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	91-Common Stock	S	500	$47.10	Disposed	135857504	Direct
2008-09-02	92-Common Stock	S	200	$47.11	Disposed	135857304	Direct
2008-09-02	93-Common Stock	S	100	$47.11	Disposed	135857204	Direct
2008-09-02	94-Common Stock	S	100	$47.12	Disposed	135857104	Direct
2008-09-02	95-Common Stock	S	500	$47.12	Disposed	135856604	Direct
2008-09-02	96-Common Stock	S	600	$47.13	Disposed	135856004	Direct
2008-09-02	97-Common Stock	S	100	$47.14	Disposed	135855904	Direct
2008-09-02	98-Common Stock	S	200	$47.14	Disposed	135855704	Direct
2008-09-02	99-Common Stock	S	100	$47.15	Disposed	135855604	Direct
2008-09-02	100-Common Stock	S	1000	$47.15	Disposed	135854604	Direct
2008-09-02	101-Common Stock	S	100	$47.16	Disposed	135854504	Direct
2008-09-02	102-Common Stock	S	1000	$47.16	Disposed	135853504	Direct
2008-09-02	103-Common Stock	S	300	$47.17	Disposed	135853204	Direct
2008-09-02	104-Common Stock	S	300	$47.17	Disposed	135852904	Direct
2008-09-02	105-Common Stock	S	900	$47.18	Disposed	135852004	Direct
2008-09-02	106-Common Stock	S	100	$47.19	Disposed	135851904	Direct
2008-09-02	107-Common Stock	S	2000	$47.19	Disposed	135849904	Direct
2008-09-02	108-Common Stock	S	100	$47.20	Disposed	135849804	Direct
2008-09-02	109-Common Stock	S	300	$47.22	Disposed	135849504	Direct
2008-09-02	110-Common Stock	S	900	$47.23	Disposed	135848604	Direct
2008-09-02	111-Common Stock	S	100	$47.24	Disposed	135848504	Direct
2008-09-02	112-Common Stock	S	3600	$47.24	Disposed	135844904	Direct
2008-09-02	113-Common Stock	S	400	$47.25	Disposed	135844504	Direct
2008-09-02	114-Common Stock	S	1500	$47.25	Disposed	135843004	Direct
2008-09-02	115-Common Stock	S	900	$47.26	Disposed	135842104	Direct
2008-09-02	116-Common Stock	S	200	$47.27	Disposed	135841904	Direct
2008-09-02	117-Common Stock	S	700	$47.27	Disposed	135841204	Direct
2008-09-02	118-Common Stock	S	100	$47.28	Disposed	135841104	Direct
2008-09-02	119-Common Stock	S	1300	$47.28	Disposed	135839804	Direct
2008-09-02	120-Common Stock	S	100	$47.29	Disposed	135839704	Direct