|                                             |   |                                                       |       |   |   |   |   |
| Total                                            |   | **$**                                                      | **13,390** |   | $ | 16,815 |   |

**NOTE      8 — COST OF SUPPORT SERVICES AND OTHER SUPPORT COSTS**

|                                                                         |   | **For                  the Three Months Ended May****31,** |       |
|------------------------------------------------------------------------------|--------|------------------------------------------------------------|------------|
| ***(in                  thousands, unaudited)***                             |   | **2006**                                                   |       | 2005 |   |
|                                                                         |   |                                                       |       |   |   |
| Cost                  of support services and other support costs - Airlines |   | **$**                                                      | **6,368**  |   | $ | 6,258 |   |
| Cost                  of support services - Helicopters                      |   |                                                       | **283**    |   |   | 568 |   |
| Cost                  of support services - Air Center                       |   |                                                       | **8,216**  |   |   | 10,371 |   |
| Cost                  of sales of agricultural products                      |   |                                                       | **1,847**  |   |   | 1,365 |   |
| Cost                  of support services - other                            |   |                                                       | **51**     |   |   | 39 |   |
|                                                                         |   |                                                       |       |   |   |   |   |
| Total                                                                        |   | **$**                                                      | **16,765** |   | $ | 18,601 |   |

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**NOTE      9 **
**—      OTHER NON-OPERATING INCOME (EXPENSE), NET**

|                                                    |   | **For                  the Three Months Ended May****31,** |   |
|---------------------------------------------------------|--------|------------------------------------------------------------|--------|
| ***(in                  thousands, unaudited)***        |   | **2006**                                                   |   | 2005 |   |
|                                                    |   |                                                       |   |   |   |
| Gain                  on sale of property and equipment |   | **$**                                                      | **18** |   | $ | 260 |   |
| Foreign                  currency exchange (loss) gain  |   |                                                       | **(9** | **)** |   | 107 |   |
| Other                  non-operating gain               |   |                                                       | **3**  |   |   | 180 |   |
|                                                    |   |                                                       |   |   |   |   |   |
| Total                                                   |   | **$**                                                      | **12** |   | $ | 547 |   |

**NOTE      10 — CASH FLOWS FROM INVESTING ACTIVITIES - OTHER ASSETS**

|                                                   |   | **For                  the Three Months Ended May****31,** |     |
|--------------------------------------------------------|--------|------------------------------------------------------------|----------|
| ***(in                  thousands, unaudited)***       |   | **2006**                                                   |     | 2005 |   |
|                                                   |   |                                                       |     |   |   |
| Deposits                  on aircraft                  |   | **$**                                                      | **(782** | **)** | $ | (1,414 | ) |
| Aircraft                  and parts held for sale      |   |                                                       | **(78**  | **)** |   | 34 |   |
| Non-current                  agricultural assets       |   |                                                       | **-**    |   |   | (596 | ) |
| Payments                  received on notes receivable |   |                                                       | **15**   |   |   | 140 |   |
| Other                                                  |   |                                                       | **89**   |   |   | 73 |   |
|                                                   |   |                                                       |     |   |   |   |   |
| Total                                                  |   | **$**                                                      | **(756** | **)** | $ | (1,763 | ) |

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**NOTE      11 — RELATED PARTY TRANSACTIONS **

**Transactions      Under Mr. Smith's Employment Agreement**

**Lease      Transactions**

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**Notes      Receivable from Affiliates**

| *(in                  thousands)*                                                                                                                                                                                                                                               |   | **May                  31, 2006** |       | February                  28, |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|------------|-------------------------------|--------|
|                                                                                                                                                                                                                                                                            |   | **(unaudited)**                   |       |  2006                    |   |
|                                                                                                                                                                                                                                                                            |   |                              |       |                          |   |
| Notes                  receivable from Ventures Holdings, including interest receivable                  of $51 and $313, due in annual installments ranging from                  $1,277 to $1,281 through March 31, 2013, with an annual interest                  rate of 4% |   | **$**                             | **7,647**  |                          | $      | 8,846 |   |
|                                                                                                                                                                                                                                                                            |   |                              |       |                          |   |   |   |
| Notes                  receivable from Ventures Acquisition Company, including interest                  receivable of $6 and $36, due in annual installments of $147                  through March 31, 2013, with an annual interest rate of                  4%              |   |                              | **882**    |                          |   | 1,020 |   |
|                                                                                                                                                                                                                                                                            |   |                              |       |                          |   |   |   |
| Notes                  receivable from Mr. Smith, including interest receivable of $24                  and $149, due in annual installments ranging from $609 to $611                  through March 31, 2013, with an annual interest rate of                  4%             |   |                              | **3,645**  |                          |   | 4,216 |   |
|                                                                                                                                                                                                                                                                            |   |                              |       |                          |   |   |   |
| Net                  notes receivable from affiliates                                                                                                                                                                                                                           |   | **$**                             | **12,174** |                          | $      | 14,082 |   |

**Payables      to Affiliates**

***Payable      from Vintage to Mr. Smith***

**Common      Stock Repurchase**

**Charitable      Contribution**

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Table of Contents

**NOTE      12 **
**—      CONTINGENCIES AND COMMITMENTS**

**LEGAL      PROCEEDINGS**

**Banc      of America**

*Banc      of America Securities LLC v. Evergreen International Aviation, Inc. et      al*

**Stocks      and Allen**

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**Claim      for Losses under the Air Transportation Safety and System Stabilization      Act**

**AIRCRAFT      PURCHASE COMMITMENTS **

| ***(in                  thousands)***  |   |     |   |                            |   |                          |   |
|----------------------------------------|--------|----------|--------|---------------------------------|--------|-------------------------------|--------|
|                                   |   |     |   |                            |   |                          |   |
| Aircraft                               |   | Quantity |   | Purchase                  Price |   | Deposit                  Paid |   |
| Agusta                  AW139          |   |     | 4      |                            | $      | 35,178                        |   | $ | 600 |   |
| Eurocopter                  AS350B-III |   |     | 1      |                            |   | 1,944                         |   |   | 194 |   |
| Bell                  206L-IV          |   |     | 1      |                            |   | 1,557                         |   |   | 156 |   |
| Bell                  412EP            |   |     | 4      |                            |   | 30,488                        |   |   | 1,166 |   |
|                                   |   |     |   |                            |   |                          |   |   |   |   |
| Total                                  |   |     | 10     |                            | $      | 69,167                        |   | $ | 2,116 |   |

