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	1-Common Stock	S	1100.0000	$74.4800	Disposed	152794704.0000	Direct
2004-05-27	2-Common Stock	S	500.0000	$74.4700	Disposed	152794204.0000	Direct
2004-05-27	3-Common Stock	S	1100.0000	$74.4100	Disposed	152793104.0000	Direct
2004-05-27	4-Common Stock	S	1100.0000	$74.3900	Disposed	152792004.0000	Direct
2004-05-27	5-Common Stock	S	2200.0000	$74.3600	Disposed	152789804.0000	Direct
2004-05-27	6-Common Stock	S	1100.0000	$74.3500	Disposed	152788704.0000	Direct
2004-05-27	7-Common Stock	S	2200.0000	$74.3400	Disposed	152786504.0000	Direct
2004-05-27	8-Common Stock	S	1900.0000	$74.3300	Disposed	152784604.0000	Direct
2004-05-27	9-Common Stock	S	1100.0000	$74.3200	Disposed	152783504.0000	Direct
2004-05-27	10-Common Stock	S	2200.0000	$74.2800	Disposed	152781304.0000	Direct
2004-05-27	11-Common Stock	S	1100.0000	$74.2700	Disposed	152780204.0000	Direct
2004-05-27	12-Common Stock	S	800.0000	$74.2500	Disposed	152779404.0000	Direct
2004-05-27	13-Common Stock	S	7400.0000	$74.2400	Disposed	152772004.0000	Direct
2004-05-27	14-Common Stock	S	3000.0000	$74.2200	Disposed	152769004.0000	Direct
2004-05-27	15-Common Stock	S	800.0000	$74.2100	Disposed	152768204.0000	Direct
2004-05-27	16-Common Stock	S	2100.0000	$74.2000	Disposed	152766104.0000	Direct
2004-05-27	17-Common Stock	S	8200.0000	$74.1900	Disposed	152757904.0000	Direct
2004-05-27	18-Common Stock	S	4400.0000	$74.1800	Disposed	152753504.0000	Direct
2004-05-27	19-Common Stock	S	2200.0000	$74.1700	Disposed	152751304.0000	Direct
2004-05-27	20-Common Stock	S	1100.0000	$74.1600	Disposed	152750204.0000	Direct
2004-05-27	21-Common Stock	S	700.0000	$74.1500	Disposed	152749504.0000	Direct
2004-05-27	22-Common Stock	S	2200.0000	$74.1400	Disposed	152747304.0000	Direct
2004-05-27	23-Common Stock	S	1100.0000	$74.1300	Disposed	152746204.0000	Direct
2004-05-27	24-Common Stock	S	1400.0000	$74.1000	Disposed	152744804.0000	Direct
2004-05-27	25-Common Stock	S	2200.0000	$74.0900	Disposed	152742604.0000	Direct
2004-05-27	26-Common Stock	S	1100.0000	$74.0800	Disposed	152741504.0000	Direct
2004-05-27	27-Common Stock	S	7000.0000	$74.0600	Disposed	152734504.0000	Direct
2004-05-27	28-Common Stock	S	2600.0000	$74.0500	Disposed	152731904.0000	Direct
2004-05-27	29-Common Stock	S	1100.0000	$74.0300	Disposed	152730804.0000	Direct
2004-05-27	30-Common Stock	S	11000.0000	$74.0200	Disposed	152719804.0000	Direct