ELI LILLY & Co — Director's Dealing 2006

May 31, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2006-05-30

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-05-30	31-Common Stock	S	100	$51.76	Disposed	144313104	Direct
2006-05-30	32-Common Stock	S	1400	$51.75	Disposed	144311704	Direct
2006-05-30	33-Common Stock	S	600	$51.74	Disposed	144311104	Direct
2006-05-30	34-Common Stock	S	700	$51.72	Disposed	144310404	Direct
2006-05-30	35-Common Stock	S	600	$51.70	Disposed	144309804	Direct
2006-05-30	36-Common Stock	S	2100	$51.68	Disposed	144307704	Direct
2006-05-30	37-Common Stock	S	2300	$51.66	Disposed	144305404	Direct
2006-05-30	38-Common Stock	S	1100	$51.65	Disposed	144304304	Direct
2006-05-30	39-Common Stock	S	1400	$51.64	Disposed	144302904	Direct
2006-05-30	40-Common Stock	S	1000	$51.63	Disposed	144301904	Direct
2006-05-30	41-Common Stock	S	1900	$51.61	Disposed	144300004	Direct
2006-05-30	42-Common Stock	S	2300	$51.59	Disposed	144297704	Direct
2006-05-30	43-Common Stock	S	700	$51.58	Disposed	144297004	Direct
2006-05-30	44-Common Stock	S	600	$51.51	Disposed	144296404	Direct
2006-05-30	45-Common Stock	S	2700	$51.50	Disposed	144293704	Direct
2006-05-30	46-Common Stock	S	1900	$51.49	Disposed	144291804	Direct
2006-05-30	47-Common Stock	S	700	$51.48	Disposed	144291104	Direct
2006-05-30	48-Common Stock	S	2600	$51.47	Disposed	144288504	Direct
2006-05-30	49-Common Stock	S	2900	$51.46	Disposed	144285604	Direct
2006-05-30	50-Common Stock	S	1500	$51.45	Disposed	144284104	Direct
2006-05-30	51-Common Stock	S	4900	$51.44	Disposed	144279204	Direct
2006-05-30	52-Common Stock	S	600	$51.43	Disposed	144278604	Direct
2006-05-30	53-Common Stock	S	1300	$51.42	Disposed	144277304	Direct
2006-05-30	54-Common Stock	S	800	$51.41	Disposed	144276504	Direct
2006-05-30	55-Common Stock	S	800	$51.40	Disposed	144275704	Direct
2006-05-30	56-Common Stock	S	1200	$51.39	Disposed	144274504	Direct
2006-05-30	57-Common Stock	S	800	$51.37	Disposed	144273704	Direct
2006-05-30	58-Common Stock	S	800	$51.35	Disposed	144272904	Direct
2006-05-30	59-Common Stock	S	1400	$51.34	Disposed	144271504	Direct
2006-05-30	60-Common Stock	S	700	$51.31	Disposed	144270804	Direct