**NOTE      13 — SUPPLEMENTAL FINANCIAL INFORMATION FOR GUARANTOR SUBSIDIARIES AND      NON-GUARANTOR SUBSIDIARIES**

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**SUPPLEMENTAL      CONSOLIDATING STATEMENTS OF OPERATIONS - UNAUDITED**

|                                                                                                                                      |   | Holdings                  (Parent) |    | Evergreen                  (Issuer) |   | 100%                  Owned Guarantor Subsidiaries |   | Non-Wholly                  Owned                  Guarantor Subsidiary |    | Non                  Guarantors |   | Eliminations |   | Consolidated                  Total |    |
|-------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------|---------|-------------------------------------|--------|----------------------------------------------------|--------|-------------------------------------------------------------------------|---------|---------------------------------|--------|--------------|--------|-------------------------------------|---------|
| Operating                  revenues                                                                                                       |   | $                                  | — |                                | $      | 4,250                                              |   | $                                                                       | 197,158 |                            | $      | 1,874        |   | $                                   | 2,191   |   | $ | (10,665 | ) | $ | 194,808 |   |
| Operating                  expenses                                                                                                       |   |                               | — |                                |   | —                                            |   |                                                                    | 167,490 |                            |   | 93           |   |                                | 1,857   |   |   | (5,081 | ) |   | 164,359 |   |
| Selling,                  general and administrative expenses                                                                             |   |                               | 17      |                                |   | 9,214                                              |   |                                                                    | 17,626  |                            |   | —      |   |                                | 912     |   |   | (5,584 | ) |   | 22,185 |   |
|                                                                                                                                      |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Operating                  (loss) income                                                                                                  |   |                               | (17     | )                                   |   | (4,964                                             | )      |                                                                    | 12,042  |                            |   | 1,781        |   |                                | (578    | ) |   | — |   |   | 8,264 |   |
|                                                                                                                                      |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
|                                                                                                                                      |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Interest                  income (expense)                                                                                                |   |                               | 119     |                                |   | 7                                                  |   |                                                                    | (8,916  | )                               |   | —      |   |                                | (158    | ) |   | — |   |   | (8,948 | ) |
| Other                  non-operating income (expense), net                                                                                |   |                               | — |                                |   | —                                            |   |                                                                    | (9      | )                               |   | —      |   |                                | 21      |   |   | — |   |   | 12 |   |
|                                                                                                                                      |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Income                  (loss) before minority interest, income                  taxes and equity in subsidiary                  earnings |   |                               | 102     |                                |   | (4,957                                             | )      |                                                                    | 3,117   |                            |   | 1,781        |   |                                | (715    | ) |   | — |   |   | (672 | ) |
|                                                                                                                                      |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Equity                  in earnings of subsidiaries                                                                                       |   |                               | (877    | )                                   |   | 2,699                                              |   |                                                                    | — |                            |   | —      |   |                                | — |   |   | (1,822 | ) |   | — |   |
|                                                                                                                                      |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Income                  (loss) before minority interest and                  income taxes                                                 |   |                               | (775    | )                                   |   | (2,258                                             | )      |                                                                    | 3,117   |                            |   | 1,781        |   |                                | (715    | ) |   | (1,822 | ) |   | (672 | ) |
|                                                                                                                                      |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Minority                  interest                                                                                                        |   |                               | — |                                |   | (368                                               | )      |                                                                    | — |                            |   | —      |   |                                | — |   |   | — |   |   | (368 | ) |
|                                                                                                                                      |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Income                  (loss) before income taxes                                                                                        |   |                               | (775    | )                                   |   | (2,626                                             | )      |                                                                    | 3,117   |                            |   | 1,781        |   |                                | (715    | ) |   | (1,822 | ) |   | (1,040 | ) |
|                                                                                                                                      |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Income                  tax benefit (expense)                                                                                             |   |                               | (40     | )                                   |   | 1,963                                              |   |                                                                    | (1,941  | )                               |   | —      |   |                                | 283     |   |   | — |   |   | 265 |   |
|                                                                                                                                      |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Net                  Income (loss)                                                                                                        |   | $                                  | (815    | )                                   | $      | (663                                               | )      | $                                                                       | 1,176   |                            | $      | 1,781        |   | $                                   | (432    | ) | $ | (1,822 | ) | $ | (775 | ) |

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**SUPPLEMENTAL      CONSOLIDATING STATEMENTS OF OPERATIONS - UNAUDITED**

|                                                                                                                                           |   | Holdings                  (Parent) |    | Evergreen                  (Issuer) |   | 100%                  Owned Guarantor Subsidiaries |   | Non-Wholly                  Owned                  Guarantor Subsidiary |    | Non                  Guarantors |   | Eliminations |   | Consolidated                  Total |    |
|------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------|---------|-------------------------------------|--------|----------------------------------------------------|--------|-------------------------------------------------------------------------|---------|---------------------------------|--------|--------------|--------|-------------------------------------|---------|
| Operating                  revenues                                                                                                            |   | $                                  | — |                                | $      | 3,750                                              |   | $                                                                       | 178,178 |                            | $      | 1,846        |   | $                                   | 2,353   |   | $ | (9,831 | ) | $ | 176,296 |   |
| Operating                  expenses                                                                                                            |   |                               | — |                                |   | —                                            |   |                                                                    | 145,563 |                            |   | 93           |   |                                | 1,365   |   |   | (5,294 | ) |   | 141,727 |   |
| Selling,                  general and administrative expenses                                                                                  |   |                               | 6       |                                |   | 6,269                                              |   |                                                                    | 16,434  |                            |   | 8            |   |                                | 766     |   |   | (4,886 | ) |   | 18,597 |   |
|                                                                                                                                           |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Operating                  (loss) income                                                                                                       |   |                               | (6      | )                                   |   | (2,519                                             | )      |                                                                    | 16,181  |                            |   | 1,745        |   |                                | 222     |   |   | 349 |   |   | 15,972 |   |
|                                                                                                                                           |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
|                                                                                                                                           |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Interest                  income (expense)                                                                                                     |   |                               | 130     |                                |   | (2                                                 | )      |                                                                    | (9,423  | )                               |   | (68          | )      |                                | (10     | ) |   | — |   |   | (9,373 | ) |
| Other                  non-operating income (expense), net                                                                                     |   |                               | — |                                |   | —                                            |   |                                                                    | 559     |                            |   | —      |   |                                | (12     | ) |   | — |   |   | 547 |   |
|                                                                                                                                           |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Income                  (loss) before minority interest, income                  taxes and equity in subsidiary                  earnings |   |                               | 124     |                                |   | (2,521                                             | )      |                                                                    | 7,317   |                            |   | 1,677        |   |                                | 200     |   |   | 349 |   |   | 7,146 |   |
|                                                                                                                                           |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
|                                                                                                                                           |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Equity                  in earnings of subsidiaries                                                                                            |   |                               | 3,880   |                                |   | 5,546                                              |   |                                                                    | — |                            |   | —      |   |                                | — |   |   | (9,426 | ) |   | — |   |
|                                                                                                                                           |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Income                  (loss) before minority interest and                  income taxes                                                      |   |                               | 4,004   |                                |   | 3,025                                              |   |                                                                    | 7,317   |                            |   | 1,677        |   |                                | 200     |   |   | (9,077 | ) |   | 7,146 |   |
|                                                                                                                                           |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Minority                  interest                                                                                                             |   |                               | — |                                |   | (334                                               | )      |                                                                    | — |                            |   | —      |   |                                | — |   |   | — |   |   | (334 | ) |
|                                                                                                                                           |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Income                  (loss) before income taxes                                                                                             |   |                               | 4,004   |                                |   | 2,691                                              |   |                                                                    | 7,317   |                            |   | 1,677        |   |                                | 200     |   |   | (9,077 | ) |   | 6,812 |   |
|                                                                                                                                           |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
|                                                                                                                                           |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Income                  tax benefit (expense)                                                                                                  |   |                               | — |                                |   | 994                                                |   |                                                                    | (3,718  | )                               |   | —      |   |                                | (84     | ) |   | — |   |   | (2,808 | ) |
|                                                                                                                                           |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Net                  Income (loss)                                                                                                             |   | $                                  | 4,004   |                                | $      | 3,685                                              |   | $                                                                       | 3,599   |                            | $      | 1,677        |   | $                                   | 116     |   | $ | (9,077 | ) | $ | 4,004 |   |

