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	1-Common Stock	S	1300	$51.15	Disposed	145169504	Direct
2006-05-12	2-Common Stock	S	600	$51.14	Disposed	145168904	Direct
2006-05-12	3-Common Stock	S	600	$51.13	Disposed	145168304	Direct
2006-05-12	4-Common Stock	S	1100	$51.11	Disposed	145167204	Direct
2006-05-12	5-Common Stock	S	900	$51.10	Disposed	145166304	Direct
2006-05-12	6-Common Stock	S	1400	$51.04	Disposed	145164904	Direct
2006-05-12	7-Common Stock	S	900	$51.03	Disposed	145164004	Direct
2006-05-12	8-Common Stock	S	300	$51.01	Disposed	145163704	Direct
2006-05-12	9-Common Stock	S	3800	$51.00	Disposed	145159904	Direct
2006-05-12	10-Common Stock	S	3400	$50.99	Disposed	145156504	Direct
2006-05-12	11-Common Stock	S	2200	$50.98	Disposed	145154304	Direct
2006-05-12	12-Common Stock	S	1100	$50.97	Disposed	145153204	Direct
2006-05-12	13-Common Stock	S	2100	$50.96	Disposed	145151104	Direct
2006-05-12	14-Common Stock	S	2700	$50.95	Disposed	145148404	Direct
2006-05-12	15-Common Stock	S	400	$50.94	Disposed	145148004	Direct
2006-05-12	16-Common Stock	S	1900	$50.93	Disposed	145146104	Direct
2006-05-12	17-Common Stock	S	100	$50.92	Disposed	145146004	Direct
2006-05-12	18-Common Stock	S	400	$50.91	Disposed	145145604	Direct
2006-05-12	19-Common Stock	S	2100	$50.90	Disposed	145143504	Direct
2006-05-12	20-Common Stock	S	1400	$50.89	Disposed	145142104	Direct
2006-05-12	21-Common Stock	S	1000	$50.88	Disposed	145141104	Direct
2006-05-12	22-Common Stock	S	700	$50.87	Disposed	145140404	Direct
2006-05-12	23-Common Stock	S	1400	$50.85	Disposed	145139004	Direct
2006-05-12	24-Common Stock	S	1400	$50.84	Disposed	145137604	Direct
2006-05-12	25-Common Stock	S	1500	$50.83	Disposed	145136104	Direct
2006-05-12	26-Common Stock	S	1600	$50.82	Disposed	145134504	Direct
2006-05-12	27-Common Stock	S	100	$50.79	Disposed	145134404	Direct
2006-05-12	28-Common Stock	S	600	$50.78	Disposed	145133804	Direct
2006-05-12	29-Common Stock	S	2000	$50.77	Disposed	145131804	Direct
2006-05-12	30-Common Stock	S	2300	$50.76	Disposed	145129504	Direct