ELI LILLY & Co — Director's Dealing 2006

May 26, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2005-05-25

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-05-25	31-Common Stock	S	800	$51.38	Disposed	144434204	Direct
2006-05-25	32-Common Stock	S	1000	$51.37	Disposed	144433204	Direct
2006-05-25	33-Common Stock	S	300	$51.36	Disposed	144432904	Direct
2006-05-25	34-Common Stock	S	2400	$51.35	Disposed	144430504	Direct
2006-05-25	35-Common Stock	S	800	$51.34	Disposed	144429704	Direct
2006-05-25	36-Common Stock	S	700	$51.33	Disposed	144429004	Direct
2006-05-25	37-Common Stock	S	1800	$51.32	Disposed	144427204	Direct
2006-05-25	38-Common Stock	S	2300	$51.31	Disposed	144424904	Direct
2006-05-25	39-Common Stock	S	3200	$51.30	Disposed	144421704	Direct
2006-05-25	40-Common Stock	S	2100	$51.29	Disposed	144419604	Direct
2006-05-25	41-Common Stock	S	1100	$51.28	Disposed	144418504	Direct
2006-05-25	42-Common Stock	S	1200	$51.27	Disposed	144417304	Direct
2006-05-25	43-Common Stock	S	1500	$51.26	Disposed	144415804	Direct
2006-05-25	44-Common Stock	S	2800	$51.25	Disposed	144413004	Direct
2006-05-25	45-Common Stock	S	2700	$51.24	Disposed	144410304	Direct
2006-05-25	46-Common Stock	S	900	$51.23	Disposed	144409404	Direct
2006-05-25	47-Common Stock	S	1600	$51.22	Disposed	144407804	Direct
2006-05-25	48-Common Stock	S	400	$51.21	Disposed	144407404	Direct
2006-05-25	49-Common Stock	S	2500	$51.20	Disposed	144404904	Direct
2006-05-25	50-Common Stock	S	100	$51.19	Disposed	144404804	Direct
2006-05-25	51-Common Stock	S	3400	$51.18	Disposed	144401404	Direct
2006-05-25	52-Common Stock	S	700	$51.17	Disposed	144400704	Direct
2006-05-25	53-Common Stock	S	1500	$51.16	Disposed	144399204	Direct
2006-05-25	54-Common Stock	S	700	$51.15	Disposed	144398504	Direct
2006-05-25	55-Common Stock	S	1400	$51.14	Disposed	144397104	Direct
2006-05-25	56-Common Stock	S	2500	$51.13	Disposed	144394604	Direct
2006-05-25	57-Common Stock	S	2500	$51.12	Disposed	144392104	Direct
2006-05-25	58-Common Stock	S	1100	$51.11	Disposed	144391004	Direct
2006-05-25	59-Common Stock	S	1900	$51.10	Disposed	144389104	Direct
2006-05-25	60-Common Stock	S	1500	$51.09	Disposed	144387604	Direct