ELI LILLY & Co — Director's Dealing 2007

Mar 13, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2007-03-12

Reporting Person: PAUL STEVEN M (EVP, Science and Technology)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-03-12	Common Stock	S	7289	$52.39	Disposed	1070	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	40040	Direct
Common Stock	3105	Indirect
Common Stock	579	Indirect

Footnotes

F1: The transaction reported in this Form 4 was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person's wife on February 26, 2007.

F2: Reporting person disclaims beneficial ownership of these shares.