ELI LILLY & Co — Director's Dealing 2004

May 10, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LILLY ELI & CO (LLY)
CIK: 0000059478
Period of Report: 2004-05-07

Reporting Person: LILLY ENDOWMENT INC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-07	31-Common Stock	S	2000.0000	$76.2500	Disposed	152945304.0000	Direct
2004-05-07	32-Common Stock	S	1800.0000	$76.2300	Disposed	152943504.0000	Direct
2004-05-07	33-Common Stock	S	800.0000	$76.2000	Disposed	152942704.0000	Direct
2004-05-07	34-Common Stock	S	1000.0000	$76.1700	Disposed	152941704.0000	Direct
2004-05-07	35-Common Stock	S	800.0000	$76.1600	Disposed	152940904.0000	Direct
2004-05-07	36-Common Stock	S	1800.0000	$76.1500	Disposed	152939104.0000	Direct
2004-05-07	37-Common Stock	S	900.0000	$76.0800	Disposed	152938204.0000	Direct
2004-05-07	38-Common Stock	S	900.0000	$76.0500	Disposed	152937304.0000	Direct
2004-05-07	39-Common Stock	S	3200.0000	$76.0000	Disposed	152934104.0000	Direct
2004-05-07	40-Common Stock	S	600.0000	$75.9700	Disposed	152933504.0000	Direct
2004-05-07	41-Common Stock	S	300.0000	$75.9600	Disposed	152933204.0000	Direct
2004-05-07	42-Common Stock	S	600.0000	$75.9500	Disposed	152932604.0000	Direct
2004-05-07	43-Common Stock	S	600.0000	$75.9300	Disposed	152932004.0000	Direct
2004-05-07	44-Common Stock	S	1300.0000	$75.9200	Disposed	152930704.0000	Direct
2004-05-07	45-Common Stock	S	800.0000	$75.9100	Disposed	152929904.0000	Direct
2004-05-07	46-Common Stock	S	3600.0000	$75.9000	Disposed	152926304.0000	Direct
2004-05-07	47-Common Stock	S	1600.0000	$75.8900	Disposed	152924704.0000	Direct
2004-05-07	48-Common Stock	S	4000.0000	$75.8700	Disposed	152920704.0000	Direct
2004-05-07	49-Common Stock	S	1800.0000	$75.8600	Disposed	152918904.0000	Direct
2004-05-07	50-Common Stock	S	3800.0000	$75.8500	Disposed	152915104.0000	Direct
2004-05-07	51-Common Stock	S	2200.0000	$75.8400	Disposed	152912904.0000	Direct
2004-05-07	52-Common Stock	S	3500.0000	$75.8300	Disposed	152909404.0000	Direct
2004-05-07	53-Common Stock	S	600.0000	$75.8100	Disposed	152908804.0000	Direct
2004-05-07	54-Common Stock	S	1000.0000	$75.7500	Disposed	152907804.0000	Direct
2004-05-07	55-Common Stock	S	2000.0000	$75.7200	Disposed	152905804.0000	Direct
2004-05-07	56-Common Stock	S	300.0000	$75.6100	Disposed	152905504.0000	Direct
2004-05-07	57-Common Stock	S	1000.0000	$75.5900	Disposed	152904504.0000	Direct
2004-05-07	58-Common Stock	S	4200.0000	$75.5600	Disposed	152900304.0000	Direct
2004-05-07	59-Common Stock	S	3500.0000	$75.5500	Disposed	152896804.0000	Direct
2004-05-07	60-Common Stock	S	1000.0000	$75.5300	Disposed	152895804.0000	Direct