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	1-Common Stock	S	800	$46.42	Disposed	135965004	Direct
2008-09-02	2-Common Stock	S	800	$46.45	Disposed	135964204	Direct
2008-09-02	3-Common Stock	S	1300	$46.46	Disposed	135962904	Direct
2008-09-02	4-Common Stock	S	1400	$46.47	Disposed	135961504	Direct
2008-09-02	5-Common Stock	S	100	$46.48	Disposed	135961404	Direct
2008-09-02	6-Common Stock	S	1300	$46.48	Disposed	135960104	Direct
2008-09-02	7-Common Stock	S	2800	$46.49	Disposed	135957304	Direct
2008-09-02	8-Common Stock	S	900	$46.50	Disposed	135956404	Direct
2008-09-02	9-Common Stock	S	2800	$46.51	Disposed	135953604	Direct
2008-09-02	10-Common Stock	S	2300	$46.52	Disposed	135951304	Direct
2008-09-02	11-Common Stock	S	5200	$46.53	Disposed	135946104	Direct
2008-09-02	12-Common Stock	S	2200	$46.54	Disposed	135943904	Direct
2008-09-02	13-Common Stock	S	200	$46.55	Disposed	135943704	Direct
2008-09-02	14-Common Stock	S	2600	$46.55	Disposed	135941104	Direct
2008-09-02	15-Common Stock	S	200	$46.56	Disposed	135940904	Direct
2008-09-02	16-Common Stock	S	5300	$46.56	Disposed	135935604	Direct
2008-09-02	17-Common Stock	S	100	$46.57	Disposed	135935504	Direct
2008-09-02	18-Common Stock	S	300	$46.57	Disposed	135935204	Direct
2008-09-02	19-Common Stock	S	3600	$46.57	Disposed	135931604	Direct
2008-09-02	20-Common Stock	S	2600	$46.58	Disposed	135929004	Direct
2008-09-02	21-Common Stock	S	200	$46.59	Disposed	135928804	Direct
2008-09-02	22-Common Stock	S	3600	$46.59	Disposed	135925204	Direct
2008-09-02	23-Common Stock	S	1900	$46.60	Disposed	135923304	Direct
2008-09-02	24-Common Stock	S	800	$46.61	Disposed	135922504	Direct
2008-09-02	25-Common Stock	S	200	$46.62	Disposed	135922304	Direct
2008-09-02	26-Common Stock	S	1200	$46.62	Disposed	135921104	Direct
2008-09-02	27-Common Stock	S	1400	$46.63	Disposed	135919704	Direct
2008-09-02	28-Common Stock	S	2500	$46.64	Disposed	135917204	Direct
2008-09-02	29-Common Stock	S	9400	$46.65	Disposed	135907804	Direct
2008-09-02	30-Common Stock	S	8200	$46.66	Disposed	135899604	Direct