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	1-Common Stock	S	200	$52.36	Disposed	144370604	Direct
2006-05-30	2-Common Stock	S	700	$52.35	Disposed	144369904	Direct
2006-05-30	3-Common Stock	S	1000	$52.34	Disposed	144368904	Direct
2006-05-30	4-Common Stock	S	700	$52.33	Disposed	144368204	Direct
2006-05-30	5-Common Stock	S	600	$52.31	Disposed	144367604	Direct
2006-05-30	6-Common Stock	S	600	$52.27	Disposed	144367004	Direct
2006-05-30	7-Common Stock	S	700	$52.14	Disposed	144366304	Direct
2006-05-30	8-Common Stock	S	2500	$52.08	Disposed	144363804	Direct
2006-05-30	9-Common Stock	S	300	$52.07	Disposed	144363504	Direct
2006-05-30	10-Common Stock	S	2000	$52.06	Disposed	144361504	Direct
2006-05-30	11-Common Stock	S	2600	$52.05	Disposed	144358904	Direct
2006-05-30	12-Common Stock	S	4300	$52.04	Disposed	144354604	Direct
2006-05-30	13-Common Stock	S	3400	$52.03	Disposed	144351204	Direct
2006-05-30	14-Common Stock	S	5300	$52.02	Disposed	144345904	Direct
2006-05-30	15-Common Stock	S	3500	$52.01	Disposed	144342404	Direct
2006-05-30	16-Common Stock	S	4100	$52.00	Disposed	144338304	Direct
2006-05-30	17-Common Stock	S	1400	$51.99	Disposed	144336904	Direct
2006-05-30	18-Common Stock	S	4000	$51.98	Disposed	144332904	Direct
2006-05-30	19-Common Stock	S	1400	$51.97	Disposed	144331504	Direct
2006-05-30	20-Common Stock	S	700	$51.96	Disposed	144330804	Direct
2006-05-30	21-Common Stock	S	3800	$51.95	Disposed	144327004	Direct
2006-05-30	22-Common Stock	S	3100	$51.94	Disposed	144323904	Direct
2006-05-30	23-Common Stock	S	4200	$51.93	Disposed	144319704	Direct
2006-05-30	24-Common Stock	S	300	$51.92	Disposed	144319404	Direct
2006-05-30	25-Common Stock	S	2100	$51.91	Disposed	144317304	Direct
2006-05-30	26-Common Stock	S	600	$51.90	Disposed	144316704	Direct
2006-05-30	27-Common Stock	S	1400	$51.89	Disposed	144315304	Direct
2006-05-30	28-Common Stock	S	700	$51.81	Disposed	144314604	Direct
2006-05-30	29-Common Stock	S	700	$51.78	Disposed	144313904	Direct
2006-05-30	30-Common Stock	S	700	$51.77	Disposed	144313204	Direct