ELI LILLY & Co — Director's Dealing 2008

Aug 29, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2008-08-28

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-08-28	31-Common Stock	S	10270	$46.86	Disposed	136059234	Direct
2008-08-28	32-Common Stock	S	2630	$46.87	Disposed	136056604	Direct
2008-08-28	33-Common Stock	S	5400	$46.87	Disposed	136051204	Direct
2008-08-28	34-Common Stock	S	2700	$46.88	Disposed	136048504	Direct
2008-08-28	35-Common Stock	S	7500	$46.88	Disposed	136041004	Direct
2008-08-28	36-Common Stock	S	1500	$46.89	Disposed	136039504	Direct
2008-08-28	37-Common Stock	S	5200	$46.89	Disposed	136034304	Direct
2008-08-28	38-Common Stock	S	2100	$46.90	Disposed	136032204	Direct
2008-08-28	39-Common Stock	S	6900	$46.90	Disposed	136025304	Direct
2008-08-28	40-Common Stock	S	2800	$46.91	Disposed	136022504	Direct
2008-08-28	41-Common Stock	S	13200	$46.91	Disposed	136009304	Direct
2008-08-28	42-Common Stock	S	2400	$46.92	Disposed	136006904	Direct
2008-08-28	43-Common Stock	S	4100	$46.92	Disposed	136002804	Direct
2008-08-28	44-Common Stock	S	100	$46.93	Disposed	136002704	Direct
2008-08-28	45-Common Stock	S	1500	$46.93	Disposed	136001204	Direct
2008-08-28	46-Common Stock	S	6500	$46.93	Disposed	135994704	Direct
2008-08-28	47-Common Stock	S	700	$46.94	Disposed	135994004	Direct
2008-08-28	48-Common Stock	S	1400	$46.94	Disposed	135992604	Direct
2008-08-28	49-Common Stock	S	1700	$46.95	Disposed	135990904	Direct
2008-08-28	50-Common Stock	S	3400	$46.95	Disposed	135987504	Direct
2008-08-28	51-Common Stock	S	700	$46.96	Disposed	135986804	Direct
2008-08-28	52-Common Stock	S	3400	$46.96	Disposed	135983404	Direct
2008-08-28	53-Common Stock	S	800	$46.97	Disposed	135982604	Direct
2008-08-28	54-Common Stock	S	3000	$46.97	Disposed	135979604	Direct
2008-08-28	55-Common Stock	S	300	$46.98	Disposed	135979304	Direct
2008-08-28	56-Common Stock	S	2800	$46.98	Disposed	135976504	Direct
2008-08-28	57-Common Stock	S	900	$46.99	Disposed	135975604	Direct
2008-08-28	58-Common Stock	S	1100	$46.99	Disposed	135974504	Direct
2008-08-28	59-Common Stock	S	200	$47.00	Disposed	135974304	Direct
2008-08-28	60-Common Stock	S	700	$47.00	Disposed	135973604	Direct