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	1-Common Stock	S	100	$52.78	Disposed	145520704	Direct
2006-05-09	2-Common Stock	S	800	$52.77	Disposed	145519904	Direct
2006-05-09	3-Common Stock	S	800	$52.76	Disposed	145519104	Direct
2006-05-09	4-Common Stock	S	1000	$52.74	Disposed	145518104	Direct
2006-05-09	5-Common Stock	S	800	$52.72	Disposed	145517304	Direct
2006-05-09	6-Common Stock	S	600	$52.70	Disposed	145516704	Direct
2006-05-09	7-Common Stock	S	800	$52.68	Disposed	145515904	Direct
2006-05-09	8-Common Stock	S	600	$52.67	Disposed	145515304	Direct
2006-05-09	9-Common Stock	S	7200	$52.65	Disposed	145508104	Direct
2006-05-09	10-Common Stock	S	1000	$52.62	Disposed	145507104	Direct
2006-05-09	11-Common Stock	S	2800	$52.60	Disposed	145504304	Direct
2006-05-09	12-Common Stock	S	1800	$52.57	Disposed	145502504	Direct
2006-05-09	13-Common Stock	S	800	$52.53	Disposed	145501704	Direct
2006-05-09	14-Common Stock	S	2700	$52.52	Disposed	145499004	Direct
2006-05-09	15-Common Stock	S	1600	$52.49	Disposed	145497404	Direct
2006-05-09	16-Common Stock	S	1800	$52.47	Disposed	145495604	Direct
2006-05-09	17-Common Stock	S	900	$52.46	Disposed	145494704	Direct
2006-05-09	18-Common Stock	S	800	$52.45	Disposed	145493904	Direct
2006-05-09	19-Common Stock	S	1000	$52.44	Disposed	145492904	Direct
2006-05-09	20-Common Stock	S	1500	$52.42	Disposed	145491404	Direct
2006-05-09	21-Common Stock	S	1500	$52.40	Disposed	145489904	Direct
2006-05-09	22-Common Stock	S	1200	$52.39	Disposed	145488704	Direct
2006-05-09	23-Common Stock	S	3200	$52.38	Disposed	145485504	Direct
2006-05-09	24-Common Stock	S	800	$52.37	Disposed	145484704	Direct
2006-05-09	25-Common Stock	S	3500	$52.36	Disposed	145481204	Direct
2006-05-09	26-Common Stock	S	1000	$52.35	Disposed	145480204	Direct
2006-05-09	27-Common Stock	S	4300	$52.34	Disposed	145475904	Direct
2006-05-09	28-Common Stock	S	2200	$52.33	Disposed	145473704	Direct
2006-05-09	29-Common Stock	S	9800	$52.32	Disposed	145463904	Direct
2006-05-09	30-Common Stock	S	3300	$52.31	Disposed	145460604	Direct