FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * ESPELAND CURTIS E   2. Issuer Name and Ticker or Trading Symbol EASTMAN CHEMICAL CO [EMN] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) VP, Finance, Polymers and CAO (Last) (First) (Middle) EASTMAN CHEMICAL COMPANY, 200 SOUTH WILCOX DRIVE 3. Date of Earliest Transaction (Month/Day/Year) 11/02/2006 (Street) KINGSPORT, TN 37660 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 11/02/2006   M   1,000 A $ 46.0625 5,611 D   Common Stock 11/02/2006   S   1,000 D $ 60.2 4,611 D   Common Stock 11/02/2006   M   1,400 A $ 49.22 6,011 D   Common Stock 11/02/2006   S   1,400 D $ 60.2071 4,611 D   Common Stock 11/02/2006   M   4,400 A $ 47.55 9,011 D   Common Stock 11/02/2006   S   4,400 D $ 60.2236 4,611 D   Common Stock 11/02/2006   M   867 A $ 43.66 5,478 D   Common Stock 11/02/2006   S   867 D $ 60.2 4,611 D   Common Stock 11/02/2006   M   4,666 A $ 46.98 9,277 D   Common Stock 11/02/2006   S   4,666 D $ 60.1867 4,611 D   Common Stock 11/02/2006   M   4,000 A $ 53.51 8,611 D   Common Stock 11/02/2006   S   4,000 D $ 60.2143 4,611 D   Common Stock 11/02/2006   I   1,112 (1) D $ 60.37 0 I 401(k) Common Stock               790 I ESOP

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Employee Stock Option (Right to Buy)

$ 46.0625

11/02/2006

M

1,000

04/07/2002

04/06/2010

Common Stock

1,000

$ 0

0

D

Employee Stock Option (Right to Buy)

$ 49.22

11/02/2006

M

1,400

04/06/2003

04/05/2011

Common Stock

1,400

$ 0

0

D

Employee Stock Option (Right to Buy)

$ 47.55

11/02/2006

M

4,400

04/05/2004

04/04/2012

Common Stock

4,400

$ 0

0

D

Employee Stock Option (Right to Buy)

$ 43.66

11/02/2006

M

867

04/02/2006(2)

04/01/2014

Common Stock

867

$ 0

867 (2)

D

Employee Stock Option (Right to Buy)

$ 46.98

11/02/2006

M

4,666

11/02/2006(3)

11/01/2014

Common Stock

4,666

$ 0

2,334 (3)

D

Employee Stock Option (Right to Buy)

$ 53.51

11/02/2006

M

4,000

11/01/2006(4)

10/31/2015

Common Stock

4,000

$ 0

8,000 (4)

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
ESPELAND CURTIS E EASTMAN CHEMICAL COMPANY 200 SOUTH WILCOX DRIVE KINGSPORT, TN 37660			VP, Finance, Polymers and CAO

Signatures

Brian L. Henry, by Power of Attorney		11/06/2006
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Includes 6 shares acquired since September 5, 2006 resulting from automatic reinvestment of dividends.
(2)	The option becomes exercisable on April 2, 2007 as to the remaining shares.
(3)	The option becomes exercisable on November 2, 2007 as to the remaining shares.
(4)	The option becomes exercisable on November 1, 2007 as to 4,000 of the remaining shares and on November 1, 2008 as to 4,000 of the remaining shares.

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