ELI LILLY & Co — Director's Dealing 2007

May 17, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2007-05-16

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-16	31-Common Stock	S	6000	$59.25	Disposed	138495904	Direct
2007-05-16	32-Common Stock	S	5400	$59.26	Disposed	138490504	Direct
2007-05-16	33-Common Stock	S	4500	$59.27	Disposed	138486004	Direct
2007-05-16	34-Common Stock	S	3600	$59.28	Disposed	138482404	Direct
2007-05-16	35-Common Stock	S	2000	$59.29	Disposed	138480404	Direct
2007-05-16	36-Common Stock	S	2200	$59.30	Disposed	138478204	Direct
2007-05-16	37-Common Stock	S	1000	$59.31	Disposed	138477204	Direct
2007-05-16	38-Common Stock	S	1400	$59.32	Disposed	138475804	Direct
2007-05-16	39-Common Stock	S	1400	$59.33	Disposed	138474404	Direct
2007-05-16	40-Common Stock	S	900	$59.34	Disposed	138473504	Direct
2007-05-16	41-Common Stock	S	4700	$59.35	Disposed	138468804	Direct
2007-05-16	42-Common Stock	S	4500	$59.36	Disposed	138464304	Direct
2007-05-16	43-Common Stock	S	2900	$59.37	Disposed	138461404	Direct
2007-05-16	44-Common Stock	S	1400	$59.38	Disposed	138460004	Direct
2007-05-16	45-Common Stock	S	1400	$59.39	Disposed	138458604	Direct
2007-05-16	46-Common Stock	S	1600	$59.40	Disposed	138457004	Direct
2007-05-16	47-Common Stock	S	300	$59.42	Disposed	138456704	Direct
2007-05-16	48-Common Stock	S	800	$59.43	Disposed	138455904	Direct
2007-05-16	49-Common Stock	S	100	$59.44	Disposed	138455804	Direct