ELI LILLY & Co — Director's Dealing 2006

May 22, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2006-05-19

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-05-19	1-Common Stock	S	6300	$51.01	Disposed	144744504	Direct
2006-05-19	2-Common Stock	S	200	$51.00	Disposed	144744304	Direct
2006-05-19	3-Common Stock	S	800	$50.99	Disposed	144743504	Direct
2006-05-19	4-Common Stock	S	1000	$50.98	Disposed	144742504	Direct
2006-05-19	5-Common Stock	S	1300	$50.96	Disposed	144741204	Direct
2006-05-19	6-Common Stock	S	1400	$50.95	Disposed	144739804	Direct
2006-05-19	7-Common Stock	S	1100	$50.94	Disposed	144738704	Direct
2006-05-19	8-Common Stock	S	300	$50.93	Disposed	144738404	Direct
2006-05-19	9-Common Stock	S	2100	$50.92	Disposed	144736304	Direct
2006-05-19	10-Common Stock	S	1700	$50.91	Disposed	144734604	Direct
2006-05-19	11-Common Stock	S	4100	$50.90	Disposed	144730504	Direct
2006-05-19	12-Common Stock	S	3100	$50.89	Disposed	144727404	Direct
2006-05-19	13-Common Stock	S	2400	$50.88	Disposed	144725004	Direct
2006-05-19	14-Common Stock	S	1400	$50.87	Disposed	144723604	Direct
2006-05-19	15-Common Stock	S	4300	$50.86	Disposed	144719304	Direct
2006-05-19	16-Common Stock	S	6200	$50.85	Disposed	144713104	Direct
2006-05-19	17-Common Stock	S	2400	$50.84	Disposed	144710704	Direct
2006-05-19	18-Common Stock	S	5200	$50.83	Disposed	144705504	Direct
2006-05-19	19-Common Stock	S	4200	$50.82	Disposed	144701304	Direct
2006-05-19	20-Common Stock	S	2900	$50.81	Disposed	144698404	Direct
2006-05-19	21-Common Stock	S	3700	$50.80	Disposed	144694704	Direct
2006-05-19	22-Common Stock	S	2600	$50.79	Disposed	144692104	Direct
2006-05-19	23-Common Stock	S	3500	$50.78	Disposed	144688604	Direct
2006-05-19	24-Common Stock	S	2400	$50.77	Disposed	144686204	Direct
2006-05-19	25-Common Stock	S	2100	$50.76	Disposed	144684104	Direct
2006-05-19	26-Common Stock	S	2900	$50.75	Disposed	144681204	Direct
2006-05-19	27-Common Stock	S	2800	$50.74	Disposed	144678404	Direct
2006-05-19	28-Common Stock	S	2600	$50.73	Disposed	144675804	Direct
2006-05-19	29-Common Stock	S	2100	$50.72	Disposed	144673704	Direct
2006-05-19	30-Common Stock	S	1200	$50.71	Disposed	144672504	Direct