ELI LILLY & Co — Director's Dealing 2003

Aug 28, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2003-08-27

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-08-27	1-Common Stock	S	500	$65.48	Disposed	155550304	Direct
2003-08-27	2-Common Stock	S	1000	$65.46	Disposed	155549304	Direct
2003-08-27	3-Common Stock	S	3000	$65.45	Disposed	155546304	Direct
2003-08-27	4-Common Stock	S	1000	$65.44	Disposed	155545304	Direct
2003-08-27	5-Common Stock	S	3500	$65.42	Disposed	155541804	Direct
2003-08-27	6-Common Stock	S	1000	$65.41	Disposed	155540804	Direct
2003-08-27	7-Common Stock	S	1100	$65.4	Disposed	155539704	Direct
2003-08-27	8-Common Stock	S	1700	$65.38	Disposed	155538004	Direct
2003-08-27	9-Common Stock	S	1700	$65.37	Disposed	155536304	Direct
2003-08-27	10-Common Stock	S	1100	$65.36	Disposed	155535204	Direct
2003-08-27	11-Common Stock	S	1000	$65.35	Disposed	155534204	Direct
2003-08-27	12-Common Stock	S	1500	$65.34	Disposed	155532704	Direct
2003-08-27	13-Common Stock	S	2600	$65.33	Disposed	155530104	Direct
2003-08-27	14-Common Stock	S	3600	$65.32	Disposed	155526504	Direct
2003-08-27	15-Common Stock	S	2600	$65.31	Disposed	155523904	Direct
2003-08-27	16-Common Stock	S	2500	$65.3	Disposed	155521404	Direct
2003-08-27	17-Common Stock	S	2600	$65.29	Disposed	155518804	Direct
2003-08-27	18-Common Stock	S	6300	$65.28	Disposed	155512504	Direct
2003-08-27	19-Common Stock	S	3500	$65.27	Disposed	155509004	Direct
2003-08-27	20-Common Stock	S	1000	$65.26	Disposed	155508004	Direct
2003-08-27	21-Common Stock	S	3700	$65.25	Disposed	155504304	Direct
2003-08-27	22-Common Stock	S	1500	$65.24	Disposed	155502804	Direct
2003-08-27	23-Common Stock	S	500	$65.23	Disposed	155502304	Direct
2003-08-27	24-Common Stock	S	5900	$65.22	Disposed	155496404	Direct
2003-08-27	25-Common Stock	S	800	$65.21	Disposed	155495604	Direct
2003-08-27	26-Common Stock	S	2300	$65.2	Disposed	155493304	Direct
2003-08-27	27-Common Stock	S	600	$65.19	Disposed	155492704	Direct
2003-08-27	28-Common Stock	S	1100	$65.18	Disposed	155491604	Direct
2003-08-27	29-Common Stock	S	1000	$65.17	Disposed	155490604	Direct
2003-08-27	30-Common Stock	S	1500	$65.16	Disposed	155489104	Direct