----

Table      of Contents

**SUPPLEMENTAL      CONSOLIDATING **
**BALANCE      SHEET - UNAUDITED**

|                                                                                |   | Holdings                  (Parent) |    | Evergreen                  (Issuer) |   | 100%                  Owned Guarantor Subsidiaries |    | Non-Wholly                  Owned Guarantor Subsidiary |    | Non                  Guarantors |   | Eliminations |   | Consolidated                  Total |    |
|-------------------------------------------------------------------------------------|--------|------------------------------------|---------|-------------------------------------|--------|----------------------------------------------------|---------|--------------------------------------------------------|---------|---------------------------------|--------|--------------|--------|-------------------------------------|---------|
| ASSETS                                                                              |   |                               |    |                                |   |                                               |    |                                                   |    |                            |   |         |   |                                |    |
| Current                  assets:                                                    |   |                               |    |                                |   |                                               |    |                                                   |    |                            |   |         |   |                                |    |
| Cash                  and cash equivalents                                          |   | $                                  | — |                                | $      | 3,924                                              |    | $                                                      | 448     |                            | $      | —      |   | $                                   | 68      |   | $ | — |   | $ | 4,440 |   |
| Accounts                  receivable, net                                           |   |                               | — |                                |   | 6                                                  |    |                                                   | 71,471  |                            |   | 639          |   |                                | 976     |   |   | — |   |   | 73,092 |   |
| Receivables                  from affiliates                                        |   |                               | 1,512   |                                |   | 272                                                |    |                                                   | 1,381   |                            |   | —      |   |                                | 281     |   |   | — |   |   | 3,446 |   |
| Other                  current assets                                               |   |                               | 18,520  |                                |   | 1,978                                              |    |                                                   | 28,444  |                            |   | —      |   |                                | 5,391   |   |   | — |   |   | 54,333 |   |
|                                                                                |   |                               |    |                                |   |                                               |    |                                                   |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Total                  current assets                                               |   |                               | 20,032  |                                |   | 6,180                                              |    |                                                   | 101,744 |                            |   | 639          |   |                                | 6,716   |   |   | — |   |   | 135,311 |   |
|                                                                                |   |                               |    |                                |   |                                               |    |                                                   |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
|                                                                                |   |                               |    |                                |   |                                               |    |                                                   |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Property                  and equipment, net                                        |   |                               | 858     |                                |   | 3,737                                              |    |                                                   | 502,491 |                            |   | 11,265       |   |                                | 54,704  |   |   | (1,226 | ) |   | 571,829 |   |
| Notes                  receivable from affiliates                                   |   |                               | 9,795   |                                |   | 8,832                                              |    |                                                   | 189     |                            |   | —      |   |                                | 539     |   |   | (8,832 | ) |   | 10,523 |   |
| Investment                  in subsidiaries                                         |   |                               | 227,366 |                                |   | 290,521                                            |    |                                                   | — |                            |   | —      |   |                                | — |   |   | (517,887 | ) |   | — |   |
| Other                  assets including goodwill                                    |   |                               | — |                                |   | 9,215                                              |    |                                                   | 23,874  |                            |   | —      |   |                                | 5,658   |   |   | — |   |   | 38,747 |   |
|                                                                                |   |                               |    |                                |   |                                               |    |                                                   |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Total                  Assets                                                       |   | $                                  | 258,051 |                                | $      | 318,485                                            |    | $                                                      | 628,298 |                            | $      | 11,904       |   | $                                   | 67,617  |   | $ | (527,945 | ) | $ | 756,410 |   |
|                                                                                |   |                               |    |                                |   |                                               |    |                                                   |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| LIABILITIES                  AND STOCKHOLDERS' EQUITY                               |   |                               |    |                                |   |                                               |    |                                                   |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Current                  liabilities:                                               |   |                               |    |                                |   |                                               |    |                                                   |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Accounts                  payable                                                   |   | $                                  | — |                                | $      | 4,722                                              |    | $                                                      | 82,555  |                            | $      | —      |   | $                                   | 1,921   |   | $ | — |   | $ | 89,198 |   |
| Accrued                  liabilities                                                |   |                               | — |                                |   | 7,209                                              |    |                                                   | 21,348  |                            |   | —      |   |                                | 420     |   |   | — |   |   | 28,977 |   |
| Payables                  to affiliates                                             |   |                               | — |                                |   | —                                            |    |                                                   | 47      |                            |   | —      |   |                                | 10,580  |   |   | (8,832 | ) |   | 1,795 |   |
| Accrued                  interest                                                   |   |                               | — |                                |   | 1,635                                              |    |                                                   | 26      |                            |   | —      |   |                                | 77      |   |   | — |   |   | 1,738 |   |
| Current                  portion long-term debt                                     |   |                               | — |                                |   | 60,191                                             |    |                                                   | 7,050   |                            |   | —      |   |                                | 6,930   |   |   | — |   |   | 74,171 |   |
|                                                                                |   |                               |    |                                |   |                                               |    |                                                   |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Total                  current liabilities                                          |   |                               | — |                                |   | 73,757                                             |    |                                                   | 111,026 |                            |   | —      |   |                                | 19,928  |   |   | (8,832 | ) |   | 195,879 |   |
|                                                                                |   |                               |    |                                |   |                                               |    |                                                   |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
|                                                                                |   |                               |    |                                |   |                                               |    |                                                   |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Long-term                  debt                                                     |   |                               | 59,978  |                                |   | 15,758                                             |    |                                                   | 110,169 |                            |   | —      |   |                                | 33,262  |   |   | — |   |   | 219,167 |   |
| Deferred                  rentals and other payables to                  affiliates |   |                               | — |                                |   | —                                            |    |                                                   | (3,940  | )                          |   | 3,996        |   |                                | — |   |   | — |   |   | 56 |   |
| Deferred                  tax liabilities                                           |   |                               | (9,538  | )                              |   |  (2,134                                       | )  |                                                   | 141,030 |                            |   | —      |   |                                | 1,896   |   |   | — |   |   |  131,254 |   |
| Other                  liabilities                                                  |   |                               | — |                                |   | 7,832                                              |    |                                                   | — |                            |   | —      |   |                                | (7,832  | ) |   | — |   |   | — |   |
|                                                                                |   |                               |    |                                |   |                                               |    |                                                   |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Total                  liabilities                                                  |   |                               | 50,440  |                                |   | 95,213                                             |    |                                                   | 358,285 |                            |   | 3,996        |   |                                | 47,254  |   |   | (8,832 | ) |   | 546,356 |   |
|                                                                                |   |                               |    |                                |   |                                               |    |                                                   |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
|                                                                                |   |                               |    |                                |   |                                               |    |                                                   |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Minority                  interest                                                  |   |                               | — |                                |   | 2,443                                              |    |                                                   | — |                            |   | —      |   |                                | — |   |   | — |   |   | 2,443 |   |
|                                                                                |   |                               |    |                                |   |                                               |    |                                                   |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
|                                                                                |   |                               |    |                                |   |                                               |    |                                                   |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Stockholders'                  equity                                               |   |                               | 207,611 |                                |   | 220,829                                            |    |                                                   | 270,013 |                            |   | 7,908        |   |                                | 20,363  |   |   | (519,113 | ) |   | 207,611 |   |
|                                                                                |   |                               |    |                                |   |                                               |    |                                                   |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Total                  liabilities and stockholders' equity                         |   | $                                  | 258,051 |                                | $      | 318,485                                            |    | $                                                      | 628,298 |                            | $      | 11,904       |   | $                                   | 67,617  |   | $ | (527,945 | ) | $ | 756,410 |   |

