ELI LILLY & Co — Director's Dealing 2006

Sep 7, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2006-09-06

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-09-06	1-Common Stock	S	500	$55.49	Disposed	141990304	Direct
2006-09-06	2-Common Stock	S	1300	$55.47	Disposed	141989004	Direct
2006-09-06	3-Common Stock	S	700	$55.46	Disposed	141988304	Direct
2006-09-06	4-Common Stock	S	1700	$55.43	Disposed	141986604	Direct
2006-09-06	5-Common Stock	S	1800	$55.42	Disposed	141984804	Direct
2006-09-06	6-Common Stock	S	1300	$55.41	Disposed	141983504	Direct
2006-09-06	7-Common Stock	S	800	$55.40	Disposed	141982704	Direct
2006-09-06	8-Common Stock	S	1300	$55.39	Disposed	141981404	Direct
2006-09-06	9-Common Stock	S	1900	$55.38	Disposed	141979504	Direct
2006-09-06	10-Common Stock	S	1600	$55.37	Disposed	141977904	Direct
2006-09-06	11-Common Stock	S	1200	$55.36	Disposed	141976704	Direct
2006-09-06	12-Common Stock	S	600	$55.35	Disposed	141976104	Direct
2006-09-06	13-Common Stock	S	5900	$55.34	Disposed	141970204	Direct
2006-09-06	14-Common Stock	S	2200	$55.33	Disposed	141968004	Direct
2006-09-06	15-Common Stock	S	2600	$55.32	Disposed	141965404	Direct
2006-09-06	16-Common Stock	S	2300	$55.31	Disposed	141963104	Direct
2006-09-06	17-Common Stock	S	3800	$55.30	Disposed	141959304	Direct
2006-09-06	18-Common Stock	S	2000	$55.29	Disposed	141957304	Direct
2006-09-06	19-Common Stock	S	2600	$55.28	Disposed	141954704	Direct
2006-09-06	20-Common Stock	S	3300	$55.27	Disposed	141951404	Direct
2006-09-06	21-Common Stock	S	1900	$55.26	Disposed	141949504	Direct
2006-09-06	22-Common Stock	S	2600	$55.25	Disposed	141946904	Direct
2006-09-06	23-Common Stock	S	3600	$55.24	Disposed	141943304	Direct
2006-09-06	24-Common Stock	S	4100	$55.23	Disposed	141939204	Direct
2006-09-06	25-Common Stock	S	2300	$55.22	Disposed	141936904	Direct
2006-09-06	26-Common Stock	S	2100	$55.21	Disposed	141934804	Direct
2006-09-06	27-Common Stock	S	6600	$55.20	Disposed	141928204	Direct
2006-09-06	28-Common Stock	S	5500	$55.19	Disposed	141922704	Direct
2006-09-06	29-Common Stock	S	4200	$55.18	Disposed	141918504	Direct
2006-09-06	30-Common Stock	S	6300	$55.17	Disposed	141912204	Direct