ELI LILLY & Co — Director's Dealing 2007

May 4, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2007-05-03

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-03	1-Common Stock	S	1000	$58.98	Disposed	139254804	Direct
2007-05-03	2-Common Stock	S	3000	$58.99	Disposed	139251804	Direct
2007-05-03	3-Common Stock	S	9300	$59.00	Disposed	139242504	Direct
2007-05-03	4-Common Stock	S	6200	$59.01	Disposed	139236304	Direct
2007-05-03	5-Common Stock	S	6500	$59.02	Disposed	139229804	Direct
2007-05-03	6-Common Stock	S	6600	$59.03	Disposed	139223204	Direct
2007-05-03	7-Common Stock	S	5000	$59.04	Disposed	139218204	Direct
2007-05-03	8-Common Stock	S	1000	$59.05	Disposed	139217204	Direct
2007-05-03	9-Common Stock	S	3800	$59.06	Disposed	139213404	Direct
2007-05-03	10-Common Stock	S	2700	$59.07	Disposed	139210704	Direct
2007-05-03	11-Common Stock	S	7300	$59.08	Disposed	139203404	Direct
2007-05-03	12-Common Stock	S	3900	$59.09	Disposed	139199504	Direct
2007-05-03	13-Common Stock	S	6700	$59.10	Disposed	139192804	Direct
2007-05-03	14-Common Stock	S	3700	$59.11	Disposed	139189104	Direct
2007-05-03	15-Common Stock	S	10000	$59.12	Disposed	139179104	Direct
2007-05-03	16-Common Stock	S	6200	$59.13	Disposed	139172904	Direct
2007-05-03	17-Common Stock	S	13400	$59.14	Disposed	139159504	Direct
2007-05-03	18-Common Stock	S	14600	$59.15	Disposed	139144904	Direct
2007-05-03	19-Common Stock	S	3300	$59.16	Disposed	139141604	Direct
2007-05-03	20-Common Stock	S	400	$59.17	Disposed	139141204	Direct
2007-05-03	21-Common Stock	S	1500	$59.18	Disposed	139139704	Direct
2007-05-03	22-Common Stock	S	1000	$59.19	Disposed	139138704	Direct
2007-05-03	23-Common Stock	S	2000	$59.21	Disposed	139136704	Direct
2007-05-03	24-Common Stock	S	500	$59.22	Disposed	139136204	Direct
2007-05-03	25-Common Stock	S	700	$59.23	Disposed	139135504	Direct
2007-05-03	26-Common Stock	S	2100	$59.24	Disposed	139133404	Direct
2007-05-03	27-Common Stock	S	700	$59.25	Disposed	139132704	Direct
2007-05-03	28-Common Stock	S	1000	$59.26	Disposed	139131704	Direct
2007-05-03	29-Common Stock	S	500	$59.34	Disposed	139131204	Direct
2007-05-03	30-Common Stock	S	400	$59.35	Disposed	139130804	Direct