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	1-Common Stock	S	500	$59.38	Disposed	138165304	Direct
2007-05-23	2-Common Stock	S	6000	$59.40	Disposed	138159304	Direct
2007-05-23	3-Common Stock	S	1900	$59.41	Disposed	138157404	Direct
2007-05-23	4-Common Stock	S	500	$59.42	Disposed	138156904	Direct
2007-05-23	5-Common Stock	S	2500	$59.43	Disposed	138154404	Direct
2007-05-23	6-Common Stock	S	1900	$59.44	Disposed	138152504	Direct
2007-05-23	7-Common Stock	S	6900	$59.45	Disposed	138145604	Direct
2007-05-23	8-Common Stock	S	7600	$59.46	Disposed	138138004	Direct
2007-05-23	9-Common Stock	S	3400	$59.47	Disposed	138134604	Direct
2007-05-23	10-Common Stock	S	2700	$59.48	Disposed	138131904	Direct
2007-05-23	11-Common Stock	S	1200	$59.49	Disposed	138130704	Direct
2007-05-23	12-Common Stock	S	2500	$59.50	Disposed	138128204	Direct
2007-05-23	13-Common Stock	S	2100	$59.51	Disposed	138126104	Direct
2007-05-23	14-Common Stock	S	1900	$59.52	Disposed	138124204	Direct
2007-05-23	15-Common Stock	S	2500	$59.53	Disposed	138121704	Direct
2007-05-23	16-Common Stock	S	2900	$59.54	Disposed	138118804	Direct
2007-05-23	17-Common Stock	S	10000	$59.55	Disposed	138108804	Direct
2007-05-23	18-Common Stock	S	4400	$59.56	Disposed	138104404	Direct
2007-05-23	19-Common Stock	S	7500	$59.57	Disposed	138096904	Direct
2007-05-23	20-Common Stock	S	2000	$59.58	Disposed	138094904	Direct
2007-05-23	21-Common Stock	S	3900	$59.59	Disposed	138091004	Direct
2007-05-23	22-Common Stock	S	6300	$59.60	Disposed	138084704	Direct
2007-05-23	23-Common Stock	S	3500	$59.61	Disposed	138081204	Direct
2007-05-23	24-Common Stock	S	6800	$59.62	Disposed	138074404	Direct
2007-05-23	25-Common Stock	S	3200	$59.63	Disposed	138071204	Direct
2007-05-23	26-Common Stock	S	3200	$59.64	Disposed	138068004	Direct
2007-05-23	27-Common Stock	S	2200	$59.65	Disposed	138065804	Direct
2007-05-23	28-Common Stock	S	2200	$59.66	Disposed	138063604	Direct
2007-05-23	29-Common Stock	S	3600	$59.67	Disposed	138060004	Direct
2007-05-23	30-Common Stock	S	300	$59.68	Disposed	138059704	Direct