ELI LILLY & Co — Director's Dealing 2004

May 19, 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)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-18	1-Common Stock	S	600.0000	$73.0200	Disposed	152895204.0000	Direct
2004-05-18	2-Common Stock	S	600.0000	$73.0000	Disposed	152894604.0000	Direct
2004-05-18	3-Common Stock	S	600.0000	$72.9900	Disposed	152894004.0000	Direct
2004-05-18	4-Common Stock	S	800.0000	$72.9500	Disposed	152893204.0000	Direct
2004-05-18	5-Common Stock	S	1700.0000	$72.8800	Disposed	152891504.0000	Direct
2004-05-18	6-Common Stock	S	1200.0000	$72.8600	Disposed	152890304.0000	Direct
2004-05-18	7-Common Stock	S	2000.0000	$72.8400	Disposed	152888304.0000	Direct
2004-05-18	8-Common Stock	S	600.0000	$72.8100	Disposed	152887704.0000	Direct
2004-05-18	9-Common Stock	S	4800.0000	$72.8000	Disposed	152882904.0000	Direct
2004-05-18	10-Common Stock	S	1800.0000	$72.7900	Disposed	152881104.0000	Direct
2004-05-18	11-Common Stock	S	4700.0000	$72.7700	Disposed	152876404.0000	Direct
2004-05-18	12-Common Stock	S	2000.0000	$72.7600	Disposed	152874404.0000	Direct
2004-05-18	13-Common Stock	S	900.0000	$72.7500	Disposed	152873504.0000	Direct
2004-05-18	14-Common Stock	S	4100.0000	$72.7400	Disposed	152869404.0000	Direct
2004-05-18	15-Common Stock	S	5900.0000	$72.7300	Disposed	152863504.0000	Direct
2004-05-18	16-Common Stock	S	3700.0000	$72.7200	Disposed	152859804.0000	Direct
2004-05-18	17-Common Stock	S	1200.0000	$72.7100	Disposed	152858604.0000	Direct
2004-05-18	18-Common Stock	S	3200.0000	$72.7000	Disposed	152855404.0000	Direct
2004-05-18	19-Common Stock	S	4100.0000	$72.6900	Disposed	152851304.0000	Direct
2004-05-18	20-Common Stock	S	2100.0000	$72.6700	Disposed	152849204.0000	Direct
2004-05-18	21-Common Stock	S	1600.0000	$72.6600	Disposed	152847604.0000	Direct
2004-05-18	22-Common Stock	S	1900.0000	$72.6500	Disposed	152845704.0000	Direct
2004-05-18	23-Common Stock	S	600.0000	$72.6400	Disposed	152845104.0000	Direct
2004-05-18	24-Common Stock	S	4600.0000	$72.6300	Disposed	152840504.0000	Direct
2004-05-18	25-Common Stock	S	900.0000	$72.6100	Disposed	152839604.0000	Direct
2004-05-18	26-Common Stock	S	3000.0000	$72.6000	Disposed	152836604.0000	Direct
2004-05-18	27-Common Stock	S	6400.0000	$72.5900	Disposed	152830204.0000	Direct
2004-05-18	28-Common Stock	S	4400.0000	$72.5800	Disposed	152825804.0000	Direct
2004-05-18	29-Common Stock	S	4200.0000	$72.5700	Disposed	152821604.0000	Direct
2004-05-18	30-Common Stock	S	2600.0000	$72.5600	Disposed	152819004.0000	Direct