ELI LILLY & Co — Director's Dealing 2007

May 21, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2007-05-18

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-18	1-Common Stock	S	700	$59.04	Disposed	138455104	Direct
2007-05-18	2-Common Stock	S	300	$59.06	Disposed	138454804	Direct
2007-05-18	3-Common Stock	S	600	$59.07	Disposed	138454204	Direct
2007-05-18	4-Common Stock	S	300	$59.08	Disposed	138453904	Direct
2007-05-18	5-Common Stock	S	100	$59.09	Disposed	138453804	Direct
2007-05-18	6-Common Stock	S	800	$59.11	Disposed	138453004	Direct
2007-05-18	7-Common Stock	S	800	$59.12	Disposed	138452204	Direct
2007-05-18	8-Common Stock	S	600	$59.13	Disposed	138451604	Direct
2007-05-18	9-Common Stock	S	800	$59.14	Disposed	138450804	Direct
2007-05-18	10-Common Stock	S	400	$59.15	Disposed	138450404	Direct
2007-05-18	11-Common Stock	S	500	$59.16	Disposed	138449904	Direct
2007-05-18	12-Common Stock	S	1100	$59.17	Disposed	138448804	Direct
2007-05-18	13-Common Stock	S	600	$59.18	Disposed	138448204	Direct
2007-05-18	14-Common Stock	S	200	$59.19	Disposed	138448004	Direct
2007-05-18	15-Common Stock	S	200	$59.20	Disposed	138447804	Direct
2007-05-18	16-Common Stock	S	200	$59.21	Disposed	138447604	Direct
2007-05-18	17-Common Stock	S	200	$59.22	Disposed	138447404	Direct
2007-05-18	18-Common Stock	S	800	$59.24	Disposed	138446604	Direct
2007-05-18	19-Common Stock	S	500	$59.26	Disposed	138446104	Direct
2007-05-18	20-Common Stock	S	300	$59.27	Disposed	138445804	Direct
2007-05-18	21-Common Stock	S	200	$59.28	Disposed	138445604	Direct
2007-05-18	22-Common Stock	S	400	$59.29	Disposed	138445204	Direct
2007-05-18	23-Common Stock	S	700	$59.30	Disposed	138444504	Direct
2007-05-18	24-Common Stock	S	900	$59.31	Disposed	138443604	Direct
2007-05-18	25-Common Stock	S	1500	$59.32	Disposed	138442104	Direct
2007-05-18	26-Common Stock	S	2400	$59.33	Disposed	138439704	Direct
2007-05-18	27-Common Stock	S	1500	$59.34	Disposed	138438204	Direct
2007-05-18	28-Common Stock	S	800	$59.35	Disposed	138437404	Direct
2007-05-18	29-Common Stock	S	3500	$59.36	Disposed	138433904	Direct
2007-05-18	30-Common Stock	S	2600	$59.37	Disposed	138431304	Direct