ELI LILLY & Co — Director's Dealing 2004

Jul 28, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2004-07-27

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-07-27	31-Common Stock	S	2600	$63.18	Disposed	151970104	Direct
2004-07-27	32-Common Stock	S	1200	$63.16	Disposed	151968904	Direct
2004-07-27	33-Common Stock	S	600	$63.15	Disposed	151968304	Direct
2004-07-27	34-Common Stock	S	900	$63.14	Disposed	151967404	Direct
2004-07-27	35-Common Stock	S	1600	$63.13	Disposed	151965804	Direct
2004-07-27	36-Common Stock	S	600	$63.12	Disposed	151965204	Direct
2004-07-27	37-Common Stock	S	600	$63.11	Disposed	151964604	Direct
2004-07-27	38-Common Stock	S	1000	$63.10	Disposed	151963604	Direct
2004-07-27	39-Common Stock	S	3100	$63.09	Disposed	151960504	Direct
2004-07-27	40-Common Stock	S	6200	$63.08	Disposed	151954304	Direct
2004-07-27	41-Common Stock	S	5000	$63.07	Disposed	151949304	Direct
2004-07-27	42-Common Stock	S	1400	$63.06	Disposed	151947904	Direct
2004-07-27	43-Common Stock	S	900	$63.04	Disposed	151947004	Direct
2004-07-27	44-Common Stock	S	2700	$63.02	Disposed	151944304	Direct
2004-07-27	45-Common Stock	S	2700	$63.01	Disposed	151941604	Direct
2004-07-27	46-Common Stock	S	600	$62.87	Disposed	151941004	Direct
2004-07-27	47-Common Stock	S	600	$62.86	Disposed	151940404	Direct
2004-07-27	48-Common Stock	S	600	$62.81	Disposed	151939804	Direct
2004-07-27	49-Common Stock	S	200	$62.77	Disposed	151939604	Direct
2004-07-27	50-Common Stock	S	600	$62.75	Disposed	151939004	Direct
2004-07-27	51-Common Stock	S	600	$62.74	Disposed	151938404	Direct
2004-07-27	52-Common Stock	S	600	$62.73	Disposed	151937804	Direct
2004-07-27	53-Common Stock	S	900	$62.70	Disposed	151936904	Direct
2004-07-27	54-Common Stock	S	1900	$62.69	Disposed	151935004	Direct
2004-07-27	55-Common Stock	S	1700	$62.67	Disposed	151933304	Direct
2004-07-27	56-Common Stock	S	1000	$62.66	Disposed	151932304	Direct
2004-07-27	57-Common Stock	S	600	$62.65	Disposed	151931704	Direct
2004-07-27	58-Common Stock	S	1000	$62.64	Disposed	151930704	Direct
2004-07-27	59-Common Stock	S	1200	$62.63	Disposed	151929504	Direct
2004-07-27	60-Common Stock	S	1300	$62.62	Disposed	151928204	Direct