ELI LILLY & Co — Director's Dealing 2004

Aug 23, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2004-08-20

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-08-20	31-Common Stock	S	1000	$64.35	Disposed	151194004	Direct
2004-08-20	32-Common Stock	S	1000	$64.34	Disposed	151193004	Direct
2004-08-20	33-Common Stock	S	3400	$64.33	Disposed	151189604	Direct
2004-08-20	34-Common Stock	S	1800	$64.32	Disposed	151187804	Direct
2004-08-20	35-Common Stock	S	1100	$64.30	Disposed	151186704	Direct
2004-08-20	36-Common Stock	S	1800	$64.29	Disposed	151184904	Direct
2004-08-20	37-Common Stock	S	1800	$64.28	Disposed	151183104	Direct
2004-08-20	38-Common Stock	S	800	$64.25	Disposed	151182304	Direct
2004-08-20	39-Common Stock	S	700	$64.24	Disposed	151181604	Direct
2004-08-20	40-Common Stock	S	800	$64.23	Disposed	151180804	Direct