ELI LILLY & Co — Director's Dealing 2005

May 19, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2005-05-18

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-05-18	31-Common Stock	S	3300	$60.33	Disposed	150340904	Direct
2005-05-18	32-Common Stock	S	7600	$60.32	Disposed	150333304	Direct
2005-05-18	33-Common Stock	S	1000	$60.30	Disposed	150332304	Direct
2005-05-18	34-Common Stock	S	2000	$60.29	Disposed	150330304	Direct
2005-05-18	35-Common Stock	S	3000	$60.28	Disposed	150327304	Direct
2005-05-18	36-Common Stock	S	3000	$60.27	Disposed	150324304	Direct
2005-05-18	37-Common Stock	S	1000	$60.26	Disposed	150323304	Direct
2005-05-18	38-Common Stock	S	2800	$60.25	Disposed	150320504	Direct
2005-05-18	39-Common Stock	S	2000	$60.24	Disposed	150318504	Direct
2005-05-18	40-Common Stock	S	1000	$60.22	Disposed	150317504	Direct
2005-05-18	41-Common Stock	S	1000	$60.21	Disposed	150316504	Direct
2005-05-18	42-Common Stock	S	8600	$60.20	Disposed	150307904	Direct
2005-05-18	43-Common Stock	S	3200	$60.19	Disposed	150304704	Direct
2005-05-18	44-Common Stock	S	4700	$60.18	Disposed	150300004	Direct
2005-05-18	45-Common Stock	S	3000	$60.17	Disposed	150297004	Direct
2005-05-18	46-Common Stock	S	6000	$60.16	Disposed	150291004	Direct
2005-05-18	47-Common Stock	S	2400	$60.15	Disposed	150288604	Direct
2005-05-18	48-Common Stock	S	2300	$60.14	Disposed	150286304	Direct
2005-05-18	49-Common Stock	S	1000	$60.13	Disposed	150285304	Direct
2005-05-18	50-Common Stock	S	800	$60.12	Disposed	150284504	Direct
2005-05-18	51-Common Stock	S	2000	$60.11	Disposed	150282504	Direct
2005-05-18	52-Common Stock	S	2000	$60.10	Disposed	150280504	Direct
2005-05-18	53-Common Stock	S	1800	$60.09	Disposed	150278704	Direct
2005-05-18	54-Common Stock	S	1000	$60.08	Disposed	150277704	Direct
2005-05-18	55-Common Stock	S	500	$60.07	Disposed	150277204	Direct
2005-05-18	56-Common Stock	S	4700	$60.06	Disposed	150272504	Direct
2005-05-18	57-Common Stock	S	900	$60.05	Disposed	150271604	Direct
2005-05-18	58-Common Stock	S	800	$60.04	Disposed	150270804	Direct
2005-05-18	59-Common Stock	S	2000	$60.00	Disposed	150268804	Direct
2005-05-18	60-Common Stock	S	3000	$59.96	Disposed	150265804	Direct