ELI LILLY & Co — Director's Dealing 2008

Sep 3, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2008-09-02

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-09-02	121-Common Stock	S	3200	$47.29	Disposed	135836504	Direct
2008-09-02	122-Common Stock	S	700	$47.30	Disposed	135835804	Direct
2008-09-02	123-Common Stock	S	1300	$47.30	Disposed	135834504	Direct
2008-09-02	124-Common Stock	S	300	$47.31	Disposed	135834204	Direct
2008-09-02	125-Common Stock	S	700	$47.31	Disposed	135833504	Direct
2008-09-02	126-Common Stock	S	960	$47.32	Disposed	135832544	Direct
2008-09-02	127-Common Stock	S	2000	$47.33	Disposed	135830544	Direct
2008-09-02	128-Common Stock	S	200	$47.34	Disposed	135830344	Direct
2008-09-02	129-Common Stock	S	1840	$47.34	Disposed	135828504	Direct
2008-09-02	130-Common Stock	S	200	$47.35	Disposed	135828304	Direct
2008-09-02	131-Common Stock	S	1300	$47.35	Disposed	135827004	Direct
2008-09-02	132-Common Stock	S	200	$47.36	Disposed	135826804	Direct
2008-09-02	133-Common Stock	S	400	$47.37	Disposed	135826404	Direct
2008-09-02	134-Common Stock	S	700	$47.38	Disposed	135825704	Direct
2008-09-02	135-Common Stock	S	900	$47.38	Disposed	135824804	Direct
2008-09-02	136-Common Stock	S	400	$47.39	Disposed	135824404	Direct
2008-09-02	137-Common Stock	S	1300	$47.39	Disposed	135823104	Direct
2008-09-02	138-Common Stock	S	1100	$47.40	Disposed	135822004	Direct
2008-09-02	139-Common Stock	S	100	$47.41	Disposed	135821904	Direct
2008-09-02	140-Common Stock	S	400	$47.41	Disposed	135821504	Direct
2008-09-02	141-Common Stock	S	1700	$47.42	Disposed	135819804	Direct
2008-09-02	142-Common Stock	S	100	$47.43	Disposed	135819704	Direct
2008-09-02	143-Common Stock	S	2000	$47.43	Disposed	135817704	Direct
2008-09-02	144-Common Stock	S	200	$47.44	Disposed	135817504	Direct
2008-09-02	145-Common Stock	S	2200	$47.44	Disposed	135815304	Direct
2008-09-02	146-Common Stock	S	100	$47.45	Disposed	135815204	Direct
2008-09-02	147-Common Stock	S	2100	$47.45	Disposed	135813104	Direct
2008-09-02	148-Common Stock	S	1300	$47.46	Disposed	135811804	Direct
2008-09-02	149-Common Stock	S	1100	$47.47	Disposed	135810704	Direct
2008-09-02	150-Common Stock	S	300	$47.48	Disposed	135810404	Direct