ELI LILLY & Co — Director's Dealing 2006

May 5, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2006-05-04

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-05-04	1-Common Stock	S	100	$52.30	Disposed	145720704	Direct
2006-05-04	2-Common Stock	S	1000	$52.27	Disposed	145719704	Direct
2006-05-04	3-Common Stock	S	800	$52.26	Disposed	145718904	Direct
2006-05-04	4-Common Stock	S	800	$52.25	Disposed	145718104	Direct
2006-05-04	5-Common Stock	S	1600	$52.24	Disposed	145716504	Direct
2006-05-04	6-Common Stock	S	800	$52.23	Disposed	145715704	Direct
2006-05-04	7-Common Stock	S	800	$52.22	Disposed	145714904	Direct
2006-05-04	8-Common Stock	S	800	$52.21	Disposed	145714104	Direct
2006-05-04	9-Common Stock	S	800	$52.18	Disposed	145713304	Direct
2006-05-04	10-Common Stock	S	1600	$52.17	Disposed	145711704	Direct
2006-05-04	11-Common Stock	S	1300	$52.16	Disposed	145710404	Direct
2006-05-04	12-Common Stock	S	3200	$52.15	Disposed	145707204	Direct
2006-05-04	13-Common Stock	S	800	$52.14	Disposed	145706404	Direct
2006-05-04	14-Common Stock	S	800	$52.13	Disposed	145705604	Direct
2006-05-04	15-Common Stock	S	800	$52.12	Disposed	145704804	Direct
2006-05-04	16-Common Stock	S	2100	$52.10	Disposed	145702704	Direct
2006-05-04	17-Common Stock	S	2200	$52.09	Disposed	145700504	Direct
2006-05-04	18-Common Stock	S	4300	$52.07	Disposed	145696204	Direct
2006-05-04	19-Common Stock	S	1000	$52.06	Disposed	145695204	Direct
2006-05-04	20-Common Stock	S	5000	$52.05	Disposed	145690204	Direct
2006-05-04	21-Common Stock	S	4300	$52.04	Disposed	145685904	Direct
2006-05-04	22-Common Stock	S	10500	$52.03	Disposed	145675404	Direct
2006-05-04	23-Common Stock	S	18100	$52.02	Disposed	145657304	Direct
2006-05-04	24-Common Stock	S	13800	$52.01	Disposed	145643504	Direct
2006-05-04	25-Common Stock	S	9000	$52.00	Disposed	145634504	Direct
2006-05-04	26-Common Stock	S	11600	$51.99	Disposed	145622904	Direct
2006-05-04	27-Common Stock	S	9000	$51.98	Disposed	145613904	Direct
2006-05-04	28-Common Stock	S	10500	$51.97	Disposed	145603404	Direct
2006-05-04	29-Common Stock	S	12200	$51.96	Disposed	145591204	Direct
2006-05-04	30-Common Stock	S	7200	$51.95	Disposed	145584004	Direct