ELI LILLY & Co — Director's Dealing 2006

May 18, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2006-05-17

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-05-17	61-Common Stock	S	1600	$51.26	Disposed	144808404	Direct
2006-05-17	62-Common Stock	S	700	$51.25	Disposed	144807704	Direct
2006-05-17	63-Common Stock	S	700	$51.24	Disposed	144807004	Direct
2006-05-17	64-Common Stock	S	800	$51.23	Disposed	144806204	Direct
2006-05-17	65-Common Stock	S	1500	$51.22	Disposed	144804704	Direct
2006-05-17	66-Common Stock	S	2200	$51.21	Disposed	144802504	Direct
2006-05-17	67-Common Stock	S	2100	$51.20	Disposed	144800404	Direct
2006-05-17	68-Common Stock	S	1700	$51.19	Disposed	144798704	Direct
2006-05-17	69-Common Stock	S	1800	$51.18	Disposed	144796904	Direct
2006-05-17	70-Common Stock	S	1500	$51.17	Disposed	144795404	Direct
2006-05-17	71-Common Stock	S	2400	$51.16	Disposed	144793004	Direct
2006-05-17	72-Common Stock	S	1500	$51.15	Disposed	144791504	Direct
2006-05-17	73-Common Stock	S	2400	$51.14	Disposed	144789104	Direct
2006-05-17	74-Common Stock	S	300	$51.13	Disposed	144788804	Direct
2006-05-17	75-Common Stock	S	2700	$51.12	Disposed	144786104	Direct
2006-05-17	76-Common Stock	S	600	$51.11	Disposed	144785504	Direct
2006-05-17	77-Common Stock	S	500	$51.10	Disposed	144785004	Direct
2006-05-17	78-Common Stock	S	1300	$51.09	Disposed	144783704	Direct
2006-05-17	79-Common Stock	S	1600	$51.08	Disposed	144782104	Direct
2006-05-17	80-Common Stock	S	1300	$51.07	Disposed	144780804	Direct
2006-05-17	81-Common Stock	S	1000	$51.06	Disposed	144779804	Direct
2006-05-17	82-Common Stock	S	2000	$51.05	Disposed	144777804	Direct
2006-05-17	83-Common Stock	S	2200	$51.04	Disposed	144775604	Direct
2006-05-17	84-Common Stock	S	500	$51.03	Disposed	144775104	Direct
2006-05-17	85-Common Stock	S	1600	$51.02	Disposed	144773504	Direct
2006-05-17	86-Common Stock	S	500	$51.01	Disposed	144773004	Direct
2006-05-17	87-Common Stock	S	5700	$51.00	Disposed	144767304	Direct
2006-05-17	88-Common Stock	S	2400	$50.99	Disposed	144764904	Direct
2006-05-17	89-Common Stock	S	900	$50.98	Disposed	144764004	Direct
2006-05-17	90-Common Stock	S	1100	$50.97	Disposed	144762904	Direct