ELI LILLY & Co - Director's Dealing 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2004-05-18

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-18	31-Common Stock	S	2000.0000	$72.5500	Disposed	152817004.0000	Direct
2004-05-18	32-Common Stock	S	2400.0000	$72.5300	Disposed	152814604.0000	Direct
2004-05-18	33-Common Stock	S	600.0000	$72.5200	Disposed	152814004.0000	Direct
2004-05-18	34-Common Stock	S	1200.0000	$72.5100	Disposed	152812804.0000	Direct
2004-05-18	35-Common Stock	S	1200.0000	$72.5000	Disposed	152811604.0000	Direct
2004-05-18	36-Common Stock	S	1900.0000	$72.4900	Disposed	152809704.0000	Direct
2004-05-18	37-Common Stock	S	700.0000	$72.4600	Disposed	152809004.0000	Direct
2004-05-18	38-Common Stock	S	1800.0000	$72.4500	Disposed	152807204.0000	Direct
2004-05-18	39-Common Stock	S	2000.0000	$72.4200	Disposed	152805204.0000	Direct
2004-05-18	40-Common Stock	S	1100.0000	$72.4000	Disposed	152804104.0000	Direct
2004-05-18	41-Common Stock	S	1600.0000	$72.3900	Disposed	152802504.0000	Direct
2004-05-18	42-Common Stock	S	1900.0000	$72.3800	Disposed	152800604.0000	Direct
2004-05-18	43-Common Stock	S	1000.0000	$72.3600	Disposed	152799604.0000	Direct
2004-05-18	44-Common Stock	S	2700.0000	$72.3500	Disposed	152796904.0000	Direct
2004-05-18	45-Common Stock	S	1100.0000	$72.3000	Disposed	152795804.0000	Direct