ELI LILLY & Co — Director's Dealing 2004

Oct 8, 2004

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2004-10-01

Reporting Person: Canute Scott A (President, Mfg. Operations)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	3000.00	Direct
Common Stock	5179.00	Indirect
Common Stock	11857.00	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Employee stock option (right to buy)	$23.4075	2005-10-15	Common Stock (8000.00)		Direct
Employee stock option (right to buy)	$34.595	2006-10-20	Common Stock (4000.00)		Direct
Employee stock option (right to buy)	$64.06	2007-10-19	Common Stock (5700.00)		Direct
Employee stock option (right to buy)	$74.2813	2008-10-17	Common Stock (5700.00)		Direct
Employee Stock Option (right to buy)	$66.375	2009-10-16	Common Stock (14000.00)		Direct
Employee stock option (right to buy)	$73.98	2011-02-18	Common Stock (50600.00)		Direct
Employee stock option (right to buy)	$79.28	2011-10-04	Common Stock (23000.00)		Direct
Employee stock option (right to buy)	$75.92	2012-02-17	Common Stock (46000.00)		Direct
Employee stock option (right to buy)	$57.85	2013-02-15	Common Stock (50000.00)		Direct
Employee stock option (right to buy)	$73.11	2014-02-14	Common Stock (46000.00)		Direct

Footnotes

F1: Revocable Trust of which reporting person and his wife are trustees.