ELI LILLY & Co — Director's Dealing 2008

Aug 18, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2008-08-15

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-08-15	1-Common Stock	S	1900	$48.61	Disposed	136548904	Direct
2008-08-15	2-Common Stock	S	900	$48.62	Disposed	136548004	Direct
2008-08-15	3-Common Stock	S	900	$48.64	Disposed	136547104	Direct
2008-08-15	4-Common Stock	S	1666	$48.65	Disposed	136545438	Direct
2008-08-15	5-Common Stock	S	800	$48.66	Disposed	136544638	Direct
2008-08-15	6-Common Stock	S	100	$48.67	Disposed	136544538	Direct
2008-08-15	7-Common Stock	S	3400	$48.67	Disposed	136541138	Direct
2008-08-15	8-Common Stock	S	4700	$48.68	Disposed	136536438	Direct
2008-08-15	9-Common Stock	S	200	$48.69	Disposed	136536238	Direct
2008-08-15	10-Common Stock	S	11792	$48.69	Disposed	136524446	Direct
2008-08-15	11-Common Stock	S	400	$48.70	Disposed	136524046	Direct
2008-08-15	12-Common Stock	S	10342	$48.70	Disposed	136513704	Direct
2008-08-15	13-Common Stock	S	2800	$48.71	Disposed	136510904	Direct
2008-08-15	14-Common Stock	S	3100	$48.72	Disposed	136507804	Direct
2008-08-15	15-Common Stock	S	4500	$48.73	Disposed	136503304	Direct
2008-08-15	16-Common Stock	S	6800	$48.74	Disposed	136496504	Direct
2008-08-15	17-Common Stock	S	9100	$48.75	Disposed	136487404	Direct
2008-08-15	18-Common Stock	S	5800	$48.76	Disposed	136481604	Direct
2008-08-15	19-Common Stock	S	3997	$48.77	Disposed	136477607	Direct
2008-08-15	20-Common Stock	S	7400	$48.78	Disposed	136470207	Direct
2008-08-15	21-Common Stock	S	2000	$48.79	Disposed	136468207	Direct
2008-08-15	22-Common Stock	S	7171	$48.80	Disposed	136461036	Direct
2008-08-15	23-Common Stock	S	7400	$48.81	Disposed	136453636	Direct
2008-08-15	24-Common Stock	S	5508	$48.82	Disposed	136448128	Direct
2008-08-15	25-Common Stock	S	4300	$48.83	Disposed	136443828	Direct
2008-08-15	26-Common Stock	S	2300	$48.84	Disposed	136441528	Direct
2008-08-15	27-Common Stock	S	4100	$48.85	Disposed	136437428	Direct
2008-08-15	28-Common Stock	S	3300	$48.86	Disposed	136434128	Direct
2008-08-15	29-Common Stock	S	2854	$48.87	Disposed	136431274	Direct
2008-08-15	30-Common Stock	S	4370	$48.88	Disposed	136426904	Direct