ELI LILLY & Co — Director's Dealing 2006

Aug 29, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2006-08-28

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-08-28	31-Common Stock	S	3800	$55.84	Disposed	142301304	Direct
2006-08-28	32-Common Stock	S	600	$55.83	Disposed	142300704	Direct
2006-08-28	33-Common Stock	S	1900	$55.82	Disposed	142298804	Direct
2006-08-28	34-Common Stock	S	700	$55.81	Disposed	142298104	Direct
2006-08-28	35-Common Stock	S	4800	$55.80	Disposed	142293304	Direct
2006-08-28	36-Common Stock	S	700	$55.79	Disposed	142292604	Direct
2006-08-28	37-Common Stock	S	4000	$55.78	Disposed	142288604	Direct
2006-08-28	38-Common Stock	S	1400	$55.77	Disposed	142287204	Direct
2006-08-28	39-Common Stock	S	2300	$55.76	Disposed	142284904	Direct
2006-08-28	40-Common Stock	S	2400	$55.75	Disposed	142282504	Direct
2006-08-28	41-Common Stock	S	2100	$55.74	Disposed	142280404	Direct
2006-08-28	42-Common Stock	S	700	$55.73	Disposed	142279704	Direct
2006-08-28	43-Common Stock	S	700	$55.72	Disposed	142279004	Direct
2006-08-28	44-Common Stock	S	1500	$55.71	Disposed	142277504	Direct
2006-08-28	45-Common Stock	S	100	$55.70	Disposed	142277404	Direct
2006-08-28	46-Common Stock	S	1400	$55.68	Disposed	142276004	Direct
2006-08-28	47-Common Stock	S	2800	$55.66	Disposed	142273204	Direct
2006-08-28	48-Common Stock	S	3500	$55.64	Disposed	142269704	Direct
2006-08-28	49-Common Stock	S	700	$55.61	Disposed	142269004	Direct
2006-08-28	50-Common Stock	S	600	$55.60	Disposed	142268404	Direct
2006-08-28	51-Common Stock	S	700	$55.59	Disposed	142267704	Direct
2006-08-28	52-Common Stock	S	700	$55.54	Disposed	142267004	Direct
2006-08-28	53-Common Stock	S	700	$55.50	Disposed	142266304	Direct
2006-08-28	54-Common Stock	S	600	$55.49	Disposed	142265704	Direct
2006-08-28	55-Common Stock	S	1400	$55.45	Disposed	142264304	Direct
2006-08-28	56-Common Stock	S	700	$55.42	Disposed	142263604	Direct
2006-08-28	57-Common Stock	S	1400	$55.40	Disposed	142262204	Direct
2006-08-28	58-Common Stock	S	700	$55.37	Disposed	142261504	Direct
2006-08-28	59-Common Stock	S	700	$55.35	Disposed	142260804	Direct