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	1-Common Stock	S	5900	$46.46	Disposed	135794904	Direct
2008-09-09	2-Common Stock	S	700	$46.49	Disposed	135794204	Direct
2008-09-09	3-Common Stock	S	100	$46.50	Disposed	135794104	Direct
2008-09-09	4-Common Stock	S	900	$46.51	Disposed	135793204	Direct
2008-09-09	5-Common Stock	S	200	$46.52	Disposed	135793004	Direct
2008-09-09	6-Common Stock	S	200	$46.52	Disposed	135792804	Direct
2008-09-09	7-Common Stock	S	100	$46.53	Disposed	135792704	Direct
2008-09-09	8-Common Stock	S	900	$46.53	Disposed	135791804	Direct
2008-09-09	9-Common Stock	S	600	$46.54	Disposed	135791204	Direct
2008-09-09	10-Common Stock	S	800	$46.54	Disposed	135790404	Direct
2008-09-09	11-Common Stock	S	700	$46.55	Disposed	135789704	Direct
2008-09-09	12-Common Stock	S	1900	$46.55	Disposed	135787804	Direct
2008-09-09	13-Common Stock	S	700	$46.56	Disposed	135787104	Direct
2008-09-09	14-Common Stock	S	700	$46.56	Disposed	135786404	Direct
2008-09-09	15-Common Stock	S	300	$46.57	Disposed	135786104	Direct
2008-09-09	16-Common Stock	S	1100	$46.57	Disposed	135785004	Direct
2008-09-09	17-Common Stock	S	100	$46.58	Disposed	135784904	Direct
2008-09-09	18-Common Stock	S	1500	$46.58	Disposed	135783404	Direct
2008-09-09	19-Common Stock	S	600	$46.59	Disposed	135782804	Direct
2008-09-09	20-Common Stock	S	2500	$46.59	Disposed	135780304	Direct
2008-09-09	21-Common Stock	S	1500	$46.60	Disposed	135778804	Direct
2008-09-09	22-Common Stock	S	900	$46.60	Disposed	135777904	Direct
2008-09-09	23-Common Stock	S	900	$46.61	Disposed	135777004	Direct
2008-09-09	24-Common Stock	S	1600	$46.61	Disposed	135775404	Direct
2008-09-09	25-Common Stock	S	300	$46.62	Disposed	135775104	Direct
2008-09-09	26-Common Stock	S	2100	$46.62	Disposed	135773004	Direct
2008-09-09	27-Common Stock	S	1100	$46.63	Disposed	135771904	Direct
2008-09-09	28-Common Stock	S	2500	$46.63	Disposed	135769404	Direct
2008-09-09	29-Common Stock	S	1200	$46.64	Disposed	135768204	Direct
2008-09-09	30-Common Stock	S	100	$46.64	Disposed	135768104	Direct