ELI LILLY & Co — Director's Dealing 2004

Jun 2, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2004-06-01

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-06-01	1-Common Stock	S	1200.0000	$74.7500	Disposed	152644604.0000	Direct
2004-06-01	2-Common Stock	S	5900.0000	$74.7400	Disposed	152638704.0000	Direct
2004-06-01	3-Common Stock	S	800.0000	$74.7300	Disposed	152637904.0000	Direct
2004-06-01	4-Common Stock	S	3000.0000	$74.7000	Disposed	152634904.0000	Direct
2004-06-01	5-Common Stock	S	3200.0000	$74.6800	Disposed	152631704.0000	Direct
2004-06-01	6-Common Stock	S	1100.0000	$74.6600	Disposed	152630604.0000	Direct
2004-06-01	7-Common Stock	S	3600.0000	$74.6500	Disposed	152627004.0000	Direct
2004-06-01	8-Common Stock	S	2200.0000	$74.6400	Disposed	152624804.0000	Direct
2004-06-01	9-Common Stock	S	2200.0000	$74.6300	Disposed	152622604.0000	Direct
2004-06-01	10-Common Stock	S	1600.0000	$74.6100	Disposed	152621004.0000	Direct
2004-06-01	11-Common Stock	S	1100.0000	$74.5800	Disposed	152619904.0000	Direct
2004-06-01	12-Common Stock	S	800.0000	$74.5700	Disposed	152619104.0000	Direct
2004-06-01	13-Common Stock	S	1100.0000	$74.5600	Disposed	152618004.0000	Direct
2004-06-01	14-Common Stock	S	1900.0000	$74.5500	Disposed	152616104.0000	Direct
2004-06-01	15-Common Stock	S	1100.0000	$74.5300	Disposed	152615004.0000	Direct
2004-06-01	16-Common Stock	S	1100.0000	$74.5200	Disposed	152613904.0000	Direct
2004-06-01	17-Common Stock	S	1300.0000	$74.5100	Disposed	152612604.0000	Direct
2004-06-01	18-Common Stock	S	1100.0000	$74.5000	Disposed	152611504.0000	Direct
2004-06-01	19-Common Stock	S	1900.0000	$74.4800	Disposed	152609604.0000	Direct
2004-06-01	20-Common Stock	S	900.0000	$74.4700	Disposed	152608704.0000	Direct
2004-06-01	21-Common Stock	S	5200.0000	$74.4500	Disposed	152603504.0000	Direct
2004-06-01	22-Common Stock	S	800.0000	$74.4400	Disposed	152602704.0000	Direct
2004-06-01	23-Common Stock	S	1100.0000	$74.4100	Disposed	152601604.0000	Direct
2004-06-01	24-Common Stock	S	1100.0000	$74.4000	Disposed	152600504.0000	Direct
2004-06-01	25-Common Stock	S	4100.0000	$74.3900	Disposed	152596404.0000	Direct
2004-06-01	26-Common Stock	S	6300.0000	$74.3800	Disposed	152590104.0000	Direct
2004-06-01	27-Common Stock	S	3300.0000	$74.3600	Disposed	152586804.0000	Direct
2004-06-01	28-Common Stock	S	6300.0000	$74.3500	Disposed	152580504.0000	Direct
2004-06-01	29-Common Stock	S	4100.0000	$74.3400	Disposed	152576404.0000	Direct
2004-06-01	30-Common Stock	S	4400.0000	$74.3300	Disposed	152572004.0000	Direct