----

Table      of Contents

**SUPPLEMENTAL      CONSOLIDATING **
**BALANCE      SHEET**

|                                                                                |   | Holdings                  (Parent) |    | Evergreen                  (Issuer) |   | 100%                  Owned Guarantor Subsidiaries |   | Non-Wholly                  Owned                  Guarantor Subsidiary |    | Non                  Guarantors |   | Eliminations |   | Consolidated                  Total |    |
|-------------------------------------------------------------------------------------|--------|------------------------------------|---------|-------------------------------------|--------|----------------------------------------------------|--------|-------------------------------------------------------------------------|---------|---------------------------------|--------|--------------|--------|-------------------------------------|---------|
| ASSETS                                                                              |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |
| Current                  assets:                                                    |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |
| Cash                  and cash equivalents                                          |   | $                                  | — |                                | $      | 2,132                                              |   | $                                                                       | 536     |                            | $      | —      |   | $                                   | 67      |   | $ | — |   | $ | 2,735 |   |
| Accounts                  receivable, net                                           |   |                               | — |                                |   | 6                                                  |   |                                                                    | 73,832  |                            |   | 639          |   |                                | 833     |   |   | — |   |   | 75,310 |   |
| Receivables                  from affiliates                                        |   |                               | 1,845   |                                |   | 656                                                |   |                                                                    | 848     |                            |   | —      |   |                                | 326     |   |   | — |   |   | 3,675 |   |
| Other                  current assets                                               |   |                               | 18,589  |                                |   | 2,179                                              |   |                                                                    | 20,485  |                            |   | —      |   |                                | 6,214   |   |   | — |   |   | 47,467 |   |
|                                                                                |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Total                  current assets                                               |   |                               | 20,434  |                                |   | 4,973                                              |   |                                                                    | 95,701  |                            |   | 639          |   |                                | 7,440   |   |   | — |   |   | 129,187 |   |
|                                                                                |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Property                  and equipment, net                                        |   |                               | 1,193   |                                |   | 3,818                                              |   |                                                                    | 486,100 |                            |   | 11,358       |   |                                | 52,359  |   |   | (1,226 | ) |   | 553,602 |   |
| Notes                  receivable from affiliates                                   |   |                               | 11,233  |                                |   | 8,607                                              |   |                                                                    | 227     |                            |   | —      |   |                                | 642     |   |   | (8,607 | ) |   | 12,102 |   |
| Investment                  in subsidiaries                                         |   |                               | 228,203 |                                |   | 288,190                                            |   |                                                                    | — |                            |   | —      |   |                                | — |   |   | (516,393 | ) |   | — |   |
| Other                  assets including goodwill                                    |   |                               | — |                                |   | 9,967                                              |   |                                                                    | 23,238  |                            |   | —      |   |                                | 5,569   |   |   | — |   |   | 38,774 |   |
|                                                                                |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Total                  Assets                                                       |   | $                                  | 261,063 |                                | $      | 315,555                                            |   | $                                                                       | 605,266 |                            | $      | 11,997       |   | $                                   | 66,010  |   | $ | (526,226 | ) | $ | 733,665 |   |
|                                                                                |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| LIABILITIES                  AND STOCKHOLDERS' EQUITY                               |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Current                  liabilities:                                               |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Accounts                  payable                                                   |   | $                                  | — |                                | $      | 5,423                                              |   | $                                                                       | 72,170  |                            | $      | —      |   | $                                   | 2,100   |   | $ | — |   | $ | 79,693 |   |
| Accrued                  liabilities                                                |   |                               | — |                                |   | 6,629                                              |   |                                                                    | 17,392  |                            |   | —      |   |                                | 243     |   |   | — |   |   | 24,264 |   |
| Payables                  to affiliates                                             |   |                               | — |                                |   | 130                                                |   |                                                                    | 645     |                            |   | —      |   |                                | 9,728   |   |   | (8,607 | ) |   | 1,896 |   |
| Accrued                  interest                                                   |   |                               | — |                                |   | 7,990                                              |   |                                                                    | 158     |                            |   | —      |   |                                | 2       |   |   | — |   |   | 8,150 |   |
| Current                  portion long-term debt                                     |   |                               | — |                                |   | 6,517                                              |   |                                                                    | 2,393   |                            |   | —      |   |                                | 5,704   |   |   | — |   |   | 14,614 |   |
|                                                                                |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Total                  current liabilities                                          |   |                               | — |                                |   | 26,689                                             |   |                                                                    | 92,758  |                            |   | —      |   |                                | 17,777  |   |   | (8,607 | ) |   | 128,617 |   |
|                                                                                |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
|                                                                                |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Long-term                  debt                                                     |   |                               | 60,925  |                                |   | 452,086                                            |   |                                                                    | 110,022 |                            |   | —      |   |                                | 25,260  |   |   | (386,616 | ) |   | 261,677 |   |
| Deferred                  rentals and other payables to                  affiliates |   |                               | — |                                |   | —                                            |   |                                                                    | (5,136  | )                               |   | 5,195        |   |                                | — |   |   | — |   |   | 59 |   |
| Deferred                  tax liabilities                                           |   |                               | (9,578  | )                                   |   | (171                                               | )      |                                                                    | 139,092 |                            |   | —      |   |                                | 2,178   |   |   | — |   |   | 131,521 |   |
| Other                  liabilities                                                  |   |                               | — |                                |   | (386,616                                           | )      |                                                                    | — |                            |   | —      |   |                                | — |   |   | 386,616 |   |   | — |   |
|                                                                                |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Total                  liabilities                                                  |   |                               | 51,347  |                                |   | 91,988                                             |   |                                                                    | 336,736 |                            |   | 5,195        |   |                                | 45,215  |   |   | (8,607 | ) |   | 521,874 |   |
|                                                                                |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Minority                  interest                                                  |   |                               | — |                                |   | 2,075                                              |   |                                                                    | — |                            |   | —      |   |                                | — |   |   | — |   |   | 2,075 |   |
|                                                                                |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Stockholders'                  equity                                               |   |                               | 209,716 |                                |   | 221,492                                            |   |                                                                    | 268,530 |                            |   | 6,802        |   |                                | 20,795  |   |   | (517,619 | ) |   | 209,716 |   |
|                                                                                |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Total                  liabilities and stockholders' equity                         |   | $                                  | 261,063 |                                | $      | 315,555                                            |   | $                                                                       | 605,266 |                            | $      | 11,997       |   | $                                   | 66,010  |   | $ | (526,226 | ) | $ | 733,665 |   |

