ELI LILLY & Co — Director's Dealing 2004

Oct 18, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2004-10-14

Reporting Person: TALLARIGO LORENZO (President, Internat'l Opers.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-10-14	Common Stock	M	12000.00	$14.6575	Acquired	33699.36	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-10-14	Employee stock option (right to buy)	$14.6575	M	12000.00	Disposed	2004-10-15	Common Stock (12000.00)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1042.00	Indirect