ELI LILLY & Co — Director's Dealing 2004

May 28, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2004-05-27

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-27	31-Common Stock	S	2200.0000	$74.0100	Disposed	152717604.0000	Direct
2004-05-27	32-Common Stock	S	3200.0000	$74.0000	Disposed	152714404.0000	Direct
2004-05-27	33-Common Stock	S	1200.0000	$73.9900	Disposed	152713204.0000	Direct
2004-05-27	34-Common Stock	S	2200.0000	$73.9800	Disposed	152711004.0000	Direct
2004-05-27	35-Common Stock	S	3300.0000	$73.9700	Disposed	152707704.0000	Direct
2004-05-27	36-Common Stock	S	5200.0000	$73.9600	Disposed	152702504.0000	Direct
2004-05-27	37-Common Stock	S	3400.0000	$73.9500	Disposed	152699104.0000	Direct
2004-05-27	38-Common Stock	S	800.0000	$73.9400	Disposed	152698304.0000	Direct
2004-05-27	39-Common Stock	S	1300.0000	$73.9300	Disposed	152697004.0000	Direct
2004-05-27	40-Common Stock	S	4100.0000	$73.9200	Disposed	152692904.0000	Direct
2004-05-27	41-Common Stock	S	2600.0000	$73.9100	Disposed	152690304.0000	Direct
2004-05-27	42-Common Stock	S	4100.0000	$73.8900	Disposed	152686204.0000	Direct
2004-05-27	43-Common Stock	S	3400.0000	$73.8800	Disposed	152682804.0000	Direct
2004-05-27	44-Common Stock	S	2200.0000	$73.8700	Disposed	152680604.0000	Direct
2004-05-27	45-Common Stock	S	1100.0000	$73.8600	Disposed	152679504.0000	Direct
2004-05-27	46-Common Stock	S	2200.0000	$73.8500	Disposed	152677304.0000	Direct
2004-05-27	47-Common Stock	S	3800.0000	$73.8400	Disposed	152673504.0000	Direct
2004-05-27	48-Common Stock	S	1900.0000	$73.8300	Disposed	152671604.0000	Direct
2004-05-27	49-Common Stock	S	1100.0000	$73.8200	Disposed	152670504.0000	Direct
2004-05-27	50-Common Stock	S	6600.0000	$73.8100	Disposed	152663904.0000	Direct
2004-05-27	51-Common Stock	S	1900.0000	$73.8000	Disposed	152662004.0000	Direct
2004-05-27	52-Common Stock	S	2200.0000	$73.7900	Disposed	152659804.0000	Direct
2004-05-27	53-Common Stock	S	5200.0000	$73.7700	Disposed	152654604.0000	Direct
2004-05-27	54-Common Stock	S	1100.0000	$73.7600	Disposed	152653504.0000	Direct
2004-05-27	55-Common Stock	S	1100.0000	$73.7300	Disposed	152652404.0000	Direct
2004-05-27	56-Common Stock	S	4400.0000	$73.6900	Disposed	152648004.0000	Direct
2004-05-27	57-Common Stock	S	1100.0000	$73.6400	Disposed	152646904.0000	Direct
2004-05-27	58-Common Stock	S	1100.0000	$73.6300	Disposed	152645804.0000	Direct