ELI LILLY & Co — Director's Dealing 2003

Aug 26, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2003-08-25

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-08-25	1-Common Stock	S	800	$63.66	Disposed	155895004	Direct
2003-08-25	2-Common Stock	S	800	$63.63	Disposed	155894204	Direct
2003-08-25	3-Common Stock	S	4000	$63.62	Disposed	155890204	Direct
2003-08-25	4-Common Stock	S	3700	$63.6	Disposed	155886504	Direct
2003-08-25	5-Common Stock	S	1700	$63.59	Disposed	155884804	Direct
2003-08-25	6-Common Stock	S	9500	$63.58	Disposed	155875304	Direct
2003-08-25	7-Common Stock	S	2400	$63.57	Disposed	155872904	Direct
2003-08-25	8-Common Stock	S	1800	$63.56	Disposed	155871104	Direct
2003-08-25	9-Common Stock	S	8400	$63.55	Disposed	155862704	Direct
2003-08-25	10-Common Stock	S	2500	$63.54	Disposed	155860204	Direct
2003-08-25	11-Common Stock	S	2300	$63.53	Disposed	155857904	Direct
2003-08-25	12-Common Stock	S	7500	$63.52	Disposed	155850404	Direct
2003-08-25	13-Common Stock	S	8200	$63.51	Disposed	155842204	Direct
2003-08-25	14-Common Stock	S	3600	$63.5	Disposed	155838604	Direct
2003-08-25	15-Common Stock	S	9500	$63.49	Disposed	155829104	Direct
2003-08-25	16-Common Stock	S	8800	$63.48	Disposed	155820304	Direct
2003-08-25	17-Common Stock	S	2800	$63.47	Disposed	155817504	Direct
2003-08-25	18-Common Stock	S	19100	$63.46	Disposed	155798404	Direct
2003-08-25	19-Common Stock	S	7400	$63.45	Disposed	155791004	Direct
2003-08-25	20-Common Stock	S	5700	$63.44	Disposed	155785304	Direct
2003-08-25	21-Common Stock	S	15400	$63.43	Disposed	155769904	Direct
2003-08-25	22-Common Stock	S	2000	$63.42	Disposed	155767904	Direct
2003-08-25	23-Common Stock	S	2000	$63.41	Disposed	155765904	Direct
2003-08-25	24-Common Stock	S	2800	$63.4	Disposed	155763104	Direct
2003-08-25	25-Common Stock	S	2800	$63.39	Disposed	155760304	Direct
2003-08-25	26-Common Stock	S	2000	$63.38	Disposed	155758304	Direct
2003-08-25	27-Common Stock	S	5000	$63.37	Disposed	155753304	Direct
2003-08-25	28-Common Stock	S	4000	$63.36	Disposed	155749304	Direct
2003-08-25	29-Common Stock	S	3800	$63.34	Disposed	155745504	Direct
2003-08-25	30-Common Stock	S	800	$63.33	Disposed	155744704	Direct