ELI LILLY & Co — Director's Dealing 2005

May 18, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2005-05-17

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-05-17	1-Common Stock	S	800	$59.60	Disposed	150560004	Direct
2005-05-17	2-Common Stock	S	4500	$59.56	Disposed	150555504	Direct
2005-05-17	3-Common Stock	S	1400	$59.53	Disposed	150554104	Direct
2005-05-17	4-Common Stock	S	1000	$59.52	Disposed	150553104	Direct
2005-05-17	5-Common Stock	S	700	$59.50	Disposed	150552404	Direct
2005-05-17	6-Common Stock	S	2700	$59.49	Disposed	150549704	Direct
2005-05-17	7-Common Stock	S	700	$59.48	Disposed	150549004	Direct
2005-05-17	8-Common Stock	S	6300	$59.47	Disposed	150542704	Direct
2005-05-17	9-Common Stock	S	2900	$59.46	Disposed	150539804	Direct
2005-05-17	10-Common Stock	S	2500	$59.45	Disposed	150537304	Direct
2005-05-17	11-Common Stock	S	3800	$59.44	Disposed	150533504	Direct
2005-05-17	12-Common Stock	S	1000	$59.41	Disposed	150532504	Direct
2005-05-17	13-Common Stock	S	1400	$59.40	Disposed	150531104	Direct
2005-05-17	14-Common Stock	S	2000	$59.39	Disposed	150529104	Direct
2005-05-17	15-Common Stock	S	1000	$59.36	Disposed	150528104	Direct
2005-05-17	16-Common Stock	S	1000	$59.33	Disposed	150527104	Direct
2005-05-17	17-Common Stock	S	2000	$59.32	Disposed	150525104	Direct
2005-05-17	18-Common Stock	S	1000	$59.31	Disposed	150524104	Direct
2005-05-17	19-Common Stock	S	1000	$59.30	Disposed	150523104	Direct
2005-05-17	20-Common Stock	S	1000	$59.28	Disposed	150522104	Direct
2005-05-17	21-Common Stock	S	1700	$59.24	Disposed	150520404	Direct
2005-05-17	22-Common Stock	S	2000	$59.23	Disposed	150518404	Direct
2005-05-17	23-Common Stock	S	1800	$59.20	Disposed	150516604	Direct
2005-05-17	24-Common Stock	S	1900	$59.19	Disposed	150514704	Direct
2005-05-17	25-Common Stock	S	3400	$59.18	Disposed	150511304	Direct
2005-05-17	26-Common Stock	S	1500	$59.17	Disposed	150509804	Direct
2005-05-17	27-Common Stock	S	1800	$59.16	Disposed	150508004	Direct
2005-05-17	28-Common Stock	S	4700	$59.15	Disposed	150503304	Direct
2005-05-17	29-Common Stock	S	4400	$59.13	Disposed	150498904	Direct
2005-05-17	30-Common Stock	S	4300	$59.12	Disposed	150494604	Direct