ELI LILLY & Co — Director's Dealing 2006

Sep 14, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2006-09-13

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-09-13	1-Common Stock	S	700	$55.57	Disposed	141790104	Direct
2006-09-13	2-Common Stock	S	800	$55.53	Disposed	141789304	Direct
2006-09-13	3-Common Stock	S	700	$55.51	Disposed	141788604	Direct
2006-09-13	4-Common Stock	S	1000	$55.50	Disposed	141787604	Direct
2006-09-13	5-Common Stock	S	300	$55.47	Disposed	141787304	Direct
2006-09-13	6-Common Stock	S	700	$55.45	Disposed	141786604	Direct
2006-09-13	7-Common Stock	S	800	$55.43	Disposed	141785804	Direct
2006-09-13	8-Common Stock	S	1400	$55.42	Disposed	141784404	Direct
2006-09-13	9-Common Stock	S	1700	$55.41	Disposed	141782704	Direct
2006-09-13	10-Common Stock	S	900	$55.40	Disposed	141781804	Direct
2006-09-13	11-Common Stock	S	3500	$55.39	Disposed	141778304	Direct
2006-09-13	12-Common Stock	S	3200	$55.38	Disposed	141775104	Direct
2006-09-13	13-Common Stock	S	2700	$55.37	Disposed	141772404	Direct
2006-09-13	14-Common Stock	S	6500	$55.36	Disposed	141765904	Direct
2006-09-13	15-Common Stock	S	2400	$55.35	Disposed	141763504	Direct
2006-09-13	16-Common Stock	S	5700	$55.34	Disposed	141757804	Direct
2006-09-13	17-Common Stock	S	4200	$55.32	Disposed	141753604	Direct
2006-09-13	18-Common Stock	S	2000	$55.31	Disposed	141751604	Direct
2006-09-13	19-Common Stock	S	2600	$55.30	Disposed	141749004	Direct
2006-09-13	20-Common Stock	S	2800	$55.29	Disposed	141746204	Direct
2006-09-13	21-Common Stock	S	1700	$55.28	Disposed	141744504	Direct
2006-09-13	22-Common Stock	S	4100	$55.27	Disposed	141740404	Direct
2006-09-13	23-Common Stock	S	1900	$55.26	Disposed	141738504	Direct
2006-09-13	24-Common Stock	S	4700	$55.25	Disposed	141733804	Direct
2006-09-13	25-Common Stock	S	2000	$55.23	Disposed	141731804	Direct
2006-09-13	26-Common Stock	S	1000	$55.22	Disposed	141730804	Direct
2006-09-13	27-Common Stock	S	3600	$55.21	Disposed	141727204	Direct
2006-09-13	28-Common Stock	S	1600	$55.20	Disposed	141725604	Direct
2006-09-13	29-Common Stock	S	4500	$55.19	Disposed	141721104	Direct
2006-09-13	30-Common Stock	S	1000	$55.18	Disposed	141720104	Direct