ELI LILLY & Co — Director's Dealing 2008

Aug 25, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2008-08-22

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-08-22	1-Common Stock	S	700	$47.32	Disposed	136395104	Direct
2008-08-22	2-Common Stock	S	100	$47.33	Disposed	136395004	Direct
2008-08-22	3-Common Stock	S	800	$47.37	Disposed	136394204	Direct
2008-08-22	4-Common Stock	S	400	$47.38	Disposed	136393804	Direct
2008-08-22	5-Common Stock	S	1500	$47.39	Disposed	136392304	Direct
2008-08-22	6-Common Stock	S	500	$47.40	Disposed	136391804	Direct
2008-08-22	7-Common Stock	S	2300	$47.41	Disposed	136389504	Direct
2008-08-22	8-Common Stock	S	1200	$47.42	Disposed	136388304	Direct
2008-08-22	9-Common Stock	S	3400	$47.43	Disposed	136384904	Direct
2008-08-22	10-Common Stock	S	4200	$47.44	Disposed	136380704	Direct
2008-08-22	11-Common Stock	S	3400	$47.45	Disposed	136377304	Direct
2008-08-22	12-Common Stock	S	2300	$47.46	Disposed	136375004	Direct
2008-08-22	13-Common Stock	S	300	$47.47	Disposed	136374704	Direct
2008-08-22	14-Common Stock	S	2400	$47.47	Disposed	136372304	Direct
2008-08-22	15-Common Stock	S	2231	$47.48	Disposed	136370073	Direct
2008-08-22	16-Common Stock	S	4869	$47.49	Disposed	136365204	Direct
2008-08-22	17-Common Stock	S	2900	$47.50	Disposed	136362304	Direct
2008-08-22	18-Common Stock	S	3432	$47.51	Disposed	136358872	Direct
2008-08-22	19-Common Stock	S	2418	$47.52	Disposed	136356454	Direct
2008-08-22	20-Common Stock	S	2300	$47.53	Disposed	136354154	Direct
2008-08-22	21-Common Stock	S	2950	$47.54	Disposed	136351204	Direct
2008-08-22	22-Common Stock	S	1600	$47.55	Disposed	136349604	Direct
2008-08-22	23-Common Stock	S	1100	$47.56	Disposed	136348504	Direct
2008-08-22	24-Common Stock	S	100	$47.57	Disposed	136348404	Direct
2008-08-22	25-Common Stock	S	3100	$47.57	Disposed	136345304	Direct
2008-08-22	26-Common Stock	S	3000	$47.58	Disposed	136342304	Direct
2008-08-22	27-Common Stock	S	3300	$47.59	Disposed	136339004	Direct
2008-08-22	28-Common Stock	S	1900	$47.60	Disposed	136337104	Direct
2008-08-22	29-Common Stock	S	4592	$47.61	Disposed	136332512	Direct
2008-08-22	30-Common Stock	S	1600	$47.62	Disposed	136330912	Direct