ELI LILLY & Co — Director's Dealing 2007

May 23, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2007-05-22

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-22	1-Common Stock	S	900	$59.42	Disposed	138364904	Direct
2007-05-22	2-Common Stock	S	2900	$59.43	Disposed	138362004	Direct
2007-05-22	3-Common Stock	S	2400	$59.44	Disposed	138359604	Direct
2007-05-22	4-Common Stock	S	3300	$59.45	Disposed	138356304	Direct
2007-05-22	5-Common Stock	S	200	$59.46	Disposed	138356104	Direct
2007-05-22	6-Common Stock	S	600	$59.47	Disposed	138355504	Direct
2007-05-22	7-Common Stock	S	4000	$59.48	Disposed	138351504	Direct
2007-05-22	8-Common Stock	S	5100	$59.49	Disposed	138346404	Direct
2007-05-22	9-Common Stock	S	7000	$59.50	Disposed	138339404	Direct
2007-05-22	10-Common Stock	S	5400	$59.51	Disposed	138334004	Direct
2007-05-22	11-Common Stock	S	7100	$59.52	Disposed	138326904	Direct
2007-05-22	12-Common Stock	S	23200	$59.53	Disposed	138303704	Direct
2007-05-22	13-Common Stock	S	6700	$59.54	Disposed	138297004	Direct
2007-05-22	14-Common Stock	S	20200	$59.55	Disposed	138276804	Direct
2007-05-22	15-Common Stock	S	11210	$59.56	Disposed	138265594	Direct
2007-05-22	16-Common Stock	S	9850	$59.57	Disposed	138255744	Direct
2007-05-22	17-Common Stock	S	9140	$59.58	Disposed	138246604	Direct
2007-05-22	18-Common Stock	S	11200	$59.59	Disposed	138235404	Direct
2007-05-22	19-Common Stock	S	11700	$59.60	Disposed	138223704	Direct
2007-05-22	20-Common Stock	S	13300	$59.61	Disposed	138210404	Direct
2007-05-22	21-Common Stock	S	6358	$59.62	Disposed	138204046	Direct
2007-05-22	22-Common Stock	S	7742	$59.63	Disposed	138196304	Direct
2007-05-22	23-Common Stock	S	6100	$59.64	Disposed	138190204	Direct
2007-05-22	24-Common Stock	S	3990	$59.65	Disposed	138186214	Direct
2007-05-22	25-Common Stock	S	4300	$59.66	Disposed	138181914	Direct
2007-05-22	26-Common Stock	S	3510	$59.67	Disposed	138178404	Direct
2007-05-22	27-Common Stock	S	1700	$59.68	Disposed	138176704	Direct
2007-05-22	28-Common Stock	S	2200	$59.69	Disposed	138174504	Direct
2007-05-22	29-Common Stock	S	7100	$59.70	Disposed	138167404	Direct
2007-05-22	30-Common Stock	S	600	$59.71	Disposed	138166804	Direct