ELI LILLY & Co — Director's Dealing 2006

May 15, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2006-05-12

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-05-12	31-Common Stock	S	3600	$50.75	Disposed	145125904	Direct
2006-05-12	32-Common Stock	S	1600	$50.74	Disposed	145124304	Direct
2006-05-12	33-Common Stock	S	1900	$50.73	Disposed	145122404	Direct
2006-05-12	34-Common Stock	S	2700	$50.72	Disposed	145119704	Direct
2006-05-12	35-Common Stock	S	2400	$50.71	Disposed	145117304	Direct
2006-05-12	36-Common Stock	S	1500	$50.70	Disposed	145115804	Direct
2006-05-12	37-Common Stock	S	2200	$50.69	Disposed	145113604	Direct
2006-05-12	38-Common Stock	S	500	$50.68	Disposed	145113104	Direct
2006-05-12	39-Common Stock	S	2700	$50.67	Disposed	145110404	Direct
2006-05-12	40-Common Stock	S	700	$50.66	Disposed	145109704	Direct
2006-05-12	41-Common Stock	S	1100	$50.65	Disposed	145108604	Direct
2006-05-12	42-Common Stock	S	400	$50.63	Disposed	145108204	Direct
2006-05-12	43-Common Stock	S	1100	$50.62	Disposed	145107104	Direct
2006-05-12	44-Common Stock	S	500	$50.61	Disposed	145106604	Direct
2006-05-12	45-Common Stock	S	400	$50.60	Disposed	145106204	Direct
2006-05-12	46-Common Stock	S	100	$50.59	Disposed	145106104	Direct
2006-05-12	47-Common Stock	S	200	$50.57	Disposed	145105904	Direct
2006-05-12	48-Common Stock	S	1200	$50.56	Disposed	145104704	Direct
2006-05-12	49-Common Stock	S	600	$50.55	Disposed	145104104	Direct
2006-05-12	50-Common Stock	S	2300	$50.54	Disposed	145101804	Direct
2006-05-12	51-Common Stock	S	1200	$50.53	Disposed	145100604	Direct
2006-05-12	52-Common Stock	S	1900	$50.52	Disposed	145098704	Direct
2006-05-12	53-Common Stock	S	200	$50.51	Disposed	145098504	Direct
2006-05-12	54-Common Stock	S	1900	$50.47	Disposed	145096604	Direct
2006-05-12	55-Common Stock	S	1600	$50.46	Disposed	145095004	Direct
2006-05-12	56-Common Stock	S	2900	$50.45	Disposed	145092104	Direct
2006-05-12	57-Common Stock	S	10300	$50.44	Disposed	145081804	Direct
2006-05-12	58-Common Stock	S	2600	$50.43	Disposed	145079204	Direct
2006-05-12	59-Common Stock	S	2500	$50.42	Disposed	145076704	Direct
2006-05-12	60-Common Stock	S	1500	$50.41	Disposed	145075204	Direct