ELI LILLY & Co — Director's Dealing 2008

Sep 10, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2008-09-09

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-09-09	31-Common Stock	S	1600	$46.65	Disposed	135766504	Direct
2008-09-09	32-Common Stock	S	600	$46.65	Disposed	135765904	Direct
2008-09-09	33-Common Stock	S	1900	$46.66	Disposed	135764004	Direct
2008-09-09	34-Common Stock	S	1300	$46.66	Disposed	135762704	Direct
2008-09-09	35-Common Stock	S	1800	$46.67	Disposed	135760904	Direct
2008-09-09	36-Common Stock	S	1700	$46.67	Disposed	135759204	Direct
2008-09-09	37-Common Stock	S	2100	$46.68	Disposed	135757104	Direct
2008-09-09	38-Common Stock	S	2500	$46.68	Disposed	135754604	Direct
2008-09-09	39-Common Stock	S	1800	$46.69	Disposed	135752804	Direct
2008-09-09	40-Common Stock	S	1000	$46.69	Disposed	135751804	Direct
2008-09-09	41-Common Stock	S	3000	$46.70	Disposed	135748804	Direct
2008-09-09	42-Common Stock	S	1000	$46.70	Disposed	135747804	Direct
2008-09-09	43-Common Stock	S	2300	$46.71	Disposed	135745504	Direct
2008-09-09	44-Common Stock	S	1000	$46.71	Disposed	135744504	Direct
2008-09-09	45-Common Stock	S	900	$46.72	Disposed	135743604	Direct
2008-09-09	46-Common Stock	S	400	$46.72	Disposed	135743204	Direct
2008-09-09	47-Common Stock	S	900	$46.73	Disposed	135742304	Direct
2008-09-09	48-Common Stock	S	1600	$46.73	Disposed	135740704	Direct
2008-09-09	49-Common Stock	S	1600	$46.74	Disposed	135739104	Direct
2008-09-09	50-Common Stock	S	600	$46.74	Disposed	135738504	Direct
2008-09-09	51-Common Stock	S	1100	$46.75	Disposed	135737404	Direct
2008-09-09	52-Common Stock	S	700	$46.75	Disposed	135736704	Direct
2008-09-09	53-Common Stock	S	700	$46.76	Disposed	135736004	Direct
2008-09-09	54-Common Stock	S	2400	$46.76	Disposed	135733604	Direct
2008-09-09	55-Common Stock	S	800	$46.77	Disposed	135732804	Direct
2008-09-09	56-Common Stock	S	200	$46.77	Disposed	135732604	Direct
2008-09-09	57-Common Stock	S	1100	$46.78	Disposed	135731504	Direct
2008-09-09	58-Common Stock	S	400	$46.78	Disposed	135731104	Direct
2008-09-09	59-Common Stock	S	1500	$46.79	Disposed	135729604	Direct
2008-09-09	60-Common Stock	S	900	$46.79	Disposed	135728704	Direct