ELI LILLY & Co — Director's Dealing 2007

May 24, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2007-05-23

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-23	31-Common Stock	S	4500	$59.69	Disposed	138055204	Direct
2007-05-23	32-Common Stock	S	300	$59.70	Disposed	138054904	Direct
2007-05-23	33-Common Stock	S	2600	$59.71	Disposed	138052304	Direct
2007-05-23	34-Common Stock	S	1000	$59.72	Disposed	138051304	Direct
2007-05-23	35-Common Stock	S	500	$59.73	Disposed	138050804	Direct