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	1-Common Stock	S	200	$51.99	Disposed	144870604	Direct
2006-05-17	2-Common Stock	S	300	$51.95	Disposed	144870304	Direct
2006-05-17	3-Common Stock	S	200	$51.94	Disposed	144870104	Direct
2006-05-17	4-Common Stock	S	200	$51.91	Disposed	144869904	Direct
2006-05-17	5-Common Stock	S	1200	$51.90	Disposed	144868704	Direct
2006-05-17	6-Common Stock	S	100	$51.89	Disposed	144868604	Direct
2006-05-17	7-Common Stock	S	900	$51.88	Disposed	144867704	Direct
2006-05-17	8-Common Stock	S	1000	$51.87	Disposed	144866704	Direct
2006-05-17	9-Common Stock	S	200	$51.86	Disposed	144866504	Direct
2006-05-17	10-Common Stock	S	400	$51.84	Disposed	144866104	Direct
2006-05-17	11-Common Stock	S	400	$51.83	Disposed	144865704	Direct
2006-05-17	12-Common Stock	S	600	$51.82	Disposed	144865104	Direct
2006-05-17	13-Common Stock	S	900	$51.80	Disposed	144864204	Direct
2006-05-17	14-Common Stock	S	1200	$51.78	Disposed	144863004	Direct
2006-05-17	15-Common Stock	S	600	$51.77	Disposed	144862404	Direct
2006-05-17	16-Common Stock	S	800	$51.76	Disposed	144861604	Direct
2006-05-17	17-Common Stock	S	1700	$51.75	Disposed	144859904	Direct
2006-05-17	18-Common Stock	S	700	$51.74	Disposed	144859204	Direct
2006-05-17	19-Common Stock	S	100	$51.73	Disposed	144859104	Direct
2006-05-17	20-Common Stock	S	200	$51.72	Disposed	144858904	Direct
2006-05-17	21-Common Stock	S	1900	$51.71	Disposed	144857004	Direct
2006-05-17	22-Common Stock	S	1100	$51.70	Disposed	144855904	Direct
2006-05-17	23-Common Stock	S	1000	$51.69	Disposed	144854904	Direct
2006-05-17	24-Common Stock	S	400	$51.68	Disposed	144854504	Direct
2006-05-17	25-Common Stock	S	400	$51.67	Disposed	144854104	Direct
2006-05-17	26-Common Stock	S	700	$51.66	Disposed	144853404	Direct
2006-05-17	27-Common Stock	S	200	$51.65	Disposed	144853204	Direct
2006-05-17	28-Common Stock	S	1000	$51.64	Disposed	144852204	Direct
2006-05-17	29-Common Stock	S	100	$51.61	Disposed	144852104	Direct
2006-05-17	30-Common Stock	S	1600	$51.60	Disposed	144850504	Direct