----

Table      of Contents

**SUPPLEMENTAL      CONSOLIDATING **
**STATEMENT      OF CASH FLOWS - UNAUDITED**

|                                                                                  |   | Holdings                  (Parent) |    | Evergreen                  (Issuer) |   | 100%                  Owned Guarantor Subsidiaries |   | Non-Wholly                  Owned                  Guarantor Subsidiary |    | Non                  Guarantors |   | Eliminations |   | Consolidated                  Total |   |
|---------------------------------------------------------------------------------------|--------|------------------------------------|---------|-------------------------------------|--------|----------------------------------------------------|--------|-------------------------------------------------------------------------|---------|---------------------------------|--------|--------------|--------|-------------------------------------|--------|
|                                                                                  |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |   |
| Net                  cash (used in) provided by operating                  activities |   | $                                  | 509     |                                | $      | (8,545                                             | )      | $                                                                       | 28,996  |                            | $      | —      |   | $                                   | 1,193  |   | $ | (2,556 | ) | $ | 19,597 |   |
|                                                                                  |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |   |   |   |   |   |   |   |   |
| Cash                  flows from investing activities:                                |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |   |   |   |   |   |   |   |   |
| Purchases                  or property, equipment, and                  overhauls     |   |                               | — |                                |   | (21                                                | )      |                                                                    | (33,237 | )                               |   | —      |   |                                | (2,641 | ) |   | — |   |   | (35,899 | ) |
| Proceeds                  from disposal of property and                  equipment    |   |                               | — |                                |   | —                                            |   |                                                                    | 1,069   |                            |   | —      |   |                                | 68     |   |   | — |   |   | 1,137 |   |
| Notes                  receivable & other assets                                  |   |                               | 1,438   |                                |   | (2,556                                             | )      |                                                                    | (599    | )                               |   | —      |   |                                | (16    | ) |   | 2,556 |   |   | 823 |   |
|                                                                                  |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |   |   |   |   |   |   |   |   |
| Net                  cash provided by (used in) investing                  activities |   |                               | 1,438   |                                |   | (2,577                                             | )      |                                                                    | (32,767 | )                               |   | —      |   |                                | (2,589 | ) |   | 2,556 |   |   | (33,939 | ) |
|                                                                                  |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |   |   |   |   |   |   |   |   |
| Cash                  flows from financing activities:                                |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |   |   |   |   |   |   |   |   |
| Proceeds                  from long-term debt                                         |   |                               | — |                                |   | 11,634                                             |   |                                                                    | 6,908   |                            |   | —      |   |                                | 1,536  |   |   | — |   |   | 20,078 |   |
| Payments                  on long-term debt                                           |   |                               | — |                                |   | (1,630                                             | )      |                                                                    | (1,074  | )                               |   | —      |   |                                | (327   | ) |   | — |   |   | (3,031 | ) |
| Other                  financing sources                                              |   |                               | (1,947  | )                                   |   | 2,910                                              |   |                                                                    | (2,151  | )                               |   | —      |   |                                | 188    |   |   | — |   |   | (1,000 | ) |
|                                                                                  |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |   |   |   |   |   |   |   |   |
| Net                  cash provided by (used in) financing                  activities |   |                               | (1,947  | )                                   |   | 12,914                                             |   |                                                                    | 3,683   |                            |   | —      |   |                                | 1,397  |   |   | — |   |   | 16,047 |   |
|                                                                                  |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |   |   |   |   |   |   |   |   |
| Net                  (decrease) increase in cash                                      |   |                               | — |                                |   | 1,792                                              |   |                                                                    | (88     | )                               |   | —      |   |                                | 1      |   |   | — |   |   | 1,705 |   |
|                                                                                  |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |   |   |   |   |   |   |   |   |
|                                                                                  |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |   |   |   |   |   |   |   |   |
| Cash                  and cash equivalents, beginning of period                       |   |                               | — |                                |   | 2,132                                              |   |                                                                    | 536     |                            |   | —      |   |                                | 67     |   |   | — |   |   | 2,735 |   |
|                                                                                  |   |                               |    |                                |   |                                               |   |                                                                    |    |                            |   |         |   |                                |   |   |   |   |   |   |   |   |
| Cash                  and cash equivalents, end of period                             |   | $                                  | — |                                | $      | 3,924                                              |   | $                                                                       | 448     |                            | $      | —      |   | $                                   | 68     |   | $ | — |   | $ | 4,440 |   |

