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	31-Common Stock	S	300	$51.59	Disposed	144850204	Direct
2006-05-17	32-Common Stock	S	3200	$51.58	Disposed	144847004	Direct
2006-05-17	33-Common Stock	S	400	$51.57	Disposed	144846604	Direct
2006-05-17	34-Common Stock	S	2100	$51.56	Disposed	144844504	Direct
2006-05-17	35-Common Stock	S	1500	$51.55	Disposed	144843004	Direct
2006-05-17	36-Common Stock	S	2800	$51.54	Disposed	144840204	Direct
2006-05-17	37-Common Stock	S	2600	$51.53	Disposed	144837604	Direct
2006-05-17	38-Common Stock	S	4400	$51.52	Disposed	144833204	Direct
2006-05-17	39-Common Stock	S	900	$51.51	Disposed	144832304	Direct
2006-05-17	40-Common Stock	S	1800	$51.50	Disposed	144830504	Direct
2006-05-17	41-Common Stock	S	2900	$51.49	Disposed	144827604	Direct
2006-05-17	42-Common Stock	S	2200	$51.48	Disposed	144825404	Direct
2006-05-17	43-Common Stock	S	1000	$51.47	Disposed	144824404	Direct
2006-05-17	44-Common Stock	S	2200	$51.46	Disposed	144822204	Direct
2006-05-17	45-Common Stock	S	3200	$51.45	Disposed	144819004	Direct
2006-05-17	46-Common Stock	S	800	$51.44	Disposed	144818204	Direct
2006-05-17	47-Common Stock	S	300	$51.43	Disposed	144817904	Direct
2006-05-17	48-Common Stock	S	1100	$51.42	Disposed	144816804	Direct
2006-05-17	49-Common Stock	S	1400	$51.41	Disposed	144815404	Direct
2006-05-17	50-Common Stock	S	400	$51.40	Disposed	144815004	Direct
2006-05-17	51-Common Stock	S	100	$51.39	Disposed	144814904	Direct
2006-05-17	52-Common Stock	S	100	$51.38	Disposed	144814804	Direct
2006-05-17	53-Common Stock	S	400	$51.35	Disposed	144814404	Direct
2006-05-17	54-Common Stock	S	200	$51.34	Disposed	144814204	Direct
2006-05-17	55-Common Stock	S	700	$51.32	Disposed	144813504	Direct
2006-05-17	56-Common Stock	S	500	$51.31	Disposed	144813004	Direct
2006-05-17	57-Common Stock	S	900	$51.30	Disposed	144812104	Direct
2006-05-17	58-Common Stock	S	900	$51.29	Disposed	144811204	Direct
2006-05-17	59-Common Stock	S	700	$51.28	Disposed	144810504	Direct
2006-05-17	60-Common Stock	S	500	$51.27	Disposed	144810004	Direct