ELI LILLY & Co — Director's Dealing 2007

May 3, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2007-05-02

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-02	31-Common Stock	S	700	$59.41	Disposed	139259710	Direct
2007-05-02	32-Common Stock	S	1200	$59.42	Disposed	139258510	Direct
2007-05-02	33-Common Stock	S	706	$59.43	Disposed	139257804	Direct
2007-05-02	34-Common Stock	S	100	$59.44	Disposed	139257704	Direct
2007-05-02	35-Common Stock	S	600	$59.45	Disposed	139257104	Direct
2007-05-02	36-Common Stock	S	300	$59.46	Disposed	139256804	Direct
2007-05-02	37-Common Stock	S	800	$59.47	Disposed	139256004	Direct
2007-05-02	38-Common Stock	S	200	$59.48	Disposed	139255804	Direct