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	1-Common Stock	S	800	$51.70	Disposed	144550004	Direct
2006-05-25	2-Common Stock	S	1100	$51.67	Disposed	144548904	Direct
2006-05-25	3-Common Stock	S	2800	$51.66	Disposed	144546104	Direct
2006-05-25	4-Common Stock	S	6900	$51.65	Disposed	144539204	Direct
2006-05-25	5-Common Stock	S	8200	$51.64	Disposed	144531004	Direct
2006-05-25	6-Common Stock	S	800	$51.63	Disposed	144530204	Direct
2006-05-25	7-Common Stock	S	8600	$51.62	Disposed	144521604	Direct
2006-05-25	8-Common Stock	S	2300	$51.61	Disposed	144519304	Direct
2006-05-25	9-Common Stock	S	200	$51.60	Disposed	144519104	Direct
2006-05-25	10-Common Stock	S	1900	$51.59	Disposed	144517204	Direct
2006-05-25	11-Common Stock	S	3900	$51.58	Disposed	144513304	Direct
2006-05-25	12-Common Stock	S	7200	$51.57	Disposed	144506104	Direct
2006-05-25	13-Common Stock	S	3700	$51.56	Disposed	144502404	Direct
2006-05-25	14-Common Stock	S	5100	$51.55	Disposed	144497304	Direct
2006-05-25	15-Common Stock	S	3200	$51.54	Disposed	144494104	Direct
2006-05-25	16-Common Stock	S	8300	$51.53	Disposed	144485804	Direct
2006-05-25	17-Common Stock	S	7100	$51.52	Disposed	144478704	Direct
2006-05-25	18-Common Stock	S	8100	$51.51	Disposed	144470604	Direct
2006-05-25	19-Common Stock	S	7100	$51.50	Disposed	144463504	Direct
2006-05-25	20-Common Stock	S	1900	$51.49	Disposed	144461604	Direct
2006-05-25	21-Common Stock	S	3200	$51.48	Disposed	144458404	Direct
2006-05-25	22-Common Stock	S	3000	$51.47	Disposed	144455404	Direct
2006-05-25	23-Common Stock	S	3000	$51.46	Disposed	144452404	Direct
2006-05-25	24-Common Stock	S	3300	$51.45	Disposed	144449104	Direct
2006-05-25	25-Common Stock	S	800	$51.44	Disposed	144448304	Direct
2006-05-25	26-Common Stock	S	1100	$51.43	Disposed	144447204	Direct
2006-05-25	27-Common Stock	S	3600	$51.42	Disposed	144443604	Direct
2006-05-25	28-Common Stock	S	2800	$51.41	Disposed	144440804	Direct
2006-05-25	29-Common Stock	S	3600	$51.40	Disposed	144437204	Direct
2006-05-25	30-Common Stock	S	2200	$51.39	Disposed	144435004	Direct