ALICO, INC. — Director's Dealing 2006

May 30, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ALICO INC (alco)
CIK: 0000003545
Period of Report: 2006-05-25

Reporting Person: GRIGSBY B WADE (Vice President Ranch)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-05-25	Alico, Inc., Common Stock, Par Value $1.00	M	938	$21.17	Acquired	938	Direct
2006-05-25	Alico, Inc., Common Stock, Par Value $1.00	S	938	$54.7559	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-05-25	Option for Common Stock	$21.17	M	938	Acquired	2014-02-03	Common Stock (938)	Direct
2006-05-25	Option for Common Stock	$21.17	S	938	Disposed	2014-02-03	Common Stock (938)	Direct