ELI LILLY & Co — Director's Dealing 2008

Jul 31, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2008-07-30

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-07-30	121-Common Stock	S	100	$48.05	Disposed	137232104	Direct
2008-07-30	122-Common Stock	S	300	$48.13	Disposed	137231804	Direct
2008-07-30	123-Common Stock	S	200	$48.14	Disposed	137231604	Direct
2008-07-30	124-Common Stock	S	100	$48.15	Disposed	137231504	Direct
2008-07-30	125-Common Stock	S	200	$48.17	Disposed	137231304	Direct
2008-07-30	126-Common Stock	S	200	$48.17	Disposed	137231104	Direct
2008-07-30	127-Common Stock	S	200	$48.18	Disposed	137230904	Direct
2008-07-30	128-Common Stock	S	700	$48.19	Disposed	137230204	Direct
2008-07-30	129-Common Stock	S	100	$48.19	Disposed	137230104	Direct
2008-07-30	130-Common Stock	S	200	$48.20	Disposed	137229904	Direct
2008-07-30	131-Common Stock	S	200	$48.21	Disposed	137229704	Direct
2008-07-30	132-Common Stock	S	200	$48.21	Disposed	137229504	Direct
2008-07-30	133-Common Stock	S	200	$48.22	Disposed	137229304	Direct
2008-07-30	134-Common Stock	S	200	$48.23	Disposed	137229104	Direct
2008-07-30	135-Common Stock	S	400	$48.24	Disposed	137228704	Direct
2008-07-30	136-Common Stock	S	400	$48.24	Disposed	137228304	Direct
2008-07-30	137-Common Stock	S	900	$48.25	Disposed	137227404	Direct
2008-07-30	138-Common Stock	S	200	$48.27	Disposed	137227204	Direct
2008-07-30	139-Common Stock	S	200	$48.28	Disposed	137227004	Direct
2008-07-30	140-Common Stock	S	300	$48.29	Disposed	137226704	Direct
2008-07-30	141-Common Stock	S	100	$48.30	Disposed	137226604	Direct
2008-07-30	142-Common Stock	S	200	$48.31	Disposed	137226404	Direct
2008-07-30	143-Common Stock	S	200	$48.32	Disposed	137226204	Direct
2008-07-30	144-Common Stock	S	200	$48.36	Disposed	137226004	Direct
2008-07-30	145-Common Stock	S	100	$48.37	Disposed	137225904	Direct
2008-07-30	146-Common Stock	S	100	$48.38	Disposed	137225804	Direct
2008-07-30	147-Common Stock	S	100	$48.39	Disposed	137225704	Direct
2008-07-30	148-Common Stock	S	200	$48.39	Disposed	137225504	Direct
2008-07-30	149-Common Stock	S	200	$48.40	Disposed	137225304	Direct
2008-07-30	150-Common Stock	S	300	$48.40	Disposed	137225004	Direct