ELI LILLY & Co — Director's Dealing 2007

May 8, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2007-05-07

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-07	1-Common Stock	S	700	$59.62	Disposed	139130104	Direct
2007-05-07	2-Common Stock	S	1100	$59.64	Disposed	139129004	Direct
2007-05-07	3-Common Stock	S	400	$59.66	Disposed	139128604	Direct
2007-05-07	4-Common Stock	S	400	$59.67	Disposed	139128204	Direct
2007-05-07	5-Common Stock	S	2300	$59.68	Disposed	139125904	Direct
2007-05-07	6-Common Stock	S	2500	$59.69	Disposed	139123404	Direct
2007-05-07	7-Common Stock	S	7900	$59.70	Disposed	139115504	Direct
2007-05-07	8-Common Stock	S	4600	$59.71	Disposed	139110904	Direct
2007-05-07	9-Common Stock	S	12600	$59.72	Disposed	139098304	Direct
2007-05-07	10-Common Stock	S	7400	$59.73	Disposed	139090904	Direct
2007-05-07	11-Common Stock	S	8200	$59.74	Disposed	139082704	Direct
2007-05-07	12-Common Stock	S	7400	$59.75	Disposed	139075304	Direct
2007-05-07	13-Common Stock	S	5900	$59.76	Disposed	139069404	Direct
2007-05-07	14-Common Stock	S	5500	$59.77	Disposed	139063904	Direct
2007-05-07	15-Common Stock	S	7600	$59.78	Disposed	139056304	Direct
2007-05-07	16-Common Stock	S	4900	$59.79	Disposed	139051404	Direct
2007-05-07	17-Common Stock	S	3200	$59.80	Disposed	139048204	Direct
2007-05-07	18-Common Stock	S	2100	$59.81	Disposed	139046104	Direct
2007-05-07	19-Common Stock	S	2500	$59.82	Disposed	139043604	Direct
2007-05-07	20-Common Stock	S	3200	$59.83	Disposed	139040404	Direct
2007-05-07	21-Common Stock	S	5100	$59.84	Disposed	139035304	Direct
2007-05-07	22-Common Stock	S	3100	$59.85	Disposed	139032204	Direct
2007-05-07	23-Common Stock	S	5600	$59.86	Disposed	139026604	Direct
2007-05-07	24-Common Stock	S	3900	$59.87	Disposed	139022704	Direct
2007-05-07	25-Common Stock	S	4100	$59.88	Disposed	139018604	Direct
2007-05-07	26-Common Stock	S	4700	$59.89	Disposed	139013904	Direct
2007-05-07	27-Common Stock	S	3700	$59.90	Disposed	139010204	Direct
2007-05-07	28-Common Stock	S	2500	$59.91	Disposed	139007704	Direct
2007-05-07	29-Common Stock	S	1500	$59.92	Disposed	139006204	Direct
2007-05-07	30-Common Stock	S	200	$59.93	Disposed	139006004	Direct