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Table      of Contents

**SUPPLEMENTAL      CONSOLIDATING **
**STATEMENT      OF CASH FLOWS - UNAUDITED**

|                                                                                  |   | Holdings                  (Parent) |    | Evergreen                  (Issuer) |   | 100%                  Owned Guarantor Subsidiaries |   | Non-Wholly                  Owned Guarantor Subsidiary |    | Non                  Guarantors |   | Eliminations |   | Consolidated                  Total |    |
|---------------------------------------------------------------------------------------|--------|------------------------------------|---------|-------------------------------------|--------|----------------------------------------------------|--------|--------------------------------------------------------|---------|---------------------------------|--------|--------------|--------|-------------------------------------|---------|
|                                                                                  |   |                               |    |                                |   |                                               |   |                                                   |    |                            |   |         |   |                                |    |
| Net                  cash (used in) provided by operating                  activities |   | $                                  | (46     | )                                   | $      | (2,838                                             | )      | $                                                      | 33,719  |                            | $      | 1,352        |   | $                                   | (859    | ) | $ | (5,212 | ) | $ | 26,116 |   |
|                                                                                  |   |                               |    |                                |   |                                               |   |                                                   |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Cash                  flows from investing activities:                                |   |                               |    |                                |   |                                               |   |                                                   |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Purchases                  or property, equipment, and                  overhauls     |   |                               | — |                                |   | (11                                                | )      |                                                   | (19,633 | )                               |   | —      |   |                                | (1,535  | ) |   | — |   |   | (21,179 | ) |
| Proceeds                  from disposal of property and                  equipment    |   |                               | — |                                |   | —                                            |   |                                                   | 538     |                            |   | —      |   |                                | — |   |   | — |   |   | 538 |   |
| Notes                  receivable & other assets                                  |   |                               | — |                                |   | (2,867                                             | )      |                                                   | (1,276  | )                               |   | (17          | )      |                                | (375    | ) |   | 5,212 |   |   | 677 |   |
|                                                                                  |   |                               |    |                                |   |                                               |   |                                                   |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Net                  cash provided by (used in) investing                  activities |   |                               | — |                                |   | (2,878                                             | )      |                                                   | (20,371 | )                               |   | (17          | )      |                                | (1,910  | ) |   | 5,212 |   |   | (19,964 | ) |
|                                                                                  |   |                               |    |                                |   |                                               |   |                                                   |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Cash                  flows from financing activities:                                |   |                               |    |                                |   |                                               |   |                                                   |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Proceeds                  from long-term debt                                         |   |                               | — |                                |   | —                                            |   |                                                   | — |                            |   | —      |   |                                | 355     |   |   | — |   |   | 355 |   |
| Payments                  on long-term debt                                           |   |                               | — |                                |   | (5,315                                             | )      |                                                   | (1,431  | )                               |   | (1,335       | )      |                                | — |   |   | — |   |   | (8,081 | ) |
| Other                  financing sources                                              |   |                               | 46      |                                |   | 9,864                                              |   |                                                   | (12,275 | )                               |   | —      |   |                                | 2,365   |   |   | — |   |   | — |   |
|                                                                                  |   |                               |    |                                |   |                                               |   |                                                   |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Net                  cash provided by (used in) financing                  activities |   |                               | 46      |                                |   | 4,549                                              |   |                                                   | (13,706 | )                               |   | (1,335       | )      |                                | 2,720   |   |   | — |   |   | (7,726 | ) |
|                                                                                  |   |                               |    |                                |   |                                               |   |                                                   |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Net                  (decrease) increase in cash                                      |   |                               | — |                                |   | (1,167                                             | )      |                                                   | (358    | )                               |   | —      |   |                                | (49     | ) |   | — |   |   | (1,574 | ) |
|                                                                                  |   |                               |    |                                |   |                                               |   |                                                   |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Cash                  and cash equivalents, beginning of period                       |   |                               | — |                                |   | 1,228                                              |   |                                                   | 1,390   |                            |   | —      |   |                                | 100     |   |   | — |   |   | 2,718 |   |
|                                                                                  |   |                               |    |                                |   |                                               |   |                                                   |    |                            |   |         |   |                                |    |   |   |   |   |   |   |   |
| Cash                  and cash equivalents, end of period                             |   | $                                  | — |                                | $      | 61                                                 |   | $                                                      | 1,032   |                            | $      | —      |   | $                                   | 51      |   | $ | — |   | $ | 1,144 |   |

**NOTE      14 — SUBSEQUENT      EVENTS**

**Charitable        Contribution**

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Table      of Contents

| **ITEM                2.** | **MANAGEMENT'S                DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS** |
|----------------------------|----------------------------------------------------------------------------------------------------------|

**CAUTIONARY      STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

|   | · | the                financing agreements of Evergreen Aviation which include financial                covenants that impose substantial restrictions upon                us; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | our                access to additional financing; |
|--------|--------|----------------------------------------------------|

|   | · | volatility                in aircraft values which may affect our ability to obtain financing                secured by our aircraft; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the                age of our aircraft fleet; |
|--------|--------|-----------------------------------------------|

|   | · | our                dependence upon utilization of our Boeing 747 aircraft fleet to generate                the majority of our flight revenue; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the                price and availability of aircraft                fuel; |
|--------|--------|----------------------------------------------------------------------------|

|   | · | our                dependence upon revenue from the United States Air Force (“USAF”) Air                Mobility Command and the United States Postal Service (U.S. Postal                Service”); and |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | government                regulation. |
|--------|--------|---------------------------------------|

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Table      of Contents

**OVERVIEW**

**Business      Segments**

|   | · | **Evergreen                International Airlines, Inc. ("Airlines")**provides                air cargo services for both international and domestic markets; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | **Evergreen                Aviation Ground Logistics Enterprise, Inc. ("EAGLE")**provides                full-service aviation ground handling and logistics services, including                mail handling, aviation hub management, aircraft handling, cargo                handling,                ground system management, ground equipment maintenance, ground equipment                sales and leasing, aircraft line maintenance, terminal services,                aircraft                de-icing and washing, check-in and ticketing, baggage acceptance                and seat                selection, and passenger cabin cleaning; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | **Evergreen                Helicopters, Inc. ("Helicopters")**provides                helicopter and small fixed-wing aircraft services throughout the                world in                connection with activities such as forest fire fighting, health services,                aerial spraying, heavy lift construction, law enforcement, helicopter                logging, petroleum support services, search and rescue, peacekeeping                and                relief support, helicopter skiing, and agriculture; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | **Evergreen                Air Center, Inc. ("the Air Center" or "Air Center")**,                an unlimited Class IV airframe repair station certified by the FAA,                performs aircraft maintenance, repair and overhaul services, and                aircraft                storage services; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | **Evergreen                Aircraft Sales and Leasing Co. (“EASL”)**                selectively buys, sells, leases, and brokers commercial aircraft,                helicopters, and aircraft spare parts; and |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | **Evergreen                Agricultural Enterprises, Inc. (“Agriculture”)**                conducts farming operations, nursery and horticulture operations,                and                delivers nursery and processed agricultural products to wholesale                and                retail customers. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Trust      Created February 28, 1986**

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**Vintage**

**Controlling      Shareholder and Related Parties **

|   | · | Ventures                Acquisition Company LLC ("Ventures Acquisition Company"); |
|--------|--------|-----------------------------------------------------------------------------------|

|   | · | Ventures                Holdings, Inc. ("Ventures Holdings"); |
|--------|--------|---------------------------------------------------------------|

|   | · | DMS                Properties; and |
|--------|--------|------------------------------------|

|   | · | Greenpatch                Farms. |
|--------|--------|----------------------------------|

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Table      of Contents

**RECENT      ACCOUNTING PRONOUNCEMENTS **

*Accounting      Changes and Error Corrections - a replacement of APB No. 20 and FASB Statement      No. 3*
*Accounting      Changes*
*Reporting      Accounting Changes in Interim Financial Statements*

*Accounting      for Conditional Asset Retirement Obligations*
*Accounting      for Asset Retirement Obligations*

