ELI LILLY & Co — Director's Dealing 2006

Sep 11, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2006-09-08

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-09-08	1-Common Stock	S	600	$55.47	Disposed	141890204	Direct
2006-09-08	2-Common Stock	S	400	$55.41	Disposed	141889804	Direct
2006-09-08	3-Common Stock	S	600	$55.39	Disposed	141889204	Direct
2006-09-08	4-Common Stock	S	700	$55.38	Disposed	141888504	Direct
2006-09-08	5-Common Stock	S	1900	$55.37	Disposed	141886604	Direct
2006-09-08	6-Common Stock	S	1900	$55.36	Disposed	141884704	Direct
2006-09-08	7-Common Stock	S	3900	$55.35	Disposed	141880804	Direct
2006-09-08	8-Common Stock	S	2200	$55.34	Disposed	141878604	Direct
2006-09-08	9-Common Stock	S	2900	$55.33	Disposed	141875704	Direct
2006-09-08	10-Common Stock	S	2700	$55.32	Disposed	141873004	Direct
2006-09-08	11-Common Stock	S	2700	$55.31	Disposed	141870304	Direct
2006-09-08	12-Common Stock	S	1900	$55.30	Disposed	141868404	Direct
2006-09-08	13-Common Stock	S	5100	$55.29	Disposed	141863304	Direct
2006-09-08	14-Common Stock	S	3800	$55.28	Disposed	141859504	Direct
2006-09-08	15-Common Stock	S	2600	$55.27	Disposed	141856904	Direct
2006-09-08	16-Common Stock	S	3300	$55.26	Disposed	141853604	Direct
2006-09-08	17-Common Stock	S	2400	$55.25	Disposed	141851204	Direct
2006-09-08	18-Common Stock	S	700	$55.24	Disposed	141850504	Direct
2006-09-08	19-Common Stock	S	3900	$55.23	Disposed	141846604	Direct
2006-09-08	20-Common Stock	S	1400	$55.22	Disposed	141845204	Direct
2006-09-08	21-Common Stock	S	1300	$55.21	Disposed	141843904	Direct
2006-09-08	22-Common Stock	S	1400	$55.20	Disposed	141842504	Direct
2006-09-08	23-Common Stock	S	1900	$55.19	Disposed	141840604	Direct
2006-09-08	24-Common Stock	S	2800	$55.17	Disposed	141837804	Direct
2006-09-08	25-Common Stock	S	200	$55.16	Disposed	141837604	Direct
2006-09-08	26-Common Stock	S	2900	$55.15	Disposed	141834704	Direct
2006-09-08	27-Common Stock	S	700	$55.14	Disposed	141834004	Direct
2006-09-08	28-Common Stock	S	2800	$55.13	Disposed	141831204	Direct
2006-09-08	29-Common Stock	S	2700	$55.12	Disposed	141828504	Direct
2006-09-08	30-Common Stock	S	2100	$55.11	Disposed	141826404	Direct