ELI LILLY & Co — Director's Dealing 2004

Jun 4, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2004-06-03

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-06-03	31-Common Stock	S	1000.0000	$74.8500	Disposed	152422404.0000	Direct
2004-06-03	32-Common Stock	S	800.0000	$74.8200	Disposed	152421604.0000	Direct
2004-06-03	33-Common Stock	S	1600.0000	$74.8100	Disposed	152420004.0000	Direct
2004-06-03	34-Common Stock	S	1000.0000	$74.7900	Disposed	152419004.0000	Direct
2004-06-03	35-Common Stock	S	4600.0000	$74.7800	Disposed	152414404.0000	Direct
2004-06-03	36-Common Stock	S	1800.0000	$74.7700	Disposed	152412604.0000	Direct
2004-06-03	37-Common Stock	S	1000.0000	$74.7600	Disposed	152411604.0000	Direct
2004-06-03	38-Common Stock	S	2000.0000	$74.7500	Disposed	152409604.0000	Direct
2004-06-03	39-Common Stock	S	5000.0000	$74.7400	Disposed	152404604.0000	Direct
2004-06-03	40-Common Stock	S	3200.0000	$74.7200	Disposed	152401404.0000	Direct
2004-06-03	41-Common Stock	S	6200.0000	$74.7000	Disposed	152395204.0000	Direct
2004-06-03	42-Common Stock	S	7100.0000	$74.6900	Disposed	152388104.0000	Direct
2004-06-03	43-Common Stock	S	2000.0000	$74.6800	Disposed	152386104.0000	Direct
2004-06-03	44-Common Stock	S	6800.0000	$74.6700	Disposed	152379304.0000	Direct
2004-06-03	45-Common Stock	S	6600.0000	$74.6600	Disposed	152372704.0000	Direct
2004-06-03	46-Common Stock	S	800.0000	$74.6500	Disposed	152371904.0000	Direct
2004-06-03	47-Common Stock	S	3100.0000	$74.6400	Disposed	152368804.0000	Direct
2004-06-03	48-Common Stock	S	1000.0000	$74.6300	Disposed	152367804.0000	Direct
2004-06-03	49-Common Stock	S	3000.0000	$74.6100	Disposed	152364804.0000	Direct
2004-06-03	50-Common Stock	S	3600.0000	$74.6000	Disposed	152361204.0000	Direct
2004-06-03	51-Common Stock	S	2500.0000	$74.5900	Disposed	152358704.0000	Direct
2004-06-03	52-Common Stock	S	2800.0000	$74.5800	Disposed	152355904.0000	Direct
2004-06-03	53-Common Stock	S	100.0000	$74.5700	Disposed	152355804.0000	Direct
2004-06-03	54-Common Stock	S	2000.0000	$74.5600	Disposed	152353804.0000	Direct
2004-06-03	55-Common Stock	S	2000.0000	$74.5500	Disposed	152351804.0000	Direct
2004-06-03	56-Common Stock	S	1000.0000	$74.5300	Disposed	152350804.0000	Direct
2004-06-03	57-Common Stock	S	2100.0000	$74.5100	Disposed	152348704.0000	Direct
2004-06-03	58-Common Stock	S	2300.0000	$74.5000	Disposed	152346404.0000	Direct
2004-06-03	59-Common Stock	S	2000.0000	$74.4900	Disposed	152344404.0000	Direct
2004-06-03	60-Common Stock	S	1600.0000	$74.4800	Disposed	152342804.0000	Direct