ELI LILLY & Co — Director's Dealing 2004

Aug 10, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2004-08-09

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-08-09	1-Common Stock	S	800	$60.97	Disposed	151680004	Direct
2004-08-09	2-Common Stock	S	700	$60.85	Disposed	151679304	Direct
2004-08-09	3-Common Stock	S	700	$60.82	Disposed	151678604	Direct
2004-08-09	4-Common Stock	S	2800	$60.80	Disposed	151675804	Direct
2004-08-09	5-Common Stock	S	1000	$60.77	Disposed	151674804	Direct
2004-08-09	6-Common Stock	S	200	$60.74	Disposed	151674604	Direct
2004-08-09	7-Common Stock	S	2000	$60.72	Disposed	151672604	Direct
2004-08-09	8-Common Stock	S	1800	$60.71	Disposed	151670804	Direct
2004-08-09	9-Common Stock	S	900	$60.61	Disposed	151669904	Direct
2004-08-09	10-Common Stock	S	2400	$60.59	Disposed	151667504	Direct
2004-08-09	11-Common Stock	S	1000	$60.58	Disposed	151666504	Direct
2004-08-09	12-Common Stock	S	5100	$60.57	Disposed	151661404	Direct
2004-08-09	13-Common Stock	S	1700	$60.56	Disposed	151659704	Direct
2004-08-09	14-Common Stock	S	3100	$60.55	Disposed	151656604	Direct
2004-08-09	15-Common Stock	S	2700	$60.54	Disposed	151653904	Direct
2004-08-09	16-Common Stock	S	2600	$60.53	Disposed	151651304	Direct
2004-08-09	17-Common Stock	S	3800	$60.52	Disposed	151647504	Direct
2004-08-09	18-Common Stock	S	6700	$60.51	Disposed	151640804	Direct
2004-08-09	19-Common Stock	S	3500	$60.50	Disposed	151637304	Direct
2004-08-09	20-Common Stock	S	1000	$60.49	Disposed	151636304	Direct
2004-08-09	21-Common Stock	S	4900	$60.48	Disposed	151631404	Direct
2004-08-09	22-Common Stock	S	9900	$60.47	Disposed	151621504	Direct
2004-08-09	23-Common Stock	S	2000	$60.46	Disposed	151619504	Direct
2004-08-09	24-Common Stock	S	8700	$60.45	Disposed	151610804	Direct
2004-08-09	25-Common Stock	S	4000	$60.44	Disposed	151606804	Direct
2004-08-09	26-Common Stock	S	3600	$60.43	Disposed	151603204	Direct
2004-08-09	27-Common Stock	S	3000	$60.42	Disposed	151600204	Direct
2004-08-09	28-Common Stock	S	7700	$60.41	Disposed	151592504	Direct
2004-08-09	29-Common Stock	S	7900	$60.40	Disposed	151584604	Direct
2004-08-09	30-Common Stock	S	7600	$60.39	Disposed	151577004	Direct