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	31-Common Stock	S	700	$46.67	Disposed	135898904	Direct
2008-09-02	32-Common Stock	S	500	$46.67	Disposed	135898404	Direct
2008-09-02	33-Common Stock	S	400	$46.68	Disposed	135898004	Direct
2008-09-02	34-Common Stock	S	1300	$46.68	Disposed	135896704	Direct
2008-09-02	35-Common Stock	S	800	$46.69	Disposed	135895904	Direct
2008-09-02	36-Common Stock	S	4600	$46.69	Disposed	135891304	Direct
2008-09-02	37-Common Stock	S	700	$46.70	Disposed	135890604	Direct
2008-09-02	38-Common Stock	S	3800	$46.70	Disposed	135886804	Direct
2008-09-02	39-Common Stock	S	500	$46.71	Disposed	135886304	Direct
2008-09-02	40-Common Stock	S	300	$46.71	Disposed	135886004	Direct
2008-09-02	41-Common Stock	S	200	$46.72	Disposed	135885804	Direct
2008-09-02	42-Common Stock	S	2100	$46.72	Disposed	135883704	Direct
2008-09-02	43-Common Stock	S	2900	$46.73	Disposed	135880804	Direct
2008-09-02	44-Common Stock	S	300	$46.74	Disposed	135880504	Direct
2008-09-02	45-Common Stock	S	3300	$46.74	Disposed	135877204	Direct
2008-09-02	46-Common Stock	S	600	$46.75	Disposed	135876604	Direct
2008-09-02	47-Common Stock	S	400	$46.75	Disposed	135876204	Direct
2008-09-02	48-Common Stock	S	1300	$46.76	Disposed	135874904	Direct
2008-09-02	49-Common Stock	S	200	$46.77	Disposed	135874704	Direct
2008-09-02	50-Common Stock	S	200	$46.77	Disposed	135874504	Direct
2008-09-02	51-Common Stock	S	400	$46.78	Disposed	135874104	Direct
2008-09-02	52-Common Stock	S	100	$46.79	Disposed	135874004	Direct
2008-09-02	53-Common Stock	S	1300	$46.79	Disposed	135872704	Direct
2008-09-02	54-Common Stock	S	900	$46.80	Disposed	135871804	Direct
2008-09-02	55-Common Stock	S	700	$46.80	Disposed	135871104	Direct
2008-09-02	56-Common Stock	S	400	$46.81	Disposed	135870704	Direct
2008-09-02	57-Common Stock	S	100	$46.82	Disposed	135870604	Direct
2008-09-02	58-Common Stock	S	1200	$46.82	Disposed	135869404	Direct
2008-09-02	59-Common Stock	S	100	$46.83	Disposed	135869304	Direct
2008-09-02	60-Common Stock	S	1035	$46.83	Disposed	135868269	Direct