ELI LILLY & Co — Director's Dealing 2004

Aug 20, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2004-08-19

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-08-19	1-Common Stock	S	900	$64.40	Disposed	151364904	Direct
2004-08-19	2-Common Stock	S	900	$64.39	Disposed	151364004	Direct
2004-08-19	3-Common Stock	S	900	$64.36	Disposed	151363104	Direct
2004-08-19	4-Common Stock	S	3800	$64.35	Disposed	151359304	Direct
2004-08-19	5-Common Stock	S	800	$64.33	Disposed	151358504	Direct
2004-08-19	6-Common Stock	S	1500	$64.28	Disposed	151357004	Direct
2004-08-19	7-Common Stock	S	3100	$64.27	Disposed	151353904	Direct
2004-08-19	8-Common Stock	S	1400	$64.25	Disposed	151352504	Direct
2004-08-19	9-Common Stock	S	7300	$64.24	Disposed	151345204	Direct
2004-08-19	10-Common Stock	S	1100	$64.23	Disposed	151344104	Direct
2004-08-19	11-Common Stock	S	2300	$64.22	Disposed	151341804	Direct
2004-08-19	12-Common Stock	S	2400	$64.20	Disposed	151339404	Direct
2004-08-19	13-Common Stock	S	1300	$64.19	Disposed	151338104	Direct
2004-08-19	14-Common Stock	S	2700	$64.18	Disposed	151335404	Direct
2004-08-19	15-Common Stock	S	3300	$64.17	Disposed	151332104	Direct
2004-08-19	16-Common Stock	S	1900	$64.15	Disposed	151330204	Direct
2004-08-19	17-Common Stock	S	3900	$64.14	Disposed	151326304	Direct
2004-08-19	18-Common Stock	S	1700	$64.13	Disposed	151324604	Direct
2004-08-19	19-Common Stock	S	1700	$64.12	Disposed	151322904	Direct
2004-08-19	20-Common Stock	S	3200	$64.10	Disposed	151319704	Direct
2004-08-19	21-Common Stock	S	3000	$64.09	Disposed	151316704	Direct
2004-08-19	22-Common Stock	S	1000	$64.07	Disposed	151315704	Direct
2004-08-19	23-Common Stock	S	700	$64.06	Disposed	151315004	Direct
2004-08-19	24-Common Stock	S	5200	$64.05	Disposed	151309804	Direct
2004-08-19	25-Common Stock	S	1200	$64.04	Disposed	151308604	Direct
2004-08-19	26-Common Stock	S	1200	$64.03	Disposed	151307404	Direct
2004-08-19	27-Common Stock	S	600	$64.02	Disposed	151306804	Direct
2004-08-19	28-Common Stock	S	2200	$64.01	Disposed	151304604	Direct
2004-08-19	29-Common Stock	S	1400	$64.00	Disposed	151303204	Direct
2004-08-19	30-Common Stock	S	600	$63.97	Disposed	151302604	Direct