**Available      Information**

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Table      of Contents

**RESULTS      OF OPERATIONS FOR THE THREE MONTHS ENDED MAY 31, 2006 **

**AS      COMPARED TO THE THREE MONTHS ENDED MAY 31, 2005**

| ***(in                  millions, UNAUDITED)***                                                      |   | Three                  Months Ended May 31, |        |
|------------------------------------------------------------------------------------------------------|--------|---------------------------------------------|-------------|
|                                                                                                 |   | **2006**                                    |        | 2005 |   | Change |   |
| Operating                  revenues:                                                                 |   |                                        |        |   |   |   |   |
| Flight                  revenue                                                                      |   | **$**                                       | **145.6**   |   | $ | 118.5 |   | $ | 27.1 |   |
| Sales                  of aircraft, parts, and other property and equipment                          |   |                                        | **4.7**     |   |   | 3.8 |   |   | 0.9 |   |
| Sales                  of aircraft to affiliates                                                     |   |                                        | **—** |   |   | 7.4 |   |   | (7.4 | ) |
| Ground                  handling and logistics services revenue                                      |   |                                        | **31.1**    |   |   | 29.8 |   |   | 1.3 |   |
| Support                  Services and other revenue                                                  |   |                                        | **13.4**    |   |   | 16.8 |   |   | (3.4 | ) |
|                                                                                                 |   |                                        |        |   |   |   |   |   |   |   |
| Total                  operating revenues                                                            |   |                                        | **194.8**   |   |   | 176.3 |   |   | 18.5 |   |
|                                                                                                 |   |                                        |        |   |   |   |   |   |   |   |
| Operating                  expenses:                                                                 |   |                                        |        |   |   |   |   |   |   |   |
| Flight                  costs                                                                        |   |                                        | **24.1**    |   |   | 19.4 |   |   | 4.7 |   |
| Fuel                                                                                                 |   |                                        | **58.8**    |   |   | 39.7 |   |   | 19.1 |   |
| Maintenance                                                                                          |   |                                        | **19.7**    |   |   | 17.9 |   |   | 1.8 |   |
| Aircraft                  and equipment                                                              |   |                                        | **16.5**    |   |   | 12.4 |   |   | 4.1 |   |
| Cost                  of sales of aircraft, parts, and other property and                  equipment |   |                                        | **2.5**     |   |   | 1.5 |   |   | 1.0 |   |
| Cost                  of sales of aircraft to affiliates                                             |   |                                        | **—** |   |   | 7.4 |   |   | (7.4 | ) |
| Cost                  of ground handling and logistics services                                      |   |                                        | **25.9**    |   |   | 24.8 |   |   | 1.1 |   |
| Cost                  of support services and other support costs                                    |   |                                        | **16.8**    |   |   | 18.6 |   |   | (1.8 | ) |
| Selling,                  general and administrative expense                                         |   |                                        | **22.2**    |   |   | 18.6 |   |   | 3.6 |   |
|                                                                                                 |   |                                        |        |   |   |   |   |   |   |   |
| Total                  operating expenses                                                            |   |                                        | **186.5**   |   |   | 160.3 |   |   | 26.2 |   |
|                                                                                                 |   |                                        |        |   |   |   |   |   |   |   |
| Income                  from operations                                                              |   |                                        | **8.3**     |   |   | 16.0 |   |   | (7.7 | ) |
|                                                                                                 |   |                                        |        |   |   |   |   |   |   |   |
| Non-operating                  income (expense):                                                     |   |                                        |        |   |   |   |   |   |   |   |
| Interest                  expense                                                                    |   |                                        | **(9.0**    | **)** |   | (9.4 | ) |   | 0.4 |   |
| Other                  non-operating income (expense), net                                           |   |                                        | **—** |   |   | 0.5 |   |   | (0.5 | ) |
|                                                                                                 |   |                                        |        |   |   |   |   |   |   |   |
| (Loss)                  income before minority interest and income taxes                             |   |                                        | **(0.7**    | **)** |   | 7.1 |   |   | (7.8 | ) |
|                                                                                                 |   |                                        |        |   |   |   |   |   |   |   |
| Minority                  interest                                                                   |   |                                        | **(0.4**    | **)** |   | (0.3 | ) |   | (0.1 | ) |
|                                                                                                 |   |                                        |        |   |   |   |   |   |   |   |
| (Loss)                  income before income taxes                                                   |   |                                        | **(1.1**    | **)** |   | 6.8 |   |   | (7.9 | ) |
|                                                                                                 |   |                                        |        |   |   |   |   |   |   |   |
| Income                  tax benefit (expense)                                                        |   |                                        | **0.3**     |   |   | (2.8 | ) |   | 3.1 |   |
|                                                                                                 |   |                                        |        |   |   |   |   |   |   |   |
| Net                  (loss) income                                                                   |   | **$**                                       | **(0.8**    | **)** | $ | 4.0 |   | $ | (4.8 | ) |

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Table      of Contents

**Operating      Revenue**

***Flight      Revenue***

**Airlines**

*USAF      Air Mobility Command Contracts*

*Commercial      Contracts*

**Helicopters**

***Sales      of Aircraft, Parts, and Other Property and Equipment***

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Table      of Contents

***Sales      of Aircraft to Affiliates***

***Ground      Handling and Logistics Services Revenue***

*United      States Postal Service*

*Commercial      Customers*

***Support      Services and Other Revenue***

**Air      Center **

**Airlines      - **

**Helicopters      **

**Agriculture**

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Table      of Contents

**Operating      Expenses**

***Flight      Costs***

**Airlines**

**Helicopters**

***Fuel***

**Airlines**

**Helicopters**

***Maintenance***

**Airlines      **

**Helicopters**

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Table      of Contents

***Aircraft      and Equipment Expense***

**Airlines**

**Helicopters**

***Cost      of Sales of Aircraft, Parts, and Other Property and      Equipment***

***Cost      of Sales of Aircraft to Affiliates***

***Cost      of Ground Handling and Logistics Services***

----

Table      of Contents

***Cost      of Support Services and Other Support Costs***

**Airlines**

**Air      Center **

**Helicopters      **

**Agriculture**

***Selling,      General, and Administrative***

**Interest      Expense **

**Other      Non-Operating Expense and Income**

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Table      of Contents

**Income      Tax Expense **
** **

|                                                     |   | Three                  Months EndedMay 31, |      |
|----------------------------------------------------------|--------|--------------------------------------------|-----------|
| ***(in                  thousands)***                    |   | **2006**                                   |      | 2005 |   |
|                                                     |   |                                       |      |   |   |
| (Loss)                  income before income taxes       |   | **$**                                      | **(672**  | **)** | $ | 6,812 |   |
|                                                     |   |                                       |      |   |   |   |   |
| Combined                  federal and state tax rates    |   |                                       | **38.13** | **%** |   | 38.13 | % |
|                                                     |   |                                       |      |   |   |   |   |
| "Expected"                  income tax benefit (expense) |   |                                       | **256**   |   |   | (2,597 | ) |
|                                                     |   |                                       |      |   |   |   |   |
| Other                  adjustments                       |   |                                       | **9**     |   |   | (211 | ) |
|                                                     |   |                                       |      |   |   |   |   |
| Income                  tax benefit (expense)            |   | **$**                                      | **265**   |   | $ | (2,808 | ) |

