ELI LILLY & Co — Director's Dealing 2006

May 3, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2006-05-02

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-05-02	1-Common Stock	S	400	$52.29	Disposed	146120404	Direct
2006-05-02	2-Common Stock	S	100	$52.28	Disposed	146120304	Direct
2006-05-02	3-Common Stock	S	700	$52.27	Disposed	146119604	Direct
2006-05-02	4-Common Stock	S	100	$52.26	Disposed	146119504	Direct
2006-05-02	5-Common Stock	S	600	$52.25	Disposed	146118904	Direct
2006-05-02	6-Common Stock	S	400	$52.24	Disposed	146118504	Direct
2006-05-02	7-Common Stock	S	1200	$52.23	Disposed	146117304	Direct
2006-05-02	8-Common Stock	S	3300	$52.22	Disposed	146114004	Direct
2006-05-02	9-Common Stock	S	2800	$52.21	Disposed	146111204	Direct
2006-05-02	10-Common Stock	S	3900	$52.20	Disposed	146107304	Direct
2006-05-02	11-Common Stock	S	6200	$52.19	Disposed	146101104	Direct
2006-05-02	12-Common Stock	S	5400	$52.18	Disposed	146095704	Direct
2006-05-02	13-Common Stock	S	6100	$52.17	Disposed	146089604	Direct
2006-05-02	14-Common Stock	S	10000	$52.16	Disposed	146079604	Direct
2006-05-02	15-Common Stock	S	12000	$52.15	Disposed	146067604	Direct
2006-05-02	16-Common Stock	S	15900	$52.14	Disposed	146051704	Direct
2006-05-02	17-Common Stock	S	12900	$52.13	Disposed	146038804	Direct
2006-05-02	18-Common Stock	S	6300	$52.12	Disposed	146032504	Direct
2006-05-02	19-Common Stock	S	9200	$52.11	Disposed	146023304	Direct
2006-05-02	20-Common Stock	S	9300	$52.10	Disposed	146014004	Direct
2006-05-02	21-Common Stock	S	5500	$52.09	Disposed	146008504	Direct
2006-05-02	22-Common Stock	S	1800	$52.08	Disposed	146006704	Direct
2006-05-02	23-Common Stock	S	2600	$52.07	Disposed	146004104	Direct
2006-05-02	24-Common Stock	S	2300	$52.06	Disposed	146001804	Direct
2006-05-02	25-Common Stock	S	2600	$52.05	Disposed	145999204	Direct
2006-05-02	26-Common Stock	S	2200	$52.04	Disposed	145997004	Direct
2006-05-02	27-Common Stock	S	900	$52.03	Disposed	145996104	Direct
2006-05-02	28-Common Stock	S	1200	$52.02	Disposed	145994904	Direct
2006-05-02	29-Common Stock	S	3900	$52.01	Disposed	145991004	Direct
2006-05-02	30-Common Stock	S	4100	$52.00	Disposed	145986904	Direct