ELI LILLY & Co — Director's Dealing 2006

May 10, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2006-05-09

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-05-09	31-Common Stock	S	16100	$52.30	Disposed	145444504	Direct
2006-05-09	32-Common Stock	S	6800	$52.29	Disposed	145437704	Direct
2006-05-09	33-Common Stock	S	9000	$52.28	Disposed	145428704	Direct
2006-05-09	34-Common Stock	S	7100	$52.27	Disposed	145421604	Direct
2006-05-09	35-Common Stock	S	3000	$52.26	Disposed	145418604	Direct
2006-05-09	36-Common Stock	S	3900	$52.25	Disposed	145414704	Direct
2006-05-09	37-Common Stock	S	4400	$52.24	Disposed	145410304	Direct
2006-05-09	38-Common Stock	S	6600	$52.23	Disposed	145403704	Direct
2006-05-09	39-Common Stock	S	600	$52.22	Disposed	145403104	Direct
2006-05-09	40-Common Stock	S	5500	$52.21	Disposed	145397604	Direct
2006-05-09	41-Common Stock	S	2300	$52.20	Disposed	145395304	Direct
2006-05-09	42-Common Stock	S	15700	$52.19	Disposed	145379604	Direct
2006-05-09	43-Common Stock	S	5300	$52.18	Disposed	145374304	Direct
2006-05-09	44-Common Stock	S	1800	$52.17	Disposed	145372504	Direct
2006-05-09	45-Common Stock	S	1000	$52.16	Disposed	145371504	Direct
2006-05-09	46-Common Stock	S	6400	$52.15	Disposed	145365104	Direct
2006-05-09	47-Common Stock	S	2200	$52.13	Disposed	145362904	Direct
2006-05-09	48-Common Stock	S	1100	$52.12	Disposed	145361804	Direct
2006-05-09	49-Common Stock	S	3000	$52.11	Disposed	145358804	Direct
2006-05-09	50-Common Stock	S	1000	$52.10	Disposed	145357804	Direct
2006-05-09	51-Common Stock	S	2400	$52.09	Disposed	145355404	Direct
2006-05-09	52-Common Stock	S	1400	$52.08	Disposed	145354004	Direct
2006-05-09	53-Common Stock	S	3600	$52.07	Disposed	145350404	Direct
2006-05-09	54-Common Stock	S	1900	$52.06	Disposed	145348504	Direct
2006-05-09	55-Common Stock	S	4700	$52.05	Disposed	145343804	Direct
2006-05-09	56-Common Stock	S	3000	$52.04	Disposed	145340804	Direct
2006-05-09	57-Common Stock	S	4900	$52.03	Disposed	145335904	Direct
2006-05-09	58-Common Stock	S	3000	$52.02	Disposed	145332904	Direct
2006-05-09	59-Common Stock	S	7100	$52.01	Disposed	145325804	Direct
2006-05-09	60-Common Stock	S	2000	$52.00	Disposed	145323804	Direct