ELI LILLY & Co — Director's Dealing 2003

Aug 7, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2003-08-05

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-08-05	Common Stock	S	300	$65.36	Disposed	156695504	Direct
2003-08-05	Common Stock	S	500	$65.34	Disposed	156695004	Direct
2003-08-05	Common Stock	S	700	$65.30	Disposed	156694304	Direct
2003-08-05	Common Stock	S	300	$65.24	Disposed	156694004	Direct
2003-08-05	Common Stock	S	700	$65.22	Disposed	156693304	Direct
2003-08-05	Common Stock	S	800	$65.21	Disposed	156692504	Direct
2003-08-05	Common Stock	S	1600	$65.17	Disposed	156690904	Direct
2003-08-05	Common Stock	S	700	$65.16	Disposed	156690204	Direct
2003-08-05	Common Stock	S	200	$65.15	Disposed	156690004	Direct
2003-08-05	Common Stock	S	1400	$65.14	Disposed	156688604	Direct
2003-08-05	Common Stock	S	700	$65.12	Disposed	156687904	Direct
2003-08-05	Common Stock	S	1000	$65.11	Disposed	156686904	Direct
2003-08-05	Common Stock	S	1800	$65.10	Disposed	156685104	Direct
2003-08-05	Common Stock	S	2000	$65.08	Disposed	156683104	Direct
2003-08-05	Common Stock	S	1400	$65.07	Disposed	156681704	Direct
2003-08-05	Common Stock	S	900	$65.06	Disposed	156680804	Direct
2003-08-05	Common Stock	S	600	$65.05	Disposed	156680204	Direct
2003-08-05	Common Stock	S	1500	$65.03	Disposed	156678704	Direct
2003-08-05	Common Stock	S	1500	$65.02	Disposed	156677204	Direct
2003-08-05	Common Stock	S	800	$65.01	Disposed	156676404	Direct
2003-08-05	Common Stock	S	1400	$65.00	Disposed	156675004	Direct
2003-08-05	Common Stock	S	1400	$64.99	Disposed	156673604	Direct
2003-08-05	Common Stock	S	800	$64.98	Disposed	156672804	Direct
2003-08-05	Common Stock	S	4400	$64.97	Disposed	156668404	Direct
2003-08-05	Common Stock	S	900	$64.96	Disposed	156667504	Direct
2003-08-05	Common Stock	S	2500	$64.95	Disposed	156665004	Direct
2003-08-05	Common Stock	S	1400	$64.94	Disposed	156663604	Direct
2003-08-05	Common Stock	S	1400	$64.93	Disposed	156662204	Direct
2003-08-05	Common Stock	S	800	$64.92	Disposed	156661404	Direct
2003-08-05	Common Stock	S	4400	$64.91	Disposed	156657004	Direct