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	1-Common Stock	S	700	$59.09	Disposed	139355104	Direct
2007-05-02	2-Common Stock	S	2700	$59.10	Disposed	139352404	Direct
2007-05-02	3-Common Stock	S	2600	$59.11	Disposed	139349804	Direct
2007-05-02	4-Common Stock	S	2000	$59.12	Disposed	139347804	Direct
2007-05-02	5-Common Stock	S	3300	$59.13	Disposed	139344504	Direct
2007-05-02	6-Common Stock	S	3900	$59.14	Disposed	139340604	Direct
2007-05-02	7-Common Stock	S	5800	$59.15	Disposed	139334804	Direct
2007-05-02	8-Common Stock	S	10300	$59.16	Disposed	139324504	Direct
2007-05-02	9-Common Stock	S	3200	$59.17	Disposed	139321304	Direct
2007-05-02	10-Common Stock	S	3500	$59.18	Disposed	139317804	Direct
2007-05-02	11-Common Stock	S	4600	$59.19	Disposed	139313204	Direct
2007-05-02	12-Common Stock	S	1294	$59.20	Disposed	139311910	Direct
2007-05-02	13-Common Stock	S	1600	$59.21	Disposed	139310310	Direct
2007-05-02	14-Common Stock	S	2300	$59.22	Disposed	139308010	Direct
2007-05-02	15-Common Stock	S	2200	$59.23	Disposed	139305810	Direct
2007-05-02	16-Common Stock	S	7100	$59.24	Disposed	139298710	Direct
2007-05-02	17-Common Stock	S	7320	$59.25	Disposed	139291390	Direct
2007-05-02	18-Common Stock	S	3100	$59.26	Disposed	139288290	Direct
2007-05-02	19-Common Stock	S	5406	$59.27	Disposed	139282884	Direct
2007-05-02	20-Common Stock	S	4280	$59.28	Disposed	139278604	Direct
2007-05-02	21-Common Stock	S	3600	$59.29	Disposed	139275004	Direct
2007-05-02	22-Common Stock	S	3800	$59.30	Disposed	139271204	Direct
2007-05-02	23-Common Stock	S	2400	$59.31	Disposed	139268804	Direct
2007-05-02	24-Common Stock	S	1900	$59.32	Disposed	139266904	Direct
2007-05-02	25-Common Stock	S	1200	$59.33	Disposed	139265704	Direct
2007-05-02	26-Common Stock	S	2494	$59.34	Disposed	139263210	Direct
2007-05-02	27-Common Stock	S	1100	$59.35	Disposed	139262110	Direct
2007-05-02	28-Common Stock	S	200	$59.36	Disposed	139261910	Direct
2007-05-02	29-Common Stock	S	200	$59.37	Disposed	139261710	Direct
2007-05-02	30-Common Stock	S	1300	$59.40	Disposed	139260410	Direct