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	1-Common Stock	S	800	$64.71	Disposed	151255004	Direct
2004-08-20	2-Common Stock	S	800	$64.70	Disposed	151254204	Direct
2004-08-20	3-Common Stock	S	1200	$64.67	Disposed	151253004	Direct
2004-08-20	4-Common Stock	S	1200	$64.66	Disposed	151251804	Direct
2004-08-20	5-Common Stock	S	800	$64.65	Disposed	151251004	Direct
2004-08-20	6-Common Stock	S	1400	$64.64	Disposed	151249604	Direct
2004-08-20	7-Common Stock	S	5800	$64.63	Disposed	151243804	Direct
2004-08-20	8-Common Stock	S	2100	$64.60	Disposed	151241704	Direct
2004-08-20	9-Common Stock	S	4100	$64.59	Disposed	151237604	Direct
2004-08-20	10-Common Stock	S	2000	$64.58	Disposed	151235604	Direct
2004-08-20	11-Common Stock	S	700	$64.57	Disposed	151234904	Direct
2004-08-20	12-Common Stock	S	2300	$64.56	Disposed	151232604	Direct
2004-08-20	13-Common Stock	S	2900	$64.55	Disposed	151229704	Direct
2004-08-20	14-Common Stock	S	1600	$64.54	Disposed	151228104	Direct
2004-08-20	15-Common Stock	S	700	$64.53	Disposed	151227404	Direct
2004-08-20	16-Common Stock	S	2500	$64.52	Disposed	151224904	Direct
2004-08-20	17-Common Stock	S	2200	$64.51	Disposed	151222704	Direct
2004-08-20	18-Common Stock	S	4800	$64.50	Disposed	151217904	Direct
2004-08-20	19-Common Stock	S	400	$64.49	Disposed	151217504	Direct
2004-08-20	20-Common Stock	S	400	$64.48	Disposed	151217104	Direct
2004-08-20	21-Common Stock	S	800	$64.47	Disposed	151216304	Direct
2004-08-20	22-Common Stock	S	2200	$64.46	Disposed	151214104	Direct
2004-08-20	23-Common Stock	S	2100	$64.45	Disposed	151212004	Direct
2004-08-20	24-Common Stock	S	3900	$64.44	Disposed	151208104	Direct
2004-08-20	25-Common Stock	S	2000	$64.42	Disposed	151206104	Direct
2004-08-20	26-Common Stock	S	3000	$64.41	Disposed	151203104	Direct
2004-08-20	27-Common Stock	S	700	$64.40	Disposed	151202404	Direct
2004-08-20	28-Common Stock	S	3500	$64.39	Disposed	151198904	Direct
2004-08-20	29-Common Stock	S	2300	$64.37	Disposed	151196604	Direct
2004-08-20	30-Common Stock	S	1600	$64.36	Disposed	151195004	Direct