ELI LILLY & Co — Director's Dealing 2007

May 2, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2007-05-01

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-01	1-Common Stock	S	600	$58.81	Disposed	139655204	Direct
2007-05-01	2-Common Stock	S	2400	$58.83	Disposed	139652804	Direct
2007-05-01	3-Common Stock	S	8000	$58.84	Disposed	139644804	Direct
2007-05-01	4-Common Stock	S	2800	$58.85	Disposed	139642004	Direct
2007-05-01	5-Common Stock	S	500	$58.86	Disposed	139641504	Direct
2007-05-01	6-Common Stock	S	7200	$58.87	Disposed	139634304	Direct
2007-05-01	7-Common Stock	S	3600	$58.88	Disposed	139630704	Direct
2007-05-01	8-Common Stock	S	31400	$58.89	Disposed	139599304	Direct
2007-05-01	9-Common Stock	S	11800	$58.90	Disposed	139587504	Direct
2007-05-01	10-Common Stock	S	9600	$58.91	Disposed	139577904	Direct
2007-05-01	11-Common Stock	S	11500	$58.92	Disposed	139566404	Direct
2007-05-01	12-Common Stock	S	9100	$58.93	Disposed	139557304	Direct
2007-05-01	13-Common Stock	S	8200	$58.94	Disposed	139549104	Direct
2007-05-01	14-Common Stock	S	8600	$58.95	Disposed	139540504	Direct
2007-05-01	15-Common Stock	S	12000	$58.96	Disposed	139528504	Direct
2007-05-01	16-Common Stock	S	7900	$58.97	Disposed	139520604	Direct
2007-05-01	17-Common Stock	S	11700	$58.98	Disposed	139508904	Direct
2007-05-01	18-Common Stock	S	17400	$58.99	Disposed	139491504	Direct
2007-05-01	19-Common Stock	S	34800	$59.00	Disposed	139456704	Direct
2007-05-01	20-Common Stock	S	14300	$59.01	Disposed	139442404	Direct
2007-05-01	21-Common Stock	S	11200	$59.02	Disposed	139431204	Direct
2007-05-01	22-Common Stock	S	8000	$59.03	Disposed	139423204	Direct
2007-05-01	23-Common Stock	S	10700	$59.04	Disposed	139412504	Direct
2007-05-01	24-Common Stock	S	11600	$59.05	Disposed	139400904	Direct
2007-05-01	25-Common Stock	S	8700	$59.06	Disposed	139392204	Direct
2007-05-01	26-Common Stock	S	6900	$59.07	Disposed	139385304	Direct
2007-05-01	27-Common Stock	S	6600	$59.08	Disposed	139378704	Direct
2007-05-01	28-Common Stock	S	7500	$59.09	Disposed	139371204	Direct
2007-05-01	29-Common Stock	S	2500	$59.10	Disposed	139368704	Direct
2007-05-01	30-Common Stock	S	2900	$59.11	Disposed	139365804	Direct