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	$67.25	Disposed	156795204	Direct
2003-07-31	Common Stock	S	600	$67.14	Disposed	156794604	Direct
2003-07-31	Common Stock	S	1400	$67.10	Disposed	156793204	Direct
2003-07-31	Common Stock	S	700	$67.07	Disposed	156792504	Direct
2003-07-31	Common Stock	S	800	$67.05	Disposed	156791704	Direct
2003-07-31	Common Stock	S	1500	$67.03	Disposed	156790204	Direct
2003-07-31	Common Stock	S	700	$67.01	Disposed	156789504	Direct
2003-07-31	Common Stock	S	1200	$66.98	Disposed	156788304	Direct
2003-07-31	Common Stock	S	600	$66.96	Disposed	156787704	Direct
2003-07-31	Common Stock	S	1000	$66.95	Disposed	156786704	Direct
2003-07-31	Common Stock	S	600	$66.94	Disposed	156786104	Direct
2003-07-31	Common Stock	S	1200	$66.93	Disposed	156784904	Direct
2003-07-31	Common Stock	S	600	$66.92	Disposed	156784304	Direct
2003-07-31	Common Stock	S	1300	$66.91	Disposed	156783004	Direct
2003-07-31	Common Stock	S	2100	$66.90	Disposed	156780904	Direct
2003-07-31	Common Stock	S	1500	$66.89	Disposed	156779404	Direct
2003-07-31	Common Stock	S	600	$66.88	Disposed	156778804	Direct
2003-07-31	Common Stock	S	600	$66.86	Disposed	156778204	Direct
2003-07-31	Common Stock	S	4200	$66.85	Disposed	156774004	Direct
2003-07-31	Common Stock	S	2400	$66.83	Disposed	156771604	Direct
2003-07-31	Common Stock	S	1300	$66.82	Disposed	156770304	Direct
2003-07-31	Common Stock	S	600	$66.79	Disposed	156769704	Direct
2003-07-31	Common Stock	S	700	$66.78	Disposed	156769004	Direct
2003-07-31	Common Stock	S	1800	$66.75	Disposed	156767204	Direct
2003-07-31	Common Stock	S	100	$66.74	Disposed	156767104	Direct
2003-07-31	Common Stock	S	2700	$66.73	Disposed	156764404	Direct
2003-07-31	Common Stock	S	700	$66.71	Disposed	156763704	Direct
2003-07-31	Common Stock	S	600	$66.70	Disposed	156763104	Direct
2003-07-31	Common Stock	S	600	$66.69	Disposed	156762504	Direct
2003-07-31	Common Stock	S	1000	$66.68	Disposed	156761504	Direct