SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* Lauder William P (Last) (First) (Middle) THE ESTEE LAUDER COMPANIES INC. 767 FIFTH AVENUE (Street) NEW YORK NY 10153 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol ESTEE LAUDER COMPANIES INC [ EL ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director X 10% Owner X Officer (give title below) Other (specify below) President and CEO
	3. Date of Earliest Transaction (Month/Day/Year) 03/01/2006
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	03/01/2006		M		30,000	A	$21.375	1,248,240	D
Class A Common Stock								368,441	I	by WPL GRAT, as Co-Trustee
Class A Common Stock								368,441	I	by GML GRAT, as Co-Trustee

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Option (Right to Buy)	$21.375	03/01/2006		M		30,000		07/01/1997	07/01/2006	Class A Common Stock	30,000	(1)	0	D
Class B Common Stock	$0(2)	03/01/2006		P(3)		200,000		(4)	(4)	Class A Common Stock	2,592,038	$38.56	2,592,038	D
Class B Common Stock	$0(2)							(4)	(4)	Class A Common Stock	1,914,608		1,914,608	I(5)	by WL GRAT
Class B Common Stock	$0(2)							(4)	(4)	Class A Common Stock	1,914,608		1,914,608	I(6)	by GL GRAT

Explanation of Responses:

1. Exercise of stock options granted pursuant to Fiscal 1996 Share Incentive Plan in respect of 30,000 shares exercisable from and after July 1, 1997. Reporting Person also has options to purchase 1,200,000 shares of Class A Common Stock at various exercise prices of which 783,333 are exercisable.

2. There is no exercise or conversion price for the Class B Common Stock. It is convertible into shares of Class A Common Stock on a one-for-one basis.

3. On March 1, 2006, the Reporting Person bought 200,000 shares of Class B Common Stock from the Reporting Person's uncle, Ronald S. Lauder.

4. Shares of Class B Common Stock may be converted immediately on a one-for-one basis by the holder and are automatically coverted into Class A Common Stock on a one-for-one basis upon transfer to a person or entity that is not a "Permitted Transferee" or soon after a record date for a meeting of stockholders where the outstanding Class B Common Stock constitutes less than 10% of the outstanding shares of Common Stock of the Issuer.

5. The Reporting Person is a Trustee and a beneficiary of the 1992 GRAT Remainder Trust f/b/o William Lauder (the "WL GRAT"). The Reporting Person disclaims beneficial ownership of all shares owned by such trust to the extent he does not have a pecuniary interest in such securities.

6. The Reporting Person is a Trustee and a beneficiary of the 1992 GRAT Remainder Trust f/b/o Gary Lauder (the "GL GRAT"). The Reporting Person disclaims beneficial ownership of all shares owned by such trust to the extent he does not have a pecuniary interest in such securities.

Remarks:

	William P. Lauder, by Spencer G. Smul, attorney-in-fact	03/02/2006
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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