ELI LILLY & Co — Director's Dealing 2003

Aug 29, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2003-08-28

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-08-28	1-Common Stock	S	3200	$65.98	Disposed	155447604	Direct
2003-08-28	2-Common Stock	S	800	$65.97	Disposed	155446804	Direct
2003-08-28	3-Common Stock	S	7700	$65.96	Disposed	155439104	Direct
2003-08-28	4-Common Stock	S	8500	$65.95	Disposed	155430604	Direct
2003-08-28	5-Common Stock	S	3962	$65.94	Disposed	155426642	Direct
2003-08-28	6-Common Stock	S	3500	$65.93	Disposed	155423142	Direct
2003-08-28	7-Common Stock	S	800	$65.92	Disposed	155422342	Direct
2003-08-28	8-Common Stock	S	1400	$65.91	Disposed	155420942	Direct
2003-08-28	9-Common Stock	S	5600	$65.9	Disposed	155415342	Direct
2003-08-28	10-Common Stock	S	2400	$65.89	Disposed	155412942	Direct
2003-08-28	11-Common Stock	S	1800	$65.88	Disposed	155411142	Direct
2003-08-28	12-Common Stock	S	8400	$65.87	Disposed	155402742	Direct
2003-08-28	13-Common Stock	S	3500	$65.85	Disposed	155399242	Direct
2003-08-28	14-Common Stock	S	1600	$65.84	Disposed	155397642	Direct
2003-08-28	15-Common Stock	S	2700	$65.82	Disposed	155394942	Direct
2003-08-28	16-Common Stock	S	1600	$65.81	Disposed	155393342	Direct
2003-08-28	17-Common Stock	S	2900	$65.8	Disposed	155390442	Direct
2003-08-28	18-Common Stock	S	6200	$65.79	Disposed	155384242	Direct
2003-08-28	19-Common Stock	S	2900	$65.78	Disposed	155381342	Direct
2003-08-28	20-Common Stock	S	1600	$65.77	Disposed	155379742	Direct
2003-08-28	21-Common Stock	S	2400	$65.76	Disposed	155377342	Direct
2003-08-28	22-Common Stock	S	1600	$65.75	Disposed	155375742	Direct
2003-08-28	23-Common Stock	S	800	$65.74	Disposed	155374942	Direct
2003-08-28	24-Common Stock	S	800	$65.73	Disposed	155374142	Direct
2003-08-28	25-Common Stock	S	4200	$65.72	Disposed	155369942	Direct
2003-08-28	26-Common Stock	S	5838	$65.71	Disposed	155364104	Direct
2003-08-28	27-Common Stock	S	4300	$65.7	Disposed	155359804	Direct
2003-08-28	28-Common Stock	S	700	$65.69	Disposed	155359104	Direct
2003-08-28	29-Common Stock	S	4000	$65.68	Disposed	155355104	Direct
2003-08-28	30-Common Stock	S	1800	$65.67	Disposed	155353304	Direct