ELI LILLY & Co — Director's Dealing 2008

Jul 29, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2008-07-28

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-07-28	31-Common Stock	S	900	$47.86	Disposed	137437804	Direct
2008-07-28	32-Common Stock	S	400	$47.87	Disposed	137437404	Direct
2008-07-28	33-Common Stock	S	200	$47.88	Disposed	137437204	Direct
2008-07-28	34-Common Stock	S	400	$47.89	Disposed	137436804	Direct
2008-07-28	35-Common Stock	S	800	$47.90	Disposed	137436004	Direct
2008-07-28	36-Common Stock	S	200	$47.91	Disposed	137435804	Direct
2008-07-28	37-Common Stock	S	500	$47.95	Disposed	137435304	Direct
2008-07-28	38-Common Stock	S	400	$47.96	Disposed	137434904	Direct
2008-07-28	39-Common Stock	S	300	$47.97	Disposed	137434604	Direct
2008-07-28	40-Common Stock	S	700	$47.98	Disposed	137433904	Direct
2008-07-28	41-Common Stock	S	800	$47.99	Disposed	137433104	Direct
2008-07-28	42-Common Stock	S	3000	$48.00	Disposed	137430104	Direct
2008-07-28	43-Common Stock	S	100	$48.01	Disposed	137430004	Direct
2008-07-28	44-Common Stock	S	600	$48.01	Disposed	137429404	Direct
2008-07-28	45-Common Stock	S	1300	$48.02	Disposed	137428104	Direct
2008-07-28	46-Common Stock	S	1500	$48.03	Disposed	137426604	Direct
2008-07-28	47-Common Stock	S	1996	$48.04	Disposed	137424608	Direct
2008-07-28	48-Common Stock	S	200	$48.05	Disposed	137424408	Direct
2008-07-28	49-Common Stock	S	300	$48.06	Disposed	137424108	Direct
2008-07-28	50-Common Stock	S	500	$48.07	Disposed	137423608	Direct
2008-07-28	51-Common Stock	S	100	$48.08	Disposed	137423508	Direct
2008-07-28	52-Common Stock	S	904	$48.08	Disposed	137422604	Direct
2008-07-28	53-Common Stock	S	100	$48.09	Disposed	137422504	Direct
2008-07-28	54-Common Stock	S	1850	$48.09	Disposed	137420654	Direct
2008-07-28	55-Common Stock	S	1250	$48.10	Disposed	137419404	Direct
2008-07-28	56-Common Stock	S	1600	$48.11	Disposed	137417804	Direct
2008-07-28	57-Common Stock	S	600	$48.12	Disposed	137417204	Direct
2008-07-28	58-Common Stock	S	700	$48.13	Disposed	137416504	Direct
2008-07-28	59-Common Stock	S	1600	$48.14	Disposed	137414904	Direct
2008-07-28	60-Common Stock	S	600	$48.15	Disposed	137414304	Direct