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	1-Common Stock	S	400	$58.95	Disposed	138635404	Direct
2007-05-16	2-Common Stock	S	836	$58.96	Disposed	138634568	Direct
2007-05-16	3-Common Stock	S	1564	$58.97	Disposed	138633004	Direct
2007-05-16	4-Common Stock	S	600	$58.98	Disposed	138632404	Direct
2007-05-16	5-Common Stock	S	5300	$58.99	Disposed	138627104	Direct
2007-05-16	6-Common Stock	S	6700	$59.00	Disposed	138620404	Direct
2007-05-16	7-Common Stock	S	3200	$59.01	Disposed	138617204	Direct
2007-05-16	8-Common Stock	S	7000	$59.02	Disposed	138610204	Direct
2007-05-16	9-Common Stock	S	7500	$59.03	Disposed	138602704	Direct
2007-05-16	10-Common Stock	S	5700	$59.04	Disposed	138597004	Direct
2007-05-16	11-Common Stock	S	3100	$59.05	Disposed	138593904	Direct
2007-05-16	12-Common Stock	S	6000	$59.06	Disposed	138587904	Direct
2007-05-16	13-Common Stock	S	6400	$59.07	Disposed	138581504	Direct
2007-05-16	14-Common Stock	S	900	$59.08	Disposed	138580604	Direct
2007-05-16	15-Common Stock	S	2300	$59.09	Disposed	138578304	Direct
2007-05-16	16-Common Stock	S	3300	$59.10	Disposed	138575004	Direct
2007-05-16	17-Common Stock	S	13900	$59.11	Disposed	138561104	Direct
2007-05-16	18-Common Stock	S	5000	$59.12	Disposed	138556104	Direct
2007-05-16	19-Common Stock	S	1100	$59.13	Disposed	138555004	Direct
2007-05-16	20-Common Stock	S	5900	$59.14	Disposed	138549104	Direct
2007-05-16	21-Common Stock	S	3900	$59.15	Disposed	138545204	Direct
2007-05-16	22-Common Stock	S	7800	$59.16	Disposed	138537404	Direct
2007-05-16	23-Common Stock	S	3600	$59.17	Disposed	138533804	Direct
2007-05-16	24-Common Stock	S	2500	$59.18	Disposed	138531304	Direct
2007-05-16	25-Common Stock	S	6300	$59.19	Disposed	138525004	Direct
2007-05-16	26-Common Stock	S	4400	$59.20	Disposed	138520604	Direct
2007-05-16	27-Common Stock	S	5100	$59.21	Disposed	138515504	Direct
2007-05-16	28-Common Stock	S	4000	$59.22	Disposed	138511504	Direct
2007-05-16	29-Common Stock	S	5119	$59.23	Disposed	138506385	Direct
2007-05-16	30-Common Stock	S	4481	$59.24	Disposed	138501904	Direct