ELI LILLY & Co — Director's Dealing 2007

May 16, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2007-05-15

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-15	1-Common Stock	S	2100	$59.14	Disposed	138843704	Direct
2007-05-15	2-Common Stock	S	2900	$59.15	Disposed	138840804	Direct
2007-05-15	3-Common Stock	S	1429	$59.16	Disposed	138839375	Direct
2007-05-15	4-Common Stock	S	2971	$59.17	Disposed	138836404	Direct
2007-05-15	5-Common Stock	S	5000	$59.18	Disposed	138831404	Direct
2007-05-15	6-Common Stock	S	4600	$59.20	Disposed	138826804	Direct
2007-05-15	7-Common Stock	S	6700	$59.21	Disposed	138820104	Direct
2007-05-15	8-Common Stock	S	5000	$59.22	Disposed	138815104	Direct
2007-05-15	9-Common Stock	S	2200	$59.23	Disposed	138812904	Direct
2007-05-15	10-Common Stock	S	12300	$59.24	Disposed	138800604	Direct
2007-05-15	11-Common Stock	S	5900	$59.25	Disposed	138794704	Direct
2007-05-15	12-Common Stock	S	3900	$59.26	Disposed	138790804	Direct
2007-05-15	13-Common Stock	S	7800	$59.27	Disposed	138783004	Direct
2007-05-15	14-Common Stock	S	7600	$59.28	Disposed	138775404	Direct
2007-05-15	15-Common Stock	S	10600	$59.29	Disposed	138764804	Direct
2007-05-15	16-Common Stock	S	5954	$59.30	Disposed	138758850	Direct
2007-05-15	17-Common Stock	S	9100	$59.31	Disposed	138749750	Direct
2007-05-15	18-Common Stock	S	11146	$59.32	Disposed	138738604	Direct
2007-05-15	19-Common Stock	S	5400	$59.33	Disposed	138733204	Direct
2007-05-15	20-Common Stock	S	6700	$59.34	Disposed	138726504	Direct
2007-05-15	21-Common Stock	S	5200	$59.35	Disposed	138721304	Direct
2007-05-15	22-Common Stock	S	7300	$59.36	Disposed	138714004	Direct
2007-05-15	23-Common Stock	S	4900	$59.37	Disposed	138709104	Direct
2007-05-15	24-Common Stock	S	2700	$59.38	Disposed	138706404	Direct
2007-05-15	25-Common Stock	S	4000	$59.39	Disposed	138702404	Direct
2007-05-15	26-Common Stock	S	6730	$59.40	Disposed	138695674	Direct
2007-05-15	27-Common Stock	S	7000	$59.41	Disposed	138688674	Direct
2007-05-15	28-Common Stock	S	5164	$59.42	Disposed	138683510	Direct
2007-05-15	29-Common Stock	S	4500	$59.43	Disposed	138679010	Direct
2007-05-15	30-Common Stock	S	3206	$59.44	Disposed	138675804	Direct