ELI LILLY & Co — Director's Dealing 2003

Aug 4, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2003-07-31

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-07-31	Common Stock	S	600	$66.67	Disposed	156760904	Direct
2003-07-31	Common Stock	S	600	$66.65	Disposed	156760304	Direct
2003-07-31	Common Stock	S	1800	$66.64	Disposed	156758504	Direct
2003-07-31	Common Stock	S	300	$66.63	Disposed	156758204	Direct
2003-07-31	Common Stock	S	700	$66.62	Disposed	156757504	Direct
2003-07-31	Common Stock	S	1800	$66.61	Disposed	156755704	Direct
2003-07-31	Common Stock	S	600	$66.60	Disposed	156755104	Direct
2003-07-31	Common Stock	S	3000	$66.59	Disposed	156752104	Direct
2003-07-31	Common Stock	S	1800	$66.58	Disposed	156750304	Direct
2003-07-31	Common Stock	S	800	$66.57	Disposed	156749504	Direct
2003-07-31	Common Stock	S	600	$66.56	Disposed	156748904	Direct
2003-07-31	Common Stock	S	3100	$66.55	Disposed	156745804	Direct
2003-07-31	Common Stock	S	1200	$66.54	Disposed	156744604	Direct
2003-07-31	Common Stock	S	600	$66.53	Disposed	156744004	Direct
2003-07-31	Common Stock	S	2000	$66.51	Disposed	156742004	Direct
2003-07-31	Common Stock	S	3400	$66.50	Disposed	156738604	Direct
2003-07-31	Common Stock	S	600	$66.49	Disposed	156738004	Direct
2003-07-31	Common Stock	S	600	$66.43	Disposed	156737404	Direct
2003-07-31	Common Stock	S	1200	$66.39	Disposed	156736204	Direct
2003-07-31	Common Stock	S	300	$66.37	Disposed	156735904	Direct
2003-07-31	Common Stock	S	1200	$66.30	Disposed	156734704	Direct
2003-07-31	Common Stock	S	600	$66.28	Disposed	156734104	Direct
2003-07-31	Common Stock	S	1200	$66.25	Disposed	156732904	Direct
2003-07-31	Common Stock	S	1200	$66.21	Disposed	156731704	Direct
2003-07-31	Common Stock	S	1500	$66.17	Disposed	156730204	Direct
2003-07-31	Common Stock	S	600	$66.12	Disposed	156729604	Direct
2003-07-31	Common Stock	S	1700	$66.08	Disposed	156727904	Direct
2003-07-31	Common Stock	S	600	$66.07	Disposed	156727304	Direct
2003-07-31	Common Stock	S	600	$66.05	Disposed	156726704	Direct
2003-07-31	Common Stock	S	500	$66.02	Disposed	156726204	Direct