ELI LILLY & Co — Director's Dealing 2006

May 17, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2006-05-16

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-05-16	1-Common Stock	S	1100	$52.17	Disposed	145019704	Direct
2006-05-16	2-Common Stock	S	1000	$52.06	Disposed	145018704	Direct
2006-05-16	3-Common Stock	S	1000	$52.05	Disposed	145017704	Direct
2006-05-16	4-Common Stock	S	600	$52.04	Disposed	145017104	Direct
2006-05-16	5-Common Stock	S	700	$52.03	Disposed	145016404	Direct
2006-05-16	6-Common Stock	S	2400	$52.02	Disposed	145014004	Direct
2006-05-16	7-Common Stock	S	600	$52.01	Disposed	145013404	Direct
2006-05-16	8-Common Stock	S	1800	$52.00	Disposed	145011604	Direct
2006-05-16	9-Common Stock	S	1100	$51.99	Disposed	145010504	Direct
2006-05-16	10-Common Stock	S	4200	$51.98	Disposed	145006304	Direct
2006-05-16	11-Common Stock	S	4400	$51.97	Disposed	145001904	Direct
2006-05-16	12-Common Stock	S	2200	$51.96	Disposed	144999704	Direct
2006-05-16	13-Common Stock	S	5400	$51.95	Disposed	144994304	Direct
2006-05-16	14-Common Stock	S	3600	$51.94	Disposed	144990704	Direct
2006-05-16	15-Common Stock	S	5600	$51.93	Disposed	144985104	Direct
2006-05-16	16-Common Stock	S	6500	$51.92	Disposed	144978604	Direct
2006-05-16	17-Common Stock	S	3400	$51.91	Disposed	144975204	Direct
2006-05-16	18-Common Stock	S	8200	$51.90	Disposed	144967004	Direct
2006-05-16	19-Common Stock	S	9800	$51.89	Disposed	144957204	Direct
2006-05-16	20-Common Stock	S	10100	$51.88	Disposed	144947104	Direct
2006-05-16	21-Common Stock	S	5600	$51.87	Disposed	144941504	Direct
2006-05-16	22-Common Stock	S	7000	$51.86	Disposed	144934504	Direct
2006-05-16	23-Common Stock	S	8100	$51.85	Disposed	144926404	Direct
2006-05-16	24-Common Stock	S	7700	$51.84	Disposed	144918704	Direct
2006-05-16	25-Common Stock	S	5600	$51.83	Disposed	144913104	Direct
2006-05-16	26-Common Stock	S	5200	$51.82	Disposed	144907904	Direct
2006-05-16	27-Common Stock	S	1900	$51.81	Disposed	144906004	Direct
2006-05-16	28-Common Stock	S	11200	$51.80	Disposed	144894804	Direct
2006-05-16	29-Common Stock	S	5200	$51.79	Disposed	144889604	Direct
2006-05-16	30-Common Stock	S	1800	$51.78	Disposed	144887804	Direct