ELI LILLY & Co — Director's Dealing 2006

May 25, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2006-05-24

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-05-24	31-Common Stock	S	2500	$50.60	Disposed	144574204	Direct
2006-05-24	32-Common Stock	S	2300	$50.59	Disposed	144571904	Direct
2006-05-24	33-Common Stock	S	3400	$50.58	Disposed	144568504	Direct
2006-05-24	34-Common Stock	S	1300	$50.57	Disposed	144567204	Direct
2006-05-24	35-Common Stock	S	1200	$50.56	Disposed	144566004	Direct
2006-05-24	36-Common Stock	S	1200	$50.55	Disposed	144564804	Direct
2006-05-24	37-Common Stock	S	300	$50.54	Disposed	144564504	Direct
2006-05-24	38-Common Stock	S	600	$50.53	Disposed	144563904	Direct
2006-05-24	39-Common Stock	S	800	$50.52	Disposed	144563104	Direct
2006-05-24	40-Common Stock	S	1700	$50.51	Disposed	144561404	Direct
2006-05-24	41-Common Stock	S	1100	$50.50	Disposed	144560304	Direct
2006-05-24	42-Common Stock	S	700	$50.49	Disposed	144559604	Direct
2006-05-24	43-Common Stock	S	800	$50.48	Disposed	144558804	Direct
2006-05-24	44-Common Stock	S	500	$50.47	Disposed	144558304	Direct
2006-05-24	45-Common Stock	S	500	$50.46	Disposed	144557804	Direct
2006-05-24	46-Common Stock	S	500	$50.45	Disposed	144557304	Direct
2006-05-24	47-Common Stock	S	400	$50.44	Disposed	144556904	Direct
2006-05-24	48-Common Stock	S	300	$50.43	Disposed	144556604	Direct
2006-05-24	49-Common Stock	S	800	$50.42	Disposed	144555804	Direct
2006-05-24	50-Common Stock	S	900	$50.41	Disposed	144554904	Direct
2006-05-24	51-Common Stock	S	900	$50.40	Disposed	144554004	Direct
2006-05-24	52-Common Stock	S	900	$50.39	Disposed	144553104	Direct
2006-05-24	53-Common Stock	S	100	$50.38	Disposed	144553004	Direct
2006-05-24	54-Common Stock	S	400	$50.37	Disposed	144552604	Direct
2006-05-24	55-Common Stock	S	700	$50.36	Disposed	144551904	Direct
2006-05-24	56-Common Stock	S	300	$50.34	Disposed	144551604	Direct
2006-05-24	57-Common Stock	S	800	$50.32	Disposed	144550804	Direct