ELI LILLY & Co — Director's Dealing 2003

Aug 27, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2003-08-26

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-08-26	1-Common Stock	S	1300	$64.67	Disposed	155729504	Direct
2003-08-26	2-Common Stock	S	3600	$64.66	Disposed	155725904	Direct
2003-08-26	3-Common Stock	S	1300	$64.65	Disposed	155724604	Direct
2003-08-26	4-Common Stock	S	800	$64.59	Disposed	155723804	Direct
2003-08-26	5-Common Stock	S	1100	$64.57	Disposed	155722704	Direct
2003-08-26	6-Common Stock	S	8900	$64.56	Disposed	155713804	Direct
2003-08-26	7-Common Stock	S	5700	$64.55	Disposed	155708104	Direct
2003-08-26	8-Common Stock	S	3000	$64.54	Disposed	155705104	Direct
2003-08-26	9-Common Stock	S	2200	$64.53	Disposed	155702904	Direct
2003-08-26	10-Common Stock	S	800	$64.52	Disposed	155702104	Direct
2003-08-26	11-Common Stock	S	800	$64.51	Disposed	155701304	Direct
2003-08-26	12-Common Stock	S	3600	$64.5	Disposed	155697704	Direct
2003-08-26	13-Common Stock	S	2400	$64.49	Disposed	155695304	Direct
2003-08-26	14-Common Stock	S	2400	$64.48	Disposed	155692904	Direct
2003-08-26	15-Common Stock	S	2400	$64.47	Disposed	155690504	Direct
2003-08-26	16-Common Stock	S	1200	$64.46	Disposed	155689304	Direct
2003-08-26	17-Common Stock	S	7200	$64.45	Disposed	155682104	Direct
2003-08-26	18-Common Stock	S	1600	$64.44	Disposed	155680504	Direct
2003-08-26	19-Common Stock	S	3200	$64.43	Disposed	155677304	Direct
2003-08-26	20-Common Stock	S	2400	$64.42	Disposed	155674904	Direct
2003-08-26	21-Common Stock	S	800	$64.41	Disposed	155674104	Direct
2003-08-26	22-Common Stock	S	4300	$64.4	Disposed	155669804	Direct
2003-08-26	23-Common Stock	S	800	$64.39	Disposed	155669004	Direct
2003-08-26	24-Common Stock	S	1300	$64.38	Disposed	155667704	Direct
2003-08-26	25-Common Stock	S	1600	$64.37	Disposed	155666104	Direct
2003-08-26	26-Common Stock	S	1600	$64.36	Disposed	155664504	Direct
2003-08-26	27-Common Stock	S	2400	$64.35	Disposed	155662104	Direct
2003-08-26	28-Common Stock	S	800	$64.34	Disposed	155661304	Direct
2003-08-26	29-Common Stock	S	800	$64.33	Disposed	155660504	Direct
2003-08-26	30-Common Stock	S	1600	$64.32	Disposed	155658904	Direct