ELI LILLY & Co — Director's Dealing 2006

Aug 31, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2006-08-30

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-08-30	1-Common Stock	S	600	$56.30	Disposed	142110204	Direct
2006-08-30	2-Common Stock	S	900	$56.28	Disposed	142109304	Direct
2006-08-30	3-Common Stock	S	1600	$56.26	Disposed	142107704	Direct
2006-08-30	4-Common Stock	S	700	$56.24	Disposed	142107004	Direct
2006-08-30	5-Common Stock	S	700	$56.22	Disposed	142106304	Direct
2006-08-30	6-Common Stock	S	3000	$56.21	Disposed	142103304	Direct
2006-08-30	7-Common Stock	S	4900	$56.20	Disposed	142098404	Direct
2006-08-30	8-Common Stock	S	3300	$56.19	Disposed	142095104	Direct
2006-08-30	9-Common Stock	S	2700	$56.18	Disposed	142092404	Direct
2006-08-30	10-Common Stock	S	2000	$56.17	Disposed	142090404	Direct
2006-08-30	11-Common Stock	S	600	$56.16	Disposed	142089804	Direct
2006-08-30	12-Common Stock	S	900	$56.15	Disposed	142088904	Direct
2006-08-30	13-Common Stock	S	3000	$56.14	Disposed	142085904	Direct
2006-08-30	14-Common Stock	S	600	$56.13	Disposed	142085304	Direct
2006-08-30	15-Common Stock	S	3600	$56.12	Disposed	142081704	Direct
2006-08-30	16-Common Stock	S	2800	$56.11	Disposed	142078904	Direct
2006-08-30	17-Common Stock	S	7500	$56.10	Disposed	142071404	Direct
2006-08-30	18-Common Stock	S	7500	$56.09	Disposed	142063904	Direct
2006-08-30	19-Common Stock	S	10500	$56.08	Disposed	142053404	Direct
2006-08-30	20-Common Stock	S	9400	$56.07	Disposed	142044004	Direct
2006-08-30	21-Common Stock	S	8500	$56.06	Disposed	142035504	Direct
2006-08-30	22-Common Stock	S	10700	$56.05	Disposed	142024804	Direct
2006-08-30	23-Common Stock	S	1600	$56.04	Disposed	142023204	Direct
2006-08-30	24-Common Stock	S	3600	$56.03	Disposed	142019604	Direct
2006-08-30	25-Common Stock	S	4200	$56.02	Disposed	142015404	Direct
2006-08-30	26-Common Stock	S	9200	$56.01	Disposed	142006204	Direct
2006-08-30	27-Common Stock	S	4100	$56.00	Disposed	142002104	Direct
2006-08-30	28-Common Stock	S	2600	$55.99	Disposed	141999504	Direct
2006-08-30	29-Common Stock	S	1200	$55.98	Disposed	141998304	Direct
2006-08-30	30-Common Stock	S	600	$55.95	Disposed	141997704	Direct