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	1-Common Stock	S	1000.0000	$76.8500	Disposed	152994804.0000	Direct
2004-05-07	2-Common Stock	S	800.0000	$76.7600	Disposed	152994004.0000	Direct
2004-05-07	3-Common Stock	S	1000.0000	$76.7000	Disposed	152993004.0000	Direct
2004-05-07	4-Common Stock	S	1000.0000	$76.6900	Disposed	152992004.0000	Direct
2004-05-07	5-Common Stock	S	1000.0000	$76.6600	Disposed	152991004.0000	Direct
2004-05-07	6-Common Stock	S	1000.0000	$76.6500	Disposed	152990004.0000	Direct
2004-05-07	7-Common Stock	S	700.0000	$76.6300	Disposed	152989304.0000	Direct
2004-05-07	8-Common Stock	S	400.0000	$76.6000	Disposed	152988904.0000	Direct
2004-05-07	9-Common Stock	S	2900.0000	$76.5900	Disposed	152986004.0000	Direct
2004-05-07	10-Common Stock	S	600.0000	$76.5700	Disposed	152985404.0000	Direct
2004-05-07	11-Common Stock	S	4100.0000	$76.5600	Disposed	152981304.0000	Direct
2004-05-07	12-Common Stock	S	2900.0000	$76.5500	Disposed	152978404.0000	Direct
2004-05-07	13-Common Stock	S	3100.0000	$76.5400	Disposed	152975304.0000	Direct
2004-05-07	14-Common Stock	S	5100.0000	$76.5300	Disposed	152970204.0000	Direct
2004-05-07	15-Common Stock	S	600.0000	$76.5200	Disposed	152969604.0000	Direct
2004-05-07	16-Common Stock	S	3000.0000	$76.5000	Disposed	152966604.0000	Direct
2004-05-07	17-Common Stock	S	600.0000	$76.4800	Disposed	152966004.0000	Direct
2004-05-07	18-Common Stock	S	600.0000	$76.4600	Disposed	152965404.0000	Direct
2004-05-07	19-Common Stock	S	1000.0000	$76.4500	Disposed	152964404.0000	Direct
2004-05-07	20-Common Stock	S	700.0000	$76.4300	Disposed	152963704.0000	Direct
2004-05-07	21-Common Stock	S	1000.0000	$76.4200	Disposed	152962704.0000	Direct
2004-05-07	22-Common Stock	S	3600.0000	$76.4100	Disposed	152959104.0000	Direct
2004-05-07	23-Common Stock	S	1600.0000	$76.4000	Disposed	152957504.0000	Direct
2004-05-07	24-Common Stock	S	1800.0000	$76.3600	Disposed	152955704.0000	Direct
2004-05-07	25-Common Stock	S	1400.0000	$76.3200	Disposed	152954304.0000	Direct
2004-05-07	26-Common Stock	S	1000.0000	$76.3000	Disposed	152953304.0000	Direct
2004-05-07	27-Common Stock	S	1800.0000	$76.2900	Disposed	152951504.0000	Direct
2004-05-07	28-Common Stock	S	2000.0000	$76.2800	Disposed	152949504.0000	Direct
2004-05-07	29-Common Stock	S	600.0000	$76.2700	Disposed	152948904.0000	Direct
2004-05-07	30-Common Stock	S	1600.0000	$76.2600	Disposed	152947304.0000	Direct