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	1-Common Stock	S	2000	$60.70	Disposed	150433804	Direct
2005-05-18	2-Common Stock	S	2400	$60.68	Disposed	150431404	Direct
2005-05-18	3-Common Stock	S	1200	$60.67	Disposed	150430204	Direct
2005-05-18	4-Common Stock	S	800	$60.66	Disposed	150429404	Direct
2005-05-18	5-Common Stock	S	2000	$60.62	Disposed	150427404	Direct
2005-05-18	6-Common Stock	S	1000	$60.61	Disposed	150426404	Direct
2005-05-18	7-Common Stock	S	2800	$60.60	Disposed	150423604	Direct
2005-05-18	8-Common Stock	S	1000	$60.59	Disposed	150422604	Direct
2005-05-18	9-Common Stock	S	800	$60.58	Disposed	150421804	Direct
2005-05-18	10-Common Stock	S	900	$60.57	Disposed	150420904	Direct
2005-05-18	11-Common Stock	S	1700	$60.56	Disposed	150419204	Direct
2005-05-18	12-Common Stock	S	2000	$60.54	Disposed	150417204	Direct
2005-05-18	13-Common Stock	S	3000	$60.53	Disposed	150414204	Direct
2005-05-18	14-Common Stock	S	2000	$60.52	Disposed	150412204	Direct
2005-05-18	15-Common Stock	S	2000	$60.50	Disposed	150410204	Direct
2005-05-18	16-Common Stock	S	2000	$60.49	Disposed	150408204	Direct
2005-05-18	17-Common Stock	S	3800	$60.48	Disposed	150404404	Direct
2005-05-18	18-Common Stock	S	2800	$60.47	Disposed	150401604	Direct
2005-05-18	19-Common Stock	S	5100	$60.46	Disposed	150396504	Direct
2005-05-18	20-Common Stock	S	7400	$60.45	Disposed	150389104	Direct
2005-05-18	21-Common Stock	S	3000	$60.44	Disposed	150386104	Direct
2005-05-18	22-Common Stock	S	5100	$60.43	Disposed	150381004	Direct
2005-05-18	23-Common Stock	S	6800	$60.42	Disposed	150374204	Direct
2005-05-18	24-Common Stock	S	5000	$60.41	Disposed	150369204	Direct
2005-05-18	25-Common Stock	S	4000	$60.40	Disposed	150365204	Direct
2005-05-18	26-Common Stock	S	4800	$60.39	Disposed	150360404	Direct
2005-05-18	27-Common Stock	S	4000	$60.37	Disposed	150356404	Direct
2005-05-18	28-Common Stock	S	8700	$60.36	Disposed	150347704	Direct
2005-05-18	29-Common Stock	S	1500	$60.35	Disposed	150346204	Direct
2005-05-18	30-Common Stock	S	2000	$60.34	Disposed	150344204	Direct