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	1-Common Stock	S	300	$50.92	Disposed	144650504	Direct
2006-05-24	2-Common Stock	S	100	$50.90	Disposed	144650404	Direct
2006-05-24	3-Common Stock	S	2100	$50.89	Disposed	144648304	Direct
2006-05-24	4-Common Stock	S	600	$50.88	Disposed	144647704	Direct
2006-05-24	5-Common Stock	S	800	$50.87	Disposed	144646904	Direct
2006-05-24	6-Common Stock	S	400	$50.86	Disposed	144646504	Direct
2006-05-24	7-Common Stock	S	300	$50.85	Disposed	144646204	Direct
2006-05-24	8-Common Stock	S	1400	$50.84	Disposed	144644804	Direct
2006-05-24	9-Common Stock	S	2100	$50.82	Disposed	144642704	Direct
2006-05-24	10-Common Stock	S	1800	$50.81	Disposed	144640904	Direct
2006-05-24	11-Common Stock	S	3700	$50.80	Disposed	144637204	Direct
2006-05-24	12-Common Stock	S	2100	$50.79	Disposed	144635104	Direct
2006-05-24	13-Common Stock	S	4000	$50.78	Disposed	144631104	Direct
2006-05-24	14-Common Stock	S	3300	$50.77	Disposed	144627804	Direct
2006-05-24	15-Common Stock	S	4500	$50.76	Disposed	144623304	Direct
2006-05-24	16-Common Stock	S	2600	$50.75	Disposed	144620704	Direct
2006-05-24	17-Common Stock	S	5900	$50.74	Disposed	144614804	Direct
2006-05-24	18-Common Stock	S	2400	$50.73	Disposed	144612404	Direct
2006-05-24	19-Common Stock	S	2700	$50.72	Disposed	144609704	Direct
2006-05-24	20-Common Stock	S	2800	$50.71	Disposed	144606904	Direct
2006-05-24	21-Common Stock	S	3900	$50.70	Disposed	144603004	Direct
2006-05-24	22-Common Stock	S	2400	$50.69	Disposed	144600604	Direct
2006-05-24	23-Common Stock	S	3800	$50.68	Disposed	144596804	Direct
2006-05-24	24-Common Stock	S	2900	$50.67	Disposed	144593904	Direct
2006-05-24	25-Common Stock	S	1900	$50.66	Disposed	144592004	Direct
2006-05-24	26-Common Stock	S	1800	$50.65	Disposed	144590204	Direct
2006-05-24	27-Common Stock	S	4500	$50.64	Disposed	144585704	Direct
2006-05-24	28-Common Stock	S	3400	$50.63	Disposed	144582304	Direct
2006-05-24	29-Common Stock	S	3000	$50.62	Disposed	144579304	Direct
2006-05-24	30-Common Stock	S	2600	$50.61	Disposed	144576704	Direct