**LIQUIDITY      **

**Cash      Flows from Operating Activities**

***During      the Three Months Ended May 31, 2006***

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Table      of Contents

***During      the Three Months Ended May 31, 2005***

**Cash      Flows from Investing Activities**

***During      the Three Months Ended May 31, 2006***

***During      the Three Months Ended May 31, 2005***

**Cash      Flows from Financing Activities**

***During      the Three Months Ended May 31, 2006***

***During      the Three Months Ended May 31, 2005***

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Table      of Contents

**CAPITAL      RESOURCES**

**Risk      of Default on Debt Obligations**

**Off-Balance      Sheet Arrangements**

----

Table      of Contents

**Table      of Contractual Obligations **

**Contractual      Obligations**

|                                                                                                                          |   | Payments                  Due by End of Fiscal Year |
|-------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------|
|                                                                                                                          |   | 2007                                                |   | 2008 |   | 2009 |   | 2010 |   | 2011 |   | After                  2011 |   | Total |   |
|                                                                                                                          |   |                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long-term                  debt obligations including                  current maturities and                  capital leases |   | $                                                   | 18.1 |   | $ | 57.6 |   | $ | 1.3 |   | $ | 215.5 |   | $ | 0.4 |   | $ | 0.4 |   | $ | 293.3 |   |
| Operating                  lease obligations (1)                                                                              |   |                                                | 21.7 |   |   | 25.6 |   |   | 13.1 |   |   | 3.9 |   |   | 1.0 |   |   | 11.2 |   |   | 76.5 |   |
| Purchase                  obligations (2)                                                                                     |   |                                                | 26.9 |   |   | 40.2 |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 67.1 |   |
| Other                  obligations (3)                                                                                        |   |                                                | 2.3 |   |   | 3.0 |   |   | 3.0 |   |   | 3.0 |   |   | 3.0 |   |   | 3.7 |   |   | 18.0 |   |
|                                                                                                                          |   |                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Totals                                                                                                                        |   | $                                                   | 69.0 |   | $ | 126.4 |   | $ | 17.4 |   | $ | 222.4 |   | $ | 4.4 |   | $ | 15.3 |   | $ | 454.9 |   |

----

| (1)  | Total                operating lease obligations of $76.5 million includes $36.1 million                of                lease obligations to entities owned by, or controlled by Mr. Smith,                the                Company’s controlling shareholder. |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)  | Purchase                obligations consist of the purchase prices of $9.8 million for one                Agusta                AW139 helicopter, $25.4 million for three Agusta AW139 helicopters,                $1.9                million for one Eurocopter AS350B-III helicopter, $1.6 million for                one                Bell 206 L-4 helicopter and $30.5 million for four Bell 412EP helicopters,                less deposits paid of $2.1 million. |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)  | Other                obligations consist primarily of the annual salary and bonus to be                paid to                Mr. Smith pursuant to the Delford M. Smith Employment                Agreement. |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table      of Contents

| **ITEM                3.** | **QUANTITATIVE                AND QUALITATIVE DISCLOSURES ABOUT MARKET                RISK** |
|----------------------------|----------------------------------------------------------------------------------------------|

**Interest      Rate Risk**

**Foreign      Currency Exchange Rate Risks **

**Commodity      Price Risks**

**Equity      Price Risks**

| **ITEM                4.** | **CONTROLS                AND PROCEDURES** |
|----------------------------|--------------------------------------------|

**Disclosure      Controls and Procedures**

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**Changes      in Internal Control Over Financial Reporting**

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Table      of Contents

**PART      II. OTHER INFORMATION**

| **ITEM                1.** | **LEGAL                PROCEEDINGS** |
|----------------------------|--------------------------------------|

| **ITEM                1A.** | **RISK                FACTORS** |
|-----------------------------|---------------------------------|

| **ITEM                2.** | **UNREGISTERED                SALES OF EQUITY SECURITIES AND USE OF PROCEEDS** |
|----------------------------|--------------------------------------------------------------------------------|

| **ITEM                3.** | **DEFAULTS                UPON SENIOR SECURITIES** |
|----------------------------|----------------------------------------------------|

| **ITEM                4.** | **SUBMISSION                OF MATTERS TO A VOTE OF SECURITY HOLDERS** |
|----------------------------|------------------------------------------------------------------------|

| **ITEM                5.** | **OTHER                INFORMATION** |
|----------------------------|--------------------------------------|

| **ITEM                6.** | **EXHIBITS** |
|----------------------------|--------------|

| Exhibit No. | Description                of                Document |
|-------------|-------------------------------------------------------|

| 10.1 | *     | Amendment                  Number One to Intercreditor Agreement by and between Law Debenture                  Trust                  Company of New York, as successor to JP Morgan Trust Company, National                  Association and Bank One, National Association, a national banking                  association, not in its individual capacity but solely as trustee                  under                  the Junior Agreement, as collateral agent for itself and the holders                  of                  the Senior Secured Notes, and Wells Fargo Foothill, Inc., a California                  corporation, as the arranger and administrative agent for the Senior                  Lenders, dated as of May 15, 2006. |
|------|---------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.1 | *     | Certification                of President pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities                Exchange Act of 1934, as adopted pursuant to Section 302 of the                Sarbanes-Oxley Act of 2002. |
|------|---------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.2 | *     | Certification                of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a)                of the                Securities Exchange Act of 1934, as adopted pursuant to Section 302                of the                Sarbanes-Oxley Act of 2002. |
|------|---------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.1 | *     | Certification                of President and Chief Financial Officer pursuant to 18 U.S.C. Section                1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act                of                2002. |
|------|---------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | *     | Filed                herewith. |
|--------|---------------------------|--------------------------------|

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Table      of      Contents

**SIGNATURES**

|                                  |                                                                                                                |                                      |
|---------------------------------------|---------------------------------------------------------------------------------------------------------------------|-------------------------------------------|
|                                  | **EVERGREEN              HOLDINGS, INC.**                                                                      |
|                             | (Registrant)                                                                                         |
|                                  |                                                                                                                |                                      |
|                                  |                                                                                                                |                                      |
|                                  |                                                                                                                |                                      |
| Date: July              14, 2006 |                                                                                                                | /s/ Timothy              G. Wahlberg |
|                                  | Timothy                G. WahlbergDirector                and President(principal                executive officer) |
|                                  |                                                                                                                |

|                                    |                                                                                                                                                                                         |                                                 |
|-----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------|
|                                    |                                                                                                                                                                                         |                                                 |
| Date: July                14, 2006 |                                                                                                                                                                                         | /s/ John                A.                Irwin |
|                                    | John                    A. IrwinChief                    Financial Officer and Treasurer(principal                    financial officer and principal                    accounting officer) |
|                                    |                                                                                                                                